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24-Proposal from McClanahan & Holmes LLP to perform an independent outside audit
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24-Proposal from McClanahan & Holmes LLP to perform an independent outside audit
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8/23/2012 7:41:06 AM
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8/7/2009 4:26:14 PM
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CITY CLERK
Doc Name
24
Doc Type
Agenda
CITY CLERK - Date
8/10/2009
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dll 'S3WlOH ONV NVHVNtl"I:):)W <br />City of Paris <br />August 4, 2009 <br />Page 2 <br />Audit Obt ectives <br />The objective of our audit will be the expression of an opinion about whether your financial statements are fairly <br />presented, in all material respects, in confortnity with accounting principles generally accepted in fl1e United States of <br />America and to report on the fairness of the additional information referred to in the first paragraph when considered in <br />relation to the financial statements taken as a whole. The objective will also include reporting on: <br />Internal control related to the financial statements and compliance with laws, regulations, and the provisions of <br />contracts or grant agreements, noncompliance with which could have a material effect on the financial <br />statements in accordance with Government Auditing Standards. <br />Internal control related to major programs and an opinion (or disclaimer of opinion) on compliance with laws, <br />regulations, and the provisions of contracts or grant agreements that could have a direct and material effect on <br />each major program in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A-133, <br />Audits of States Local Governments and Non-Profit Orzanizations. <br />The reports on inteinal connol and compliance will each include a statement that the report is intended for the information <br />and use of management, specific legislative or regulatory bodies, federal awarding agencies, and if applicable, pass- <br />through entities and is not intended to be and should not be used by anyone other than these specified parties. <br />If engaged, our audit will be conducted in accordance with auditing standards generally accepted in the United States of <br />America; the standards for financial audits contained in Government Auditing Standards, issued by the Comph-oller <br />General of the United States; the Single Audit Act Amendments of 1996; and the provisions of Circular A-133 and will <br />include tests of accowlting records, a determination of major program(s) in accordance with Circular A-133, and other <br />procedures we consider necessary to enable us to express such an opinion and to render the required reports. If our <br />opinion on the financial statements or the Single Audit compliance opinion is other than unqualified, we will fully discuss <br />the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not <br />foinled an opinion, we may decline to express an opinion ar to issue a report as a result of the engagement. <br />Management Responsibilities <br />Management is responsible for establishing and maintaining internal controls, including monitoring ongoing activities; for <br />the selection and application of accounting principles; for the fau- presentation in the financial statements of the respective <br />financial position of the governmental activities, the business-type activities, the discretely presented component urut, each <br />major fund, and the aggregate remaining fund information of the City and the respective changes in financial position and, <br />where applicable, cash flows in confotmity with accounting principles generally accepted in the United States of America; <br />and for federal award program compliance with applicable laws and regulations and provisions of contracts and grant <br />agreements. Management is responsible for the financial statements and all accompanying inforn7ation as well as all <br />representations contained therein, including preparation of management's discussion and analysis. <br />You are responsible for management decisions and functions. If engaged, we will prepare a draft of your financial <br />statements, schedule of expenditures of federal awards, and related notes. In accordance with Government Auditine <br />.ow 201 <br />
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