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LarstnAlleri , :o , <br /> I J 11 14275 Golf .D , <br /> ,�Fax 218-828-W3 <br /> October 3,2007 <br /> Honorable Mayor and Council Members <br /> City of Pequot Lakes <br /> City Clerk Office <br /> 4638 Co Rd 11 <br /> Pequot Lakes,MN 56472 <br /> We are pleased to confirm our understanding of the services v-e are to provide the City of Pequot Lakes <br /> ("you" or"your") for the year ended December 31,2007. <br /> Scope <br /> We will audit the financial statements of the governmental activities, the business-type activities, each major <br /> fund, and the aggregate remaining fund information, which collectively comprise the entity's basic financial <br /> statements, of The City of Pequot Lakes as of and for the year ended December 31, 2007. Accounting <br /> standards generally accepted in the United States provide for certain required supplementary information <br /> (RSI), such as management's discussion and analysis (MD&A), to accompany the City of Pequot Lakes' <br /> basic financial statements. As part of our engagement,we will apply certain limited procedures to the City of <br /> Pequot Lakes' RSI. These limited procedures will consist principally of inquiries of management regarding <br /> the methods of measurement and presentation, which management is responsible for affirming to us in its <br /> representation letter. Unless we encounter problems with the presentation of the RSI or with procedures <br /> �. relating to it, we will disclaim an opinion on it. The following RSI is required by U.S. generally accepted <br /> accounting principles and will be subjected to certain limited procedures,but will not be audited: <br /> 1. Management's Discussion and Analysis. <br /> 2. Budgetary Comparison Schedules <br /> Supplementary information, other than RSI, also accompanies the City of Pequot Lakes' basic financial <br /> statements. We will subject the following supplementary information to the auditing procedures applied in <br /> our audit of the basic financial statements and will provide an opinion on it in relation to the basic financial <br /> statements. <br /> 1. Combining and individual fund statements. <br /> s L.arxon Allen I.,LP is a mcmbrr of Ncxia International. <br /> ✓NA a s oddwidc nctwork of independcm accounting and consulting firms. <br /> INTI?RNATIONAf. <br />