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June 9, 2011 <br />Sandy Peine, City Clerk <br />City of Pequot Lakes <br />4638 Co Rd 11 <br />Pequot Lakes, MN 56472 <br />Dear Sandy: <br />This letter relates to our proposed audit fees for the 2011 -2013 audits. I have had some additional discussions with <br />the other principals in our office regarding the City of Pequot Lakes audit. It is my understanding the Pequot Lakes <br />City Council was looking for some clarification on some wording in our proposal. In light of these circumstances, I <br />submit to you the following clarifications: <br />1. The fees we proposed include our preparation of the OSA Financial Reporting Form <br />(the last page of the form, the must supply us with the information). <br />2. The fees we proposed include assistance with implementation of GASB #54. <br />ADDITIONAL CLARIFICATION <br />In my discussions with the other principals, we discussed how much the team has enjoyed working on your audit and <br />the fact that we have an office so close to City Hall, we would really like to continue working with you. In addition, <br />based on some efficiency techniques I obtained while presenting at a seminar in Arizona earlier this month, I think <br />we will be able to streamline our audit process a bit more resulting in additional savings for the city. These <br />efficiencies will not reduce the quality of audit services that you have experienced the last 6 years we have audited <br />the City. See revised fees below: <br />December 31, 2011 $18,450 <br />December 31, 2012 $18,450 <br />December 31, 2013 $18,450 <br />Note: These quotes include all out -of- pocket expenses for each audit. <br />I hope that you will again select LarsonAllen as your external auditor. <br />Sincerely, <br />LarsonAlleen L P <br />oba P. <br />Douglas P. Host, CPA <br />Principal <br />218.825.2948 <br />