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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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<br />4810 White Bear Parkway, St. Paul, MN, 55110 651.426.7000 www.redpathcpas.com <br />INDEPENDENT AUDITOR'S REPORT <br /> <br />To the Honorable Mayor and <br />Members of the City Council <br />City of Lino Lakes, Minnesota <br /> <br />Report on the Financial Statements <br />We have audited the accompanying financial statements of the governmental activities, the <br />business-type activities, each major fund, and the aggregate remaining fund information of the <br />City of Lino Lakes, Minnesota, as of and for the year ended December 31, 2017, and the related <br />notes to the financial statements, which collectively comprise the City of Lino Lakes, <br />Minnesota’s basic financial statements as listed in the table of contents. <br />Management’s Responsibility for the Financial Statements <br />Management is responsible for the preparation and fair presentation of these financial statements <br />in accordance with accounting principles generally accepted in the United States of America; <br />this includes the design, implementation, and maintenance of internal control relevant to the <br />preparation and fair presentation of financial statements that are free from material misstatement, <br />whether due to fraud or error. <br />Auditor’s Responsibility <br />Our responsibility is to express opinions on these financial statements based on our audit. We <br />conducted our audit in accordance with auditing standards generally accepted in the United <br />States of America and the standards applicable to financial audits contained in Government <br />Auditing Standards, issued by the Comptroller General of the United States. Those standards <br />require that we plan and perform the audit to obtain reasonable assurance about whether the <br />financial statements are free from material misstatement. <br />An audit involves performing procedures to obtain audit evidence about the amounts and <br />disclosures in the financial statements. The procedures selected depend on the auditor’s <br />judgment, including the assessment of the risks of material misstatement of the financial <br />statements, whether due to fraud or error. In making those risk assessments, the auditor <br />considers internal control relevant to the entity’s preparation and fair presentation of the <br />financial statements in order to design audit procedures that are appropriate in the circumstances, <br />but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal <br />control. Accordingly, we express no such opinion. An audit also includes evaluating the <br />appropriateness of accounting policies used and the reasonableness of significant accounting <br />estimates made by management, as well as evaluating the overall presentation of the financial <br />statements. <br />15
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