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16 <br />City of St. Anthony, Minnesota <br />Contract for Audit Services <br />Page 3 <br />accounting records of the City of St. Anthony, Minnesota and other procedures we consider <br />necessary to enable us to express such opinions. If our opinions on the financial statements <br />are other than unqualified, we will discuss the reasons with you in advance. If, for any <br />reason, we are unable to complete the audit, or are unable to form or have not formed <br />opinions, we may decline to express opinions or to issue a report as a result of this <br />engagement. <br />We will also provide a report (that does not include an opinion) on internal control related <br />to the financial statements and compliance with the laws, regulations and provisions of <br />contracts or grant agreements, noncompliance with which could have a material effect on the <br />financial statements as required by Government Auditing Standards. The report on internal <br />control and compliance will include a statement that the report is intended solely for the <br />information and use of management, the body or individuals charged with governance, others <br />within the entity, and specific legislative or regulatory bodies, and is not intended to be and <br />should not be used by anyone other than these specified parties. If during our audit we <br />become aware that the City of St. Anthony, Minnesota is subject to an audit requirement that <br />is not encompassed in the terms of this engagement, we will communicate to management <br />and those charged with governance that an audit in accordance with U.S. generally accepted <br />auditing standards and the standards for financial audits contained in Government Auditing <br />Standards may not satisfy the relevant legal, regulatory, or contractual requirements. <br />Management Responsibilities <br />Management is responsible for the basic financial statements and all accompanying <br />information as well as all representations contained therein. As part of the audit, we will <br />assist with preparation of your financial statements and related notes. You are responsible for <br />making all management decisions and performing all management functions relating to the <br />financial statements and related notes and for accepting full responsibility for such decisions. <br />You will be required to acknowledge in the management representation letter our assistance <br />with preparation of the financial statements and that you have reviewed and approved the <br />financial statements and related notes prior to their issuance and have accepted responsibility <br />for them. Further, you are required to designate an individual with suitable skill, knowledge <br />or experience to oversee any nonaudit services we provide and for evaluating the adequacy <br />and results of those services and accepting responsibility for them. <br />Management is responsible for establishing and maintaining effective internal controls, <br />including evaluating and monitoring ongoing activities; to help ensure that appropriate goals <br />and objectives are met; for the selection and application of accounting principles; and, for the <br />fair presentation in the financial statements of the respective financial position of the <br />I S I I H 2 1 <br />