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Agenda - 04-18-2017 - 8-a - Minutes
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Agenda - 04-18-2017 - 8-a - Minutes
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4/18/2017 7:27:45 AM
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4/18/2017 7:25:55 AM
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BOCC
Date
4/18/2017
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8a
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Minutes 04-18-2017
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\Board of County Commissioners\Minutes - Approved\2010's\2017
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7 <br /> 1 o The County uses various estimates as part of its financial reporting process — <br /> 2 including valuation of accounts receivable, depreciation of capital assets, self- <br /> 3 insurance claim liabilities, and pension and OPEB assumptions. <br /> 4 o Management's estimates used in preparation of financial statements were <br /> 5 deemed reasonable in relation to the financial statements taken as a whole. We <br /> 6 considered this information and the qualitative aspects of management's <br /> 7 calculations in evaluating the County's significant accounting estimates. <br /> 8 <br /> 9 • Finanical Statement Disclosure <br /> 10 o The footnote disclosure to the financial statements are also an integral part of <br /> 11 the financial statements and the process used by management to accumulate <br /> 12 the information included in the disclosures was the same process used in <br /> 13 accumulating the statements. The overall neutrality, consistency, and clarity of <br /> 14 the disclosures was considered part our audit <br /> 15 <br /> 16 • Relationship with Management <br /> 17 o We receivevd full cooperation from the County's Management and Staff <br /> 18 o There were no disagreement with Management on accounting issues or financial <br /> 19 reporting matters <br /> 20 <br /> 21 • Audit Adjustments <br /> 22 o There were several posted adjustments, which were necessary during the audit <br /> 23 process. Those entries have been provided to Management and have all been <br /> 24 recorded on the County's general ledger by Management and they have agreed <br /> 25 with all adjustments. There was one passed adjustment related to a loss on debt <br /> 26 refunds, which should have been deferred in prior years and amortized over time <br /> 27 in the Governmental Activities. The entry was not posted due to the entry <br /> 28 immaterial to the entire governmental activities opinion unit, this entry would <br /> 29 have been increased deferred outflows by $753,179, increased beginning of the <br /> 30 year net position by $878,709 and increased amortization expense by $125,530 <br /> 31 <br /> 32 • Management Representation <br /> 33 o We requested, and received, written representations from management relating <br /> 34 to the accuracy of information included in the financial statements and the <br /> 35 completeness and accuracy of various information request by us. <br /> 36 <br /> 37 • Consultation with other accountants <br /> 38 o To the best of our knowledge, management has not consulted with, or obtained <br /> 39 opinions from, other independent accountants during the year, nor did we face <br /> 40 any issues requiring outside consultation. <br /> 41 <br /> 42 • Significant Issues Discussed with Management <br /> 43 o There were no significant issues discurssed with management related to <br /> 44 business conditions, plans, or strategies that may have affected the risk of <br /> 45 material misstatement of the financial statements. <br /> 46 <br /> 47 • Information in Documents Containing Audited Financial Statements <br /> 48 o Our responsibility for other information in documents containing the County's <br /> 49 comprehensive annual financial report and our report thereon does not extend <br /> 50 beyond the information identified in our report. If the County intends to publish <br />
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