CC RES 01-012 A RESOLUTION TO APPOINT A CITY PROSECUTING ATTORNEY

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Honorable Mayor and City Council • City of St. Anthony Management is responsible for making all financial records and related information available. I understand thaL you will provide such information required for the audit and that you are responsible for the accuracy and completeness of that in- formation. I will advise you about appropriate accounting principles and their application and will assist in tiie preparation of your financial statements, but the responsibility for the financial statements remains with you. This responsibi- lity includes the establishment and maintenance of adequate records and effective internal control over finariciai reporting, tiie selection and application of account- ing principles, and the safeguarding of assets. Management is responsible for adjusting the financial stateriieriLs to correct material misstatements and for con- firming in the representation letter that the effects of any uncorrected misstate- merits aggregated during tiie current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the general purpose financial statements taken as a whole. AUDIT PROCEDURES - GEtiERAL. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, the audit will involve judgment about the number of transactions to be examined and the areas to be tested. I will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether • caused by error or fraud. Because an audit is designed to provide reasonable, but not absolute assurance and because I will not perform a detailed examination of all transactions, there is a rise, tr.:t ^:aterial misstatement may exist and not be detected. In addition, an audit is not designed to detect immaterial errors, fraud, or other illegal acts or illegal acts that do not have a direct effect on the general Purpose financial staLeuierits. How ever, I will inform you of any material errors and any fraud that conies to my attention. I will also inform you of any other illegal acts that come to my atterrtlori, unless clearly inconsequential. My respon- siblity as auditor is limited to tiie period covered by the audit and does not extend to matters that might arise during any later periods for wriich I am not engaged as auditor. Audit procedures will include tests of documentary evidence supporting. the trans- actions recorded in tiie accounts, direct confirmation of cash, receivables and cer- tain other assets and liabilities by correspondence with selected financial insti- tutions, creditors and others, and mai- include tests of the physical existence of inventories. I will request written representations from your attorney(s) as part of the engagement, arid they may bill you for responding to this inquiry. At the conclusion of the audiL, I will also request certain written representations from you about the financial statements and related matters. Identifying and ensuring that the City of St. Anthony, Minnesota complies with laws, regulations, contracts, and agreements is the responsibility of management. As part of obtainings reasonable assurance about whether the general purpose financial statements are free of material misstatement, I will perform tests of the • City's compliance with applicable laws and reg.ulations and the provisions of con- tracts and agreements. Ho%•:e%-er, the objective of the audit will not be to provide an opinion on overall compliarice and I will riot express such an opinion.