Agenda - 06-06-2000-8i - Laserfiche WebLink

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The Board of County Commissioners May 24, 2000 Page 2 As part of our audits we will consider the County's internal control and assess control risk, as required by auditing standards generally accepted in the United States of America. and Government Auditing Standards, for the purpose of establishing a basis for d~ern,in;ng the nature, timing, and extent of auditing procedures necessary for expressing an opinion on the general purpose financial statemerts, and not to provide assurance on the County's irrternal control or to identify reportable conditions. An audit includes examining, on a test basis, evidence supporting the amourrts and disclosures in the general purpose financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the azeas to be tested. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. Our auditing procedures will include tests of documentary evidence supporting the t~ranssactiams recorded in the accounts, and may include tests of the physical existence of inventories, and duect confirmation of receivables and certain axher assets and liabilities by correspondence with selected individuals, creditors,. cad financial instiRutions. We will make audit inquiries and request written responses from your attorneys as part of the engagement, and they may bill you far responding to this inquiry. As part of our audit of compliance with the requirements of major federal programs, we will obtain an understanding of the County's internal control related to administering major federal programs and we will assess risk as required by OMB Circular A-133 for the purpose of establishing the nature, timing, and extent of auditing procedures necessary for expressing an opinion concerning compliance with laws and regulations related to major federal award pmgrauns. As required by OMB Circulaz A-133, our audit of compliance will also include tests of transactions related to federal award programs far compliance with applicable laws and regulations. However, because of the concept of reasonable assu*~e and because we will not perform a detailed examination of all transactions, there is a risk that material errors, fraud or illegal acts may exist and not be detected by us. We will advise you, however, of any matters of that nature that come to our attention, and will include such matters in the reports required for an audit in accordance with OMB Circular A-133. Our responsibility as auditors is limited to the period covered by our audit and does not extend to matters that arise during any subsequent periods for which we have act been engaged as auditors or far which we have performed no substantive auditing procedures. T'he objective of an audit carried out in accordance with the standards described above is (1) the expression of an opinion concerning whether the general purpose financial its present fairly, in all materal respects, the financial position, results of operations, and cash flows of the Cou~y in conformity with accounting principles generally accepted in the United States of America, (2) reporting on the internal routrol relevarrt to an audit of the general purpose financial statements, (3) reporting an the County's compliance with laws and regulations, which could have a material effect o'n the general purpose financial statements, (4) reporting on whether the schedule of ekpenditures of federal awards is fairly stated in a1] material respects when considered in relation to the basic general purpose financial statements taken as a whole, (5) the reporting on our determination as to whether the County's internal comrol provides reasonable assurance of compliance with federal laws and other laws and regulations, (b) the expression of an opinion on whether the County complied with specific terms and conditions of its major federal programs, and ('n preparation of a schedule of findings and questioned costs to summarize the results afthe audit~in accordance with the requiremerrts of OMB Circular A-133.