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<br /> <br /> <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 generally accepted auditing standards and Government Auditing Standards <br />will always detect a material misstatement when it exists. The risk of not detecting a <br />material misstatement resulting from fraud is higher than for one resulting from error, as <br />fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the <br />override of internal control. Misstatements are considered material if there is a substantial <br />likelihood that, individually or in the aggregate, they would influence the judgment made by <br />a reasonable user based on the financial statements. <br /> <br />In performing an audit in accordance with generally accepted auditing standards and <br />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 <br />expressing an opinion on the effectiveness of the City of Lino Lakes, Minnesota's <br />internal control. Accordingly, no such opinion is expressed. <br /> Evaluate the appropriateness of accounting policies used and the reasonableness of <br />significant accounting estimates made by management, as well as evaluate the overall <br />presentation of the financial statements. <br /> Conclude whether, in our judgment, there are conditions or events, considered in the <br />aggregate, that raise substantial doubt about the City of Lino Lakes, Minnesota's <br />ability to continue as a going concern for a reasonable period of time. <br /> <br />16 <br />23