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July 2, 1990 <br /> <br />PANNELL <br />KERR <br />FORSTER <br />Certified Public Accountants <br /> <br />400 Park National Bank Building <br />5353 Wayzata Boulevard <br />Minneapolis, MN 55416 <br />Telephone (612) 545-0421 <br />'l'elefax 612-545-0569 <br /> <br />City Council and Residents <br />City of Ramsey <br />Ramsey, Minnesota <br /> <br />The following comments relating to your 1989 audit are provided to assist you <br />with the financial planning for your City and for continued improvement of your <br />accounting records. <br /> <br />Required Communications <br /> <br />Statement on Auditing Standards Number 61, "Communication With Audit <br />Committees" requires the auditor to ensure that certain matters related to <br />the conduct of an audit are communicated to those who have responsibility <br />for oversight of the financial reporting process. This is a new require- <br />ment for audits of financial statements for periods beginning on or after <br />January 1, 1989. This letter constitutes our communication of such <br />matters. <br /> <br />1. The Auditor's Responsibility Under Generally Accepted Auditing <br /> Standards <br /> <br />Generally accepted auditing standards require auditors to plan <br />and perform audits to obtain reasonable, but not absolute, <br />assurance about whether the financial statements are free of <br />material misstatement. An audit includes examining, on a test <br />basis, evidence supporting the amounts and disclosures in the <br />financial statements. An audit also includes assessing the <br />accounting principles used and significant estimates made by <br />management, as well as evaluating the overall financial state- <br />ment presentation. <br /> <br />2. Significant Accounting Policies <br /> <br />There were no changes in significant accounting policies or <br />their application during the year audited. <br /> <br /> <br />