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Report on Internal Control <br />•What did we do? <br />We gained an understanding of internal controls in place and their <br />effectiveness in order to design our audit procedures for expressing an <br />opinion on the financial statements. <br />•How did we do it? <br />Obtain narratives of controls on each major class of transaction and <br />account balance. <br />Perform walkthroughs and other tests to determine adherence to <br />controls in place and effectiveness. <br />•What is the result? <br />No internal control findings <br />Communication with Those Charged with <br />Governance <br />•Required Communications: <br />No new accounting standards were adopted by the City <br />Net pension liability is an estimate <br />Sensitive footnotes: Note 6 –long-term debt <br />No difficulties encountered during the audit, no disagreements with <br />management <br />No corrected misstatements identified during the audit <br />25