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7/2/2025 <br />2 <br />Independent Auditor’s Report on the Financial Statements <br />•What did we do? <br />o Determined the financial statements are presented in accordance with <br />GAAP and are free of material misstatement <br />•How did we do it? <br />o Plan and perform audit procedures to verify: <br />Occurrence <br />Completeness <br />Accuracy, Cutoff, Classification <br />o Audit techniques <br />•What is the result? <br />o An unmodified or “clean” opinion was issued on the 2024 financial <br />statements <br />3 <br />Report on Internal Controls <br />•What did we do? <br />o We gained an understanding of internal controls in place and their <br />effectiveness in order to design our audit procedures <br />•Examples of Internal Controls: <br />o Approval over disbursements <br />o Reviewing monthly bank reconciliations <br />o Establishing ideal segregation of duties <br />o Review of financial information to detect errors <br />•What is the result? <br />o No internal control findings <br />4 <br />48