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City of St. Anthony, Minnesota <br />1-sngagemcnt: Letter <br />November 3, 2005 <br />Page 2 <br />Audit Objectives <br />The objective of our audit is the expression of an opinion as to whether the .financial <br />statements are fairly presented, in all material respects, in conformity with U.S. generally <br />accepted accounting principles and to report on the fairness of the additional information <br />re.ferrcd to in fire first paragraph when considered in relation to the financial statements taken <br />as a whole. Our audit will be conducted in accordance with U.S. generally accepted auditing <br />standard, incl the standards For financial audits contained in Governni.enl. Audiiing Standards, <br />issued by the Comptroller General of the United States, and the minimum procedures for <br />auditors as prescribed by MS 6.65, and will include testas of the accounting records of the City <br />of St. Anthony, Minnesota and other procedures we consider necessary to enable its to <br />express such an opinion. Ti our opinion on the financiai siaterne.nts is other than nnqualif ed, <br />We will fully discuss the reasons with you in advance. 11, for any reason, we are unable to <br />complete the audit, or arc unable to form or have not formed an opinion, we imay decline to <br />express all opinion or to issue a report as a result of this engagement. <br />We will also provide a report (that does not include an opinion) On internal control related <br />to [lie financial statements and compliance with laws, regulations, and t:he provisions of <br />contracts or grant agreements, noncompliance with which could have a material effect on the <br />financial statements as required by Government This report will include <br />a statement that the report. is intended solely for the information and use of the City Council <br />and management and is not intended to be and should not be used by anyone other than these <br />specified parties. <br />Management Responsibilities <br />Management is responsible for establishing and maintaining effective internal control and <br />for compliance with laws, regulations, contracts, and agreerncous. In fulfilling this <br />responsibility, estimates and judgments by management are required to assess the expected <br />benefits and related costs of the controls. The objectives of internal control are to provide <br />management with reasonable, but not absolute, assurance that assets are safeguarded against: <br />loss from unauthorized use or disposition, that transactions are executed in accordance with <br />management's authorizations and recorded properly to permit the preparation of ,financial <br />statements in accordance with generally accepted accounting principles. <br />Management is responsible for malting all financial records and related information <br />available to us. We understand that you will provide its with such information required for <br />our audit and that you are responsible for the accuracy and completeness of that information. <br />We will advise you about appropriate accounting principles and their application and will <br />6930901 <br />M <br />