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17 <br />City of St. Anthony, Minnesota <br />Contract for Audit Services <br />Page 4 <br />governmental activities, the business -type activities, the aggregate discretely presented <br />component units (if any), each major fund, and the aggregate remaining fund information of <br />the City of St. Anthony, Minnesota and the respective changes in financial position and cash <br />flows; where applicable, in conformity with U.S. generally accepted accounting principles. <br />Management is also responsible for making all financial records and related information <br />available to us and for ensuring that management and financial information is reliable and <br />properly recorded. Your responsibilities include adjusting the financial statements to correct <br />material misstatements and for confirming to us in the representation letter that the effects of <br />any uncorrected misstatements aggregated by us during the current engagement and <br />pertaining to the latest period presented are immaterial, both individually and in the <br />aggregate, to the financial statements taken as a whole. <br />You are responsible for the design and implementation of programs and controls to <br />prevent and detect fraud, and for informing us about all known or suspected fraud affecting <br />the government involving (1) management, (2) employees who have significant roles in <br />internal control, and (3) others where the fraud or illegal acts could have a material effect on <br />the financial statements. Your responsibilities include informing us of your knowledge of <br />any allegations of fraud or suspected fraud affecting the government received in <br />communications from employees, former employees, grantors, regulators, or others. in <br />addition, you are responsible for identifying and ensuring that the entity complies with <br />applicable laws, regulations, contracts, agreements and grants and for taking timely and <br />appropriate steps to remedy any fraud, illegal acts, violation of: contracts or grant agreements, <br />or abuse that we may report. You are responsible for the preparation of the supplementary <br />information in conformity with U.S. generally accepted accounting principles. You agree to <br />include our report on the supplementary information in any document that contains and <br />indicates that we have reported on the supplementary information. You also agree to include <br />the audited financial statements with any presentation of the supplementary information that <br />includes our report thereon. <br />Management is responsible for establishing and maintaining a process for tracking the <br />status of audit findings and recommendations. Management is also responsible for identifying <br />for us previous financial audits, attestation engagements, performance audits or other studies <br />related to the objectives discussed in the Audit Objectives section of this letter. This <br />responsibility includes relaying to us corrective actions taken to address significant findings <br />and recommendations resulting from those audits, attestation engagements, performance <br />audits or other studies. You are also responsible for providing management's views on our <br />53114'21 <br />