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Ciry of Paris <br />August 4, 2009 <br />Page 3 <br />Management Responsibilities (Continued) <br />dll`S3WlOH ONV NVHtlNVI:)DW <br />Standards, you will be required to review and approve those financial statements prior to their issuance and have <br />responsibiliry to be in a position in fact and appearance to make an informed judgment on those financial statements. <br />Further, you are required to designate a qualified management-level individual to be responsible and accountable for <br />overseeing our services. <br />Management is responsible for making all financial records and related information available to us, including identifying <br />significant vendor relationships in which the vendor has the responsibility for program compliance and for accuracy and <br />completeness of that information. Management's responsibilities include adjusting the financial statements to correct <br />material nusstatements and for confiiming to us in the representation letter that the effects of any uncon-ected <br />misstatements aggregated by us during the cun-ent engagement and pertaining to the latest period presented are <br />immaterial, both individually and in the aggregate, to the financial statements taken as a whole. <br />You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for <br />infoinung us about all known ar suspected fraud or illegal acts affecting the government involving management, <br />employees who have significant roles in internal controls, and others where the fraud or illegal acts have a material effect <br />on the financial statements. Your responsibilities include infoiming us of your knowledge of any allegations of fraud or <br />suspected fraud affecting the City received in communications from employees, former employees, grantors, regulators, <br />and others. In addition, you are responsible for identifying and ensuring that the City complies with applicable laws, <br />i-egulations, contracts, agreements, and grants. Additionally, as required by OMB Circular A-133, it is management's <br />responsibility to foliow up and take corrective action on reported audit findings and to prepare a summary schedule of <br />prior audit findings and a corrective action plan. This surrnnary schedule should be available for our review. <br />Management is responsible for establishment and maintenance of a process for ri-acking the status of audit findings and <br />recommendations. Management is also responsible for identifying for us previous audits or other engagements or studies <br />related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us <br />con-ective actions taken to address significant finding and recommendations resulting from those audits or other <br />engagements or studies. You are also responsible for providing management's views on our current findings, conclusions, <br />and recommendations, as well as your planned conective actions, and the timing and format related thereto. <br />Audit Procedures - General <br />An audit includes examining, on a test basis, evidence supporting the amounts and disclosi.u-es in the financial statements; <br />thei-efore, our audit will involve judgment about the mzmber of n-ansactions to be examined and the areas to be tested. We <br />will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements <br />are fi-ee of material misstatement, whether from errors, fraudulent financial reporting, misappropriation of assets, or <br />violations of laws or governmental regulations that are amibutable to the City or to acts by management or employees <br />acting on behalf of the City. As required by the Single Audit Act Amendments of 1996 and OMB Circular A-133, our <br />audit will include tests of transactions related to major federal award programs for compliance with applicable laws and <br />regiilations and the provisions of contracts and grant agreements. <br />