Minutes 03-21-2017 - Laserfiche WebLink

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7 o The significant accounting policies used by the County are described in Note 1 to the basic financial statements. o The policies used by the County are in accordance with generally accepted accounting principles and similar government organizations. o In considering the qualitative aspects of its policies, the County is not involved in any controversial or emerging issues for which guidance is not available. • Management Judgment/Accounting Estimates o The County uses various estimates as part of its financial reporting process — including valuation of accounts receivable, depreciation of capital assets, self- insurance claim liabilities, and pension and OPEB assumptions. o Management's estimates used in preparation of financial statements were deemed reasonable in relation to the financial statements taken as a whole. We considered this information and the qualitative aspects of management's calculations in evaluating the County's significant accounting estimates. • Finanical Statement Disclosure o The footnote disclosure to the financial statements are also an integral part of the financial statements and the process used by management to accumulate the information included in the disclosures was the same process used in accumulating the statements. The overall neutrality, consistency, and clarity of the disclosures was considered part our audit • Relationship with Management o We receivevd full cooperation from the County's Management and Staff o There were no disagreement with Management on accounting issues or financial reporting matters • Audit Adjustments o There were several posted adjustments, which were necessary during the audit process. Those entries have been provided to Management and have all been recorded on the County's general ledger by Management and they have agreed with all adjustments. There was one passed adjustment related to a loss on debt refunds, which should have been deferred in prior years and amortized over time in the Governmental Activities. The entry was not posted due to the entry immaterial to the entire governmental activities opinion unit, this entry would have been increased deferred outflows by $753,179, increased beginning of the year net position by $878,709 and increased amortization expense by $125,530 • Management Representation o We requested, and received, written representations from management relating to the accuracy of information included in the financial statements and the completeness and accuracy of various information request by us. • Consultation with other accountants o To the best of our knowledge, management has not consulted with, or obtained opinions from, other independent accountants during the year, nor did we face any issues requiring outside consultation.