05.01 - City Audit - Laserfiche WebLink

Home Browse Search

Honorable Mayor and Members of the City Council City of Pequot Lakes Page 2 Significant audit findings(continued) Qualitative aspects of accounting practice(continued) Financial statement disclosures Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users.There were no particularly sensitive financial statement disclosures. The financial statement disclosures are neutral,consistent,and clear. Difficulties encountered in performing the audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Uncorrected misstatements Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management did not identify and we did not notify them of any uncorrected financial statement misstatements. Corrected misstatements None of the misstatements detected as a result of audit procedures and corrected by management were material,either individually or in the aggregate,to the financial statements taken as a whole. Disagreements with management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors' report. No such disagreements arose during our audit. Management representations We have requested certain representations from management that are included in the management representation letter dated April 6, 2015. Management consultations with other independent accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters,similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the City's financial statements or a determination of the type of auditors' opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Significant issues discussed with management prior to engagement We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to engagement as the City's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our engagement.