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33 <br />City of St. Anthony, Minnesota <br />Contract for Audit Services <br />Page 3 <br />assurance that unmodified opinions will be expressed. Circumstances may arise in which it is <br />necessary for us to modify our opinions or add emphasis -of -matter or other -matter paragraphs. If <br />our opinions on the financial statements are other than unmodified, we will discuss the reasons <br />with you in advance. If, for any reason, we are unable to complete the audit, or are unable to <br />form or have not formed opinions, we may decline to express opinions or issue reports, or may <br />withdraw from this engagement. <br />We will also provide a report (that does not include an opinion) on internal control related to <br />the financial statements and compliance with the laws, regulations, contracts and grant <br />agreements, noncompliance with which could have a material effect on the financial statements <br />as required by Government Auditing Standards. The report on internal control and on <br />compliance and other matters will include a paragraph that states (1) that the purpose of the <br />report is solely to describe the scope of testing of internal control and compliance, and the results <br />of that testing and not to provide an opinion on the effectiveness of the entity's internal control <br />on compliance, and (2) that the report is an integral part of an audit performed in accordance with <br />Government Auditing Standards in considering the entity's internal control and compliance. The <br />paragraph will also state that the report is not suitable for any other purpose. If during our audit <br />we become aware that the City of St. Anthony, Minnesota is subject to an audit requirement that <br />is not encompassed in the terms of this engagement, we will communicate to management and <br />those charged with governance that an audit in accordance with U.S. generally accepted auditing <br />standards and the standards for financial audits contained in Government Auditing Standards <br />may not satisfy the relevant legal, regulatory, or contractual requirements. <br />Management Responsibilities <br />Management is responsible for the financial statements and all accompanying information as <br />well as all representations contained therein. As part of the audit, we will assist with preparation <br />of your financial statements and related notes. These nonaudit services do not constitute an audit <br />under Government Auditing Standards and such services will not be conducted in accordance <br />with Government Auditing Standards. You agree to assume all management responsibilities <br />relating to the financial statements and related notes and any other nonaudit services we provide. <br />You will be required to acknowledge in the management representation letter our assistance with <br />preparation of the financial statements and related notes and that you have reviewed and <br />approved the financial statements and related notes prior to their issuance and have accepted <br />responsibility for them. Further, you agree to oversee the nonaudit services by designating an <br />individual, preferably from senior management, who possesses suitable skill, knowledge or <br />experience. evaluate the adequacy and results of those services; and accept responsibility for <br />them. <br />Management is responsible for establishing and maintaining effective internal controls, <br />including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and <br />objectives are met; following laws and regulations; and ensuring that management is reliable and <br />financial information is reliable and properly reported. Management is also responsible for <br />implementing systems designed to achieve compliance with applicable laws, regulations. <br />contracts, and grant agreements. You are also responsible for the selection and application of <br />,awns 1 <br />