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During the course of the audit, we identified and proposed journal entries related to the year -end close- <br />out process. The absence of a complete control procedure or process in this area is considered a <br />material weakness because the potential exists that a material misstatement of the financial statements <br />could occur and not be prevented or detected by the Citys intemal control processes <br />Compliance and Other Matters <br />As part of obtaining reasonable assurance about whether the City's financial statements are free of <br />material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, <br />contracts, and grant agreements, noncompliance with which could have a direct and material effect on <br />the determination of financial statement amounts. However, providing an opinion on compliance with <br />those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. <br />The results of our tests disclosed no instances of noncompliance or other matters that are required to <br />be reported under Govemment Auditing Standards. <br />We noted certain other matters that were reported to the management of the City in a separate letter <br />dated May 30, 2007. <br />This report is intended solely for the information and use of the City Council, Finance Committee, <br />management, the Office of the State Auditor, and federal awarding agencies and pass- through entities <br />and is not intended to be and should not be used byanyone other than these specified parties. <br />Austin, Minnesota <br />May 30, 2007 <br />(2) <br />iow , lli✓ L G/ <br />LarsonAllen, LLP <br />