2023d ABC Board Minutes - Laserfiche WebLink

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Auditor's Responsibilities far the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance,but is not absolute assurance, and therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually,or in the aggregate,they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards,we: • Exercise professional judgment and maintain professional skepticism throughout the audits. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis,evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the ABC Board's internal control.Accordingly,no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management,as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the ABC Board's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audits. i Other Matters-Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis on pages 4 through 8, Local Government Employees' Retirement System's Schedules of Proportionate Share of Net Pension Liability (Asset) on page 36, Schedules of Contributions on page 37, and Other Post- Employment Benefits on page 38, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Govermnental Accounting Standards Board ("GASB'), who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational,economic,or historical context. We have applied certain limited procedures to the required supplementary information,in accordance with auditing standards generally accepted in the United States of America, which consisted principally of inquiries of management regarding methods of preparing the information and i comparing the information for consistency with management's responses to our inquiries, the basic financial statements,and other knowledge we obtained during our audits of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. I I 2