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STUART J. BONNIWELL Certified Public Accountant • 7101 York Avenue South Telephone Minneapolis, Minnesota 55435 (612) 921-3354 December 7, 1989 Mr. Thomas D. Burt Executive Director Housing and Redevelopment Authority of St. Anthony 3301 Silver Lake Road St. Anthony, MN 55418 Dear Mr. Burt: I wish to confirm my understanding of the arrangements for the services to be performed for the Housing and Redevelopment Authority of St. Anthony for the year ending December 31, 1989. I will audit the financial statements of the Housing and Redevelopment Authority of St. Anthony for the year ending December 31 , 1989, and express an opinion on the fairness of presentation of the financial statements in conformity with generally accepted accounting principles. My ability to • express an opinion and the wording of my opinion will depend on the facts and circumstances at the date of the report. ' If my opinion will be other than unqualified, I will discuss the reasons with you before submitting a different kind of report. The financial statements are the representation of management, who has the responsibility for properly recording transactions, for safeguarding assets- and for establishing a system of internal control that will , among other things, help assure the accuracy of the financial statements. The audit will be conducted in accordance with generally accepted auditing standards and, accordingly, will include such tests of the accounting records and such other auditing procedures as I consider necessary in the circum- stances. An audit of this type includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. However, it will not include a detailed audit of transactions to the extent necessary to disclose defalcations or other irregularities, should any exist. Should any such matters come to my attention, they would be reported to you promptly. If federal funding requirements necessitate an increased scope of the audit to satisfy compliance testing and financial reporting of Federal financial assistance programs required by the Single Audit Act of 1984, the Authority will be informed of this change and an estimate of the additional cost. . An additional report will be prepared as part of the Single Audit Act require- ments regarding findings on compliance testing and internal accounting and administrative controls. •