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J <br />Audit Opinion <br />Audit <br />• Provides reasonable, but not absolute, assurance that financials are free of material <br />misstatement <br />• Audit procedures include: outside confirmation of certain balances and transactions, <br />sample tests of documentary evidence, inquiries of employees and management, <br />analytical procedures applied to balances and certain other testing procedures <br />• Unqualified opinion — Financial Statements fairly stated in all material respects <br />Minnesota Legal Compliance <br />• Seven areas required to be tested by the State of Minnesota: contracting and bidding, <br />deposits and investments, conflicts of interest, public indebtedness, claims and <br />disbursements, miscellaneous provisions and tax increment financing. The items <br />required to be tested for each area are listed in the Office of the State Auditor's <br />Minnesota Legal Compliance Guide for Political Subdivisions <br />• Testing covered all of the listed areas and consisted of inquiries, sighting of <br />documents and testing on a sample basis <br />• No exceptions noted r: , Sim 01 AYES LTV <br />C4""Ied Pw7c •oowwntbnry 4n1 Consulrin» <br />4 n ,YEARS <br />smithschafer.corri ,,=1971 2 <br />