10.2 2022 Audit Summary - Laserfiche WebLink

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S CHLENNER WENNER&CO• � � ProfessionalAssoc': 4111, CERTIFIED PUBLIC ACCOUNTANTS & BUSINESS CONSULTANTS INDEPENDENT AUDITOR'S REPORT Honorable Mayor and City Council City of Pequot Lakes,Minnesota Report on the Audit of the Financial Statements Opinions We have audited the fmancial statements of the governmental activities,the business-type activities,each major fund,and the aggregate remaining fund information of the City of Pequot Lakes,Minnesota(the City),as of and for the year ended December 31,2022,and the related notes to the financial statements,which collectively comprise the City's basic financial statements as listed in the table of contents. In our opinion,the accompanying financial statements present fairly,in all material respects,the respective financial position of the governmental activities,the business-type activities,each major fund,and the aggregate remaining fund information of the City of Pequot Lakes, Minnesota, as of December 31, 2022, and the respective changes in financial position, and, where applicable,cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America(GAAS)and the standards applicable to financial audits contained in Government Auditing Standards(GAS),issued by the Comptroller General of the United States.Our responsibilities under those standards are further described in the"Auditor's Responsibilities for the Audit of the Financial Statements"section of our report.We are required to be independent of the City and to meet our other ethical responsibilities,in accordance with the relevant ethical requirements relating to our audit.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements The City's management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America,and for the design,implementation,and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements,management is required to evaluate whether there are conditions or events,considered in the aggregate,that raise substantial doubt about the City's ability to continue as a going concern for twelve months beyond the financial statement date,including any currently known information that may raise substantial doubt shortly thereafter. An Independently Owned Member, RSM US Alliance RSM US Affiance 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 of RSM International,a global network of independent audit,tax,end 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.