Agenda Packets - 1985/07/08 - Laserfiche WebLink

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The above fees assume that City personnel will complete the accounting records, provide the usual year-end audit schedules essential to the audit, and prepare the individual and combining financial statements and letter of transmittal. Any unusual, unforeseen circumstances significiantly affecting audit time requirements would be in addition to the above fee and would be discussed with you before proceeding. Such circumstances might include incomplete and unbalanced accounting records, absence of key personnel (e.g. termination), lack of usual year-end audit schedules, special problems in taxes and special assessments receivable, etc. The fee does not include the additional first -year costs for orientation, file build-up, etc. Those costs would be absorbed by us on the assumption of a continuing relationship. D. Understanding of Work - Pannell Kerr Forster will perform annual audits of the City of Mounds View conforming with generally accepted auditing standards and will: 1. Assist City personnel in completion of the Annual Financial Report by preparing the Combined Financial Statements, Notes to Financial Statements, and Exhibits to conform with generally accepted accounting and reporting standards. 2. Prepare a management letter with comments and recommendations used on our observations and evaluation of internal control, accounting methods, forms, and procedures. The items will be discussed with administrative personnel as the audit progresses and at an exit conference. 3. Perform preliminary work prior to December 31, and final fieldwork bet- ween February 15 and April 15. 4. Submit the appropriate number of copies of the audit report and manage- ment letter by May 15. The report will be typed on our word processor and assembled in our office. 5. Present an oral report to the City Council if desired. 6. Be available throughout the year at our standard rates to provide other specialized, required services.