Agenda - 01-21-20 8-a - Minutes - Laserfiche WebLink

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10 1 o The basic financial statements are the responsibility of the County's 2 management. 3 Report on 2019 Basic Financial Statements 4 o Unmodified ("clean") opinion on basic financial statements. 5 o Presented fairly in accordance with accounting principles generally accepted in 6 the United States of America. 7 o Our responsibility does not extend beyond financial information contained in our 8 report. 9 Significant Accounting Policies 10 o The significant accounting policies used by the County are described in Note 1 to 11 the basic financial statements. 12 o The policies used by the County are in accordance with generally accepted 13 accounting principles and similar government organizations. 14 o In considering the qualitative aspects of its policies, the County is not involved in 15 any controversial or emerging issues for which guidance is not available. 16 Management Judgment/Accounting Estimates 17 o The County uses various estimates as part of its financial reporting process — 18 including valuation of accounts receivable, depreciation of capital assets, self- 19 insurance claim liabilities, and pension and OPEB assumptions. 20 o Management's estimates used in preparation of financial statements were 21 deemed reasonable in relation to the financial statements taken as a whole. We 22 considered this information and the qualitative aspects of management's 23 calculations in evaluating the County's significant accounting estimates. 24 Financial Statement Disclosures 25 o The footnote disclosures to the financial statements are also an integral part of 26 the financial statements and the process used by management to accumulate 27 the information included in the disclosures was the same process used in 28 accumulating the statements. The overall neutrality, consistency, and clarity of 29 the disclosures were considered as part our audit. 30 • Relationship with Management 31 o We received full cooperation from the County's management and staff. 32 There were no disagreements with management on accounting issues or 33 financial reporting matters. 34 • Audit Adjustments 35 o There were several posted adjustments, which were necessary during the audit 36 process. Those entries have been provided to management and have all been 37 recorded on the County's general ledger by management and they have agreed 38 with all adjustments. 39 • Management Representation 40 o We requested, and received, written representations from management relating 41 to the accuracy of information included in the financial statements and the 42 completeness and accuracy of various information requested by us. 43 • Consultation with Other Accountants 44 o To the best of our knowledge, management has not consulted with, or obtained 45 opinions from, other independent accountants during the year, nor did we face 46 any issues requiring outside consultation. 47 • Significant Issues Discussed with Management 48 o There were no significant issues discussed with management related to business 49 conditions, plans, or strategies that may have affected the risk of material 50 misstatement of the financial statements.