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Federal Financial Assistance 12/31/1995
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Federal Financial Assistance 12/31/1995
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Finance Dept
Finance Category
Audit
Finance Number Identifier
Federal Financial Assistance
Date
12/31/1995
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- <br />We noted certain matters involving the internal control structure and its operation that we <br />consider to be reportable conditions under standards established by the American Institute of <br />Certified Public Accountants. Reportable conditions involve matters coming to our attention <br />relating to significant deficiencies in the design or operation of the internal control structure that, <br />in our judgment, could adversely affect the entity's ability to record, process, summarize, and <br />report fmancial data consistent with the assertions of management in the general purpose <br />financial statements. <br />The reportable conditions noted are as follows: <br />A substantial portion of certain accounting payroll processes are performed by a single <br />employee. Ideal conditions call for segregation of duties to establish a system of internal testing <br />of procedures performed. This condition is common to cities of this size. Any modification of <br />internal controls in these areas must be viewed from a cost/benefit perspective. <br />A material weakness is a reportable condition in which the design or operation of one or more of <br />the specific internal control structure elements does not reduce to a relatively low level the risk <br />that errors or irregularities in amounts that would be material in relation to the general purpose <br />financial statements being audited may occur and not be detected within a timely period by <br />employees in the normal course of performing their assigned functions. <br />Our consideration of the internal control structure would not necessarily disclose all matters in <br />the internal control structure that might be reportable conditions and, accordingly, would not <br />necessarily disclose all reportable conditions that are also considered to be material weaknesses <br />as defined above. However, we believe none of the reportable conditions described above is a <br />material weakness. <br />This report is intended for the information of the City of Lino Lakes, Minnesota's management, <br />the federal cognizant audit agency and other federal agencies. However, this report is a matter of <br />public record and its distribution is not limited. <br />yeeltiAlez <br />4 <br />TAUTGES, REDPATH & CO., LTD. <br />Certified Public Accountants <br />May 23, 1996 <br />
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