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Agenda - 05-16-2006-5i
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Agenda - 05-16-2006-5i
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Last modified
9/1/2008 10:41:04 PM
Creation date
8/29/2008 9:27:31 AM
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BOCC
Date
5/16/2006
Document Type
Agenda
Agenda Item
5i
Document Relationships
2006 S Finance - Audit Contract for the June 30, 2006 Fiscal Year
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Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2000's\2006
Minutes - 20060516
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Path:
\Board of County Commissioners\Minutes - Approved\2000's\2006
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Clifton <br />® Gunderson zzp <br />CMIficJ Pu61ic ~omwtants b Consutlanb <br />October 21, 2004 <br />To the Partners of <br />Cherry $elcaert & Holland L.L,P, <br />and the Center for Pubtic Company Audit Firms Peer Review Committee <br />We have reviewed the system of quality control for the accounting and auditing practice of <br />Cherry $ekaert & Holland L,L.P. (the firm) applicable to non-Sec issuers in effect for the year <br />ended April 30, 2004 and have issued our report thereon dated October 21, 2D04. "i`he matters <br />described below were not considered to be of sufficient significance to affect the opinion <br />expressed in that report, which should be read in conjunction with this letter, <br />Engagement Performance <br />Findhlg -Tire firm's quality control policies and procedures require the completion of a <br />financial statement disclosure checkist for its full disclosure engagements. However, on several <br />engagements reviewed we noted inappropriate answers on the checklists in the areas of <br />investments and debt disclosures. As a result, several financial statements did not disclose all the <br />disclosures required by generaIIy accepted accounting principles for these two items. None of <br />the missing disclosures were of such significance to cause the financial statements to be <br />nusleading. <br />Reconrmendatiwt -The firm should carefully review the proper use of its financial statement <br />disclosure checklist as part of the final financial statement review. In addition, a training session <br />should be held to review the questions on the checklist with regazd to investments and debt <br />disclosures and establish procedures for resolving issues when quesfions about such disclosures <br />arise, <br />Finding -The firm's audit programs outline steps for performing and documenting audit <br />procedures for deternlining fair vatue of investments, reliance on SAS 70 Type II letters, <br />determining reporting enfities and component units, and reviewing budgetary versus actual <br />information, However, our review disclosed several instances where the firm's wonting papers <br />did not include documentation for these areas, Tluough discussion with engagement personnel, <br />we were able to satisfy ourselves that the procedures were performed btrt not adequately <br />documented, <br />lruorloclirn 17mincn fMrt <br />?70 Luedockrn Dmdrnvml, $uiJr 5l10 <br />!)mnn frld, Colurvdo 800?I <br />,e1:303.gG8,tl5?? <br />raa 303.1669797 <br />www.cliftancpa,com I~Oins in 1'I stares :msl lirashinglnn, DC <br />1'~ <br />~~ .~. <br />B~J~e mwsmmnm <br />
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