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? ?.+.. . . June 23, 2009 Mr. Dave Miller Interim Fiscal Officer Village of Mayfield 6622 Wilson Mills Road Mayfield, OH 44143 Dear Mr. Miller: ; M ?:r? Tay or, , CP.A. Auditor of State This letter is to confirm our understanding of the terms and objectives of our engagement with the Village _ of Mayfield (the Village) and the nature and limitations of the services we will provide. We will provide the following services: Using our conversion software and information provided by the Village, the Local Government Services Section of the Office of the Auditor of State (LGS) will compile the basic financial statements for the Village of Mayfield for the year ending December 31, 2008, based upon an "Other Comprehensive Basis of Accounting." For the Village of Mayfield, the financial statements will be based on the cash basis of accounting. We will compile the financial statements and issue an accountant's report thereon in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to present in the form of financial statements, information that is the representation of management without undertaking to express any assurance on the financial statements. A compilation differs significantly from a review or an audit of financial statements. A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review. Additionally, a compilation does not contemplate obtaining an understanding of the entity's internal control; assessing fraud risk; tests of accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, the examination of source documents (for example, cancelled checks or bank images); or other procedures ordinarily performed in an audit. Therefore, a compilation does not provide a basis expressing any level of assurance on the financial statements being compiled. If for any reason we are unable to complete the compilation of your financial statements, we will not issue a report on such statements as a result of this engagement. The Village of Mayfield remains responsible for the compiled cash basis financial statements. It is therefore the responsibility of the Village of Mayfield to be in a position in fact and appearance to make informed judgments while reviewing, evaluating, and approving the services provided under this engagement. It is also the Village of Mayfield's responsibility to establish and maintain internal controls, including monitoring ongoing activities. Local Government Services Section 88 E. Broad St. / Sixth Floor / Columbus, OH 43215-3506 Telephone: (614) 466-4717 (800) 345-2519 Fax: (614) 728-8027 www.auditor.state.oh.us