2011 008 Resolution - Laserfiche WebLink

Home Browse Search

Village of Mayfield May 23, 2011 Page 5 Additionally, we will request representations, as applicable, regarding: • The inclusion of all component units, and the disclosure of all joint ventures and other related organizations; • The proper classification of funds; • The proper approval of reserves of fund equity; • Compliance with laws, regulations, and provisions of contracts and grant agreements, including budget laws or ordinances; compliance with any tax or debt limits, and any debt covenants; • Representations relative to GASB-required supplementary information; • The identification of all federal assistance programs, and compliance with grant requirements. • Events occurring subsequent to the fiscal year end requiring adjustment to or disclosure in the financial statements or federal awards expenditure schedule. Management is responsible for adjusting the financial statements to correct misstatements we may detect during our audit and for affirming to us in the representation letter that the effects of any uncorrected misstatements we aggregate during our engagement and pertaining to the latest period the statements present are immaterial, both individually and in the aggregate, to the opinion units (Financial statements include the related footnotes and required and other supplemental information). Communication Our Responsibilities As part of this engagement the Auditor of State will communicate certain additional matters (if applicable) to the appropriate members of management and to those charged with governance. These matters include • The initial selection of and changes in significant accounting policies and their application; • The process management uses to formulate particularly sensitive accounting estimates and the basis for their conclusions regarding the reasonableness of those estimates; • Audit adjustments, whether posted or waived; • Any disagreements with management, whether or not satisfactorily resolved, about matters that individually or in the aggregate could be significant to the financial statements or our opinion; • Our views about matters that were the subject of management's consultation with other accountants about auditing and accounting matters; • Major issues that were discussed with management related to retaining our services, including, among other matters, any discussions regarding the application of accounting principles and auditing standards; and • Serious difficulties we encountered in dealing with management during the audit. We will present those charged with governance our Summary of Unadjusted Differences (if any) at the conclusion of our audit. Terms and Conditions Supporting Fee As a result of our planning process, the Village and the Auditor of State have agreed to an approach designed to meet the Village's objectives for an agreed-upon fee, subject to the following conditions. Our Responsibilities: In providing our services, we will consult with the Village regarding matters of accounting, financial reporting or other significant business issues. Accordingly, our fee includes estimated time necessary for this consultation. However, should a matter require research, consultation or audit work beyond this estimate, the Auditor of State and the Village will agree to an appropriate revision in services and fee. These revisions will also be set forth in the form of the attached Amendment to Letter of Arrangement.