2023 24 RESOLUTION - Laserfiche WebLink

Home Browse Search

Village of Mayfield March 8, 2023 Page 4 b. access to all information of which management is aware that is relevant to the preparation and fair presentation of the financial statements, including an expectation that management will provide access to information relevant to disclosures; c. written representations as part of the engagement, from management and/or attorneys, understanding separate legal fees from attorneys may result; d. additional information that we may request from management for the audit; e. unrestricted access to persons within the Village from whom we determine it necessary to obtain audit evidence; f. the initial selection of and changes in significant accounting policies and their application; and g. the process management uses to formulate particularly sensitive accounting estimates and the basis for their conclusions regarding the reasonableness of those estimates. 3. Inform us of events occurring or facts discovered subsequent to the date of the financial statements, of which management may become aware, that may affect the financial statements. 4. Reporting fraud and noncompliance of which you are aware to us. 5. Reviewing drafts of the audited financial statements, disclosures, any supplemental information, auditor's reports and any findings; and informing us of any edits you believe may be necessary. 6. Designing and implementing programs and controls to prevent and detect fraud. You should not rely on our audit as your primary means of detwdng fraud. Compliance with Laws and Regulations Management and those charged with governance are responsible for: 1. Being knowledgeable of, implementing systems designed to achieve compliance with, and complying with, laws, regulations, contracts, and grants applicable to the Village. 2. Identifying for us other financial audits, attestation engagements, performance audits, internal audit reports from regulators or other studies related to the Village (if any), and the corrective actions taken to address these audits' significant findings and recommendations. 3. Tracking the status of prior audit findings. 4. Taking timely and appropriate steps to remedy fraud, noncompliance, violations of provisions of laws, regulations, contracts or grant agreements, or abuse we may report. 5. Providing your views and planned corrective action on audit findings we may report. lntemal Control Management and those charged with governance are responsible for designing, implementing, and maintaining internal control relevant to compliance and the preparing and fairly presenting financial statements that are free from material misstatement, whether due to fraud or error. Appropriate supervisory reviews are necessary to reasonably assure that adopted policies and prescribed procedures are followed.