Finance Committee - Agenda - 7/6/2022 - P266
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Management Responsibilities
Our audit will be conducted on the basis that management and, when appropriate, those charged
with governance acknowledges and understands that they have responsibility:
a. For the preparation and fair presentation of the basic financial statements in accordance
with accounting principles generally accepted in the United States of America;
b. For the design, implementation, and maintenance of internal control relevant to the prep-
aration and fair presentation of financial statements that are free from material misstate-
ment, whether due to error, fraudulent financial reporting, misappropriation of assets, or
violations of laws, governmental regulations, grant agreements, or contractual agreements;
c. To provide us with:
e Access to all information of which management is aware that is relevant to the prep-
aration and fair presentation of the financial statements including the disclosures,
and relevant federal award programs, such as records, documentation, and other
matters;
e Additional information that we may request from management for the purpose of
the audit;
e Unrestricted access to persons within the City from whom we determine it necessary
to obtain audit evidence;
e Awritten acknowledgement of all the documents that management expects to issue
that will be included in the annual report and the planned timing and method of
issuance of that annual report; and
e A final version of the annual report (including all the documents that, together,
comprise the annual report) in a timely manner prior to the date of the auditor’s
report.
d. For including the auditors’ report in any document containing financial statements that
indicates that such financial statements have been audited by us;
e. For identifying and ensuring that the City complies with laws, regulations, rules, provisions of
contracts or grant agreements, and contracts applicable to its activities;
f. For adjusting the financial statements to correct material misstatements and confirming to us
in the management representation letter that the effects of any uncorrected misstatements
aggregated by us during the current engagement and pertaining to the current year period(s)
under audit are immaterial, both individually and in the aggregate, to the financial statements
as a whole;
g. For acceptance of nonattest services, including identifying the proper party to oversee
nonattest work.;
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