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AG 1992 03 09
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AG 1992 03 09
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Last modified
3/25/2002 4:09:20 PM
Creation date
11/27/2017 12:01:10 PM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
3/9/1992
Board
Board of Commissioners
Meeting Type
Regular
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Honorable Carolyn Carpenter, Chairperson <br /> and Members of the Board of Commissioners <br />Page 2 <br />February 26, 1992 <br /> <br />errors, irregularities, or illegal acts, including fraud or defalcations, may <br />exist and not be detected by us. We will advise you, however, of any matters of <br />that nature that come to our attention. Our responsibility as auditors is <br />limited to the period covered by our audit and does not extend to any losses that <br />might be incurred during any later periods for which we are not engaged as <br />auditors. <br /> <br />We understand that you will draft the comprehensive annual financial report and <br />pay for all report reproduction costs. We understand that you will provide us <br />with the basic information required for our audit and that you are responsible <br />for the accuracy and completeness of that information. We will advise you about <br />appropriate accounting principles and their application, but the responsibility <br />for the financial statements remains with you. This responsibility includes the <br />maintenance of adequate records and related internal control policies and <br />procedures, the selection and application of accounting principles, and the <br />safeguarding of assets. <br /> <br />We understand that your employees will type all cash, accounts receivable, <br />accounts payable, and other confirmations we request and will locate any invoices <br />selected by us for testing. <br /> <br />Our audit is not specifically designed and cannot be relied on to disclose <br />reportable conditions, that is, significant deficiencies in the design or <br />operation of the internal control structure. However, during the audit, if we <br />become aware of such reportable conditions or ways that we believe management <br />practices can be improved, we will communicate them to you in a separate letter. <br /> <br />Our fees for these services will be based on the enclosed contract to audit <br />accounts. Our invoices for these fees will be rendered as work progresses and <br />are payable on presentation after receiving approval from the Local Government <br />Commission. Based on our preliminary estimates, the fee will not exceed $26,650 <br />plus reproduction costs. Occasionally, third parties (Federal and/or~ate <br />agencies) request to review the audit workpapers as required under the Federal <br />and State Audit Acts. Due to the unpredictable nature of these requests, the fee <br />for assisting the third parties is billed at the actual hours incurred at a <br />standard hourly rate and is not included in the base audit fee of $26,650. The <br />hourly rates, as outlined in our proposal, are used based on the level of <br />personnel required. <br /> <br />This quote is based on the expectations that all schedules we request during our <br />planning stages in a separate letter, will be correctly and completely prepared <br />prior to our arrival. Also, if additional time is required because of unforseen <br />conditions and circumstances or upon your request, we reserve the right to <br />negotiate with commissioners the appropriate actions to be taken and the related <br />additional billings if we are required to perform duties outside the scope of the <br />audit. We will inform the County Manager weekly of any deviations encountered. <br /> <br /> <br />
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