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Resolution 8941
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Resolution 8941
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6/25/2019 10:08:28 AM
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5/1/2018 8:56:56 AM
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MV City Council
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City of Mounds View Page 3 <br />April 6, 2018 <br />We will also provide a report (that does not include an opinion) on internal control related to the financial <br />statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, <br />noncompliance with which could have a material effect on the financial statements as required by <br />Government Auditing Standards. The report on internal control and on compliance and other matters will <br />include a paragraph that states (1) that the purpose of the report is solely to describe the scope of testing of <br />internal control and compliance, and the results of that testing, and not to provide an opinion on the <br />effectiveness of the entity's internal control on compliance, and (2) that the report is an integral part of an <br />audit performed in accordance with Government Auditing Standards in considering the entity's internal <br />control and compliance. The paragraph will also state that the report is not suitable for any other purpose. <br />If during our audit we become aware that the City is subject to an audit requirement that is not encompassed <br />in the terms of this engagement, we will communicate to management and those charged with governance <br />that an audit in accordance with auditing standards generally accepted in the United States of America and <br />the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant <br />legal, regulatory, or contractual requirements. <br />Audit Procedures — General <br />An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the <br />financial statements; therefore, our audit will involve judgment about the number of transactions to be <br />examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting <br />policies used and the reasonableness of significant accounting estimates made by management, as well as <br />evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain <br />reasonable assurance about whether the financial statements are free of material misstatement, whether <br />from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws <br />or governmental regulations that are attributable to the government or to acts by management or employees <br />acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing <br />Standards do not expect auditors to provide reasonable assurance of detecting abuse. <br />Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, <br />and because we will not perform a detailed examination of all transactions, there is a risk that material <br />misstatements may exist and not be detected by us, even though the audit is properly planned and performed <br />in accordance with auditing standards generally accepted in the United States of America and Government <br />Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations <br />of laws or governmental regulations that do not have a direct and material effect on the financial statements. <br />However, we will inform the appropriate level of city or group management of any material errors, any <br />fraudulent financial reporting, or misappropriation of assets that come to our attention. We will also inform <br />the appropriate level of city or group management of any violations of laws or governmental regulations <br />that come to our attention, unless clearly inconsequential, and of any material abuse that comes to our <br />attention. Our responsibility as auditors is limited to the period covered by our audit and does not extend to <br />later periods for which we are not engaged as auditors. <br />Our procedures will include tests of documentary evidence supporting the transactions recorded in the <br />accounts, and may include tests of the physical existence of inventories, and direct confirmation of <br />receivables and certain other assets and liabilities by correspondence with selected individuals, funding <br />sources, creditors, and financial institutions. We will request written representations from your attorneys as <br />part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, <br />we will require certain written representations from you about your responsibilities for the financial <br />statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities <br />required by auditing standards generally accepted in the United States of America. <br />
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