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  <br />  <br />  <br />An Independently Owned Member, RSM US Alliance <br />  <br />RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm <br />of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. <br />  <br /> St. Cloud <br />320.251.0286 <br />Little Falls <br />320.632.6311 <br />Albany <br />320.845.2940 <br />Maple Lake <br />320.963.5414 <br />Monticello <br />763.295.5070 <br />www.swcocpas.com <br />INDEPENDENT AUDITORS' REPORT <br /> <br /> <br />May 22, 2020 <br /> <br /> <br />Honorable Mayor and City Council <br />City of Pequot Lakes, Minnesota <br /> <br /> <br />Report on the Financial Statements <br /> <br />We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major <br />fund and the aggregate remaining fund information of the City of Pequot Lakes, Minnesota (the City) as of and for the year ended <br />December 31, 2019, and the related notes to the financial statements, which collectively comprise the City’s basic financial <br />statements as listed in the table of contents. <br /> <br />Management’s Responsibility for the Financial Statements <br /> <br />Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting <br />principles generally accepted in the United States of America; this includes the design, implementation and maintenance of <br />internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, <br />whether due to fraud or error. <br /> <br />Auditor’s Responsibility <br /> <br />Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance <br />with auditing standards generally accepted in the United States of America and the standards applicable to financial audits <br />contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that <br />we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material <br />misstatement. <br /> <br />An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. <br />The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the <br />financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control <br />relevant to the City’s preparation and fair presentation of the financial statements in order to design audit procedures that are <br />appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal <br />control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies <br />used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall <br />presentation of the financial statements. <br /> <br />We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. <br />