My WebLink
|
Help
|
About
|
Sign Out
Home
Search
06-06-2022 Council Work Session Packet
LinoLakes
>
City Council
>
City Council Meeting Packets
>
2022
>
Searchable Packets
>
06-06-2022 Council Work Session Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/12/2022 5:57:53 PM
Creation date
6/3/2022 3:30:43 PM
Metadata
Fields
Template:
City Council
Council Document Type
Council Packet
Meeting Date
06/06/2022
Council Meeting Type
Work Session Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
236
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br /> <br /> <br /> <br /> <br />Responsibilities of Management for the Financial Statements <br /> <br />Management is responsible for the preparation and fair presentation of the financial <br />statements in accordance with accounting principles generally accepted in the United States <br />of America, and for the design, implementation, and maintenance of internal control relevant <br />to the preparation and fair presentation of financial statements that are free from material <br />misstatement, whether due to fraud or error. <br /> <br />In preparing the financial statements, management is required to evaluate whether there are <br />conditions or events, considered in the aggregate, that raise substantial doubt about the City <br />of Lino Lakes, Minnesota’s ability to continue as a going concern for twelve months beyond <br />the financial statement date, including any currently known information that may raise <br />substantial doubt shortly thereafter. <br /> <br />Auditor’s Responsibilities for the Audit of the Financial Statements <br /> <br />Our objectives are to obtain reasonable assurance about whether the financial statements as a <br />whole are free from material misstatement, whether due to fraud or error, and to issue an <br />auditor's report that includes our opinions. Reasonable assurance is a high level of assurance <br />but is not absolute assurance and therefore is not a guarantee that an audit conducted in <br />accordance with GAAS and Government Auditing Standards will always detect a material <br />misstatement when it exists. The risk of not detecting a material misstatement resulting from <br />fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, <br />intentional omissions, misrepresentations, or the override of internal control. Misstatements <br />are considered material if there is a substantial likelihood that, individually or in the <br />aggregate, they would influence the judgment made by a reasonable user based on the <br />financial statements. <br /> <br />In performing an audit in accordance with GAAS and Governmental Auditing Standards, we: <br /> <br /> Exercise professional judgment and maintain professional skepticism throughout the <br />audit. <br /> Identify and assess the risks of material misstatement of the financial statements, <br />whether due to fraud or error, and design and perform audit procedures responsive to <br />those risks. Such procedures include examining, on a test basis, evidence regarding <br />the amounts and disclosures in the financial statements. <br /> Obtain an understanding of internal control relevant to the audit in order to design <br />audit procedures that are appropriate in the circumstances, but not for the purpose of
The URL can be used to link to this page
Your browser does not support the video tag.