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r ■ . <br />I •»». ’ <br />j <br />w-•J <br />; ■ <br />U: <br />t . <br />tf-t ^ <br />|V V <br />Formal R equired Communications <br />Statement on Auditing Standards Number 61, “Communication With Audit Committees," requires the auditor <br />tc ensure that certain matters related to the conduct of an audit are communicated to those who have <br />n^sponsibility for oversight of the financial reporting process. The following constitutes our communication <br />of such matters. <br />The A uditor 's R esponsibility U nder Generally A ccepted A uditing Standards <br />Our audit, conducted in accordance with generally accepted auditing standards, is designed to provide <br />reasonable, but not absolute, assurance about whether the financial statements are free of material <br />misstatemenL These fuiancial statements are the responsibility of management and it is our responsibility to <br />express an opinion on these financial statements based on our audit results. <br />SiGNincANT A ccounting Policies <br />There were no changes in significant accounting policies or their application during the year audited. <br />SiGNDicANT A udit A djustments <br />Our audit of the 1996 financial statements resulted in no audit adjustments (except for the normal year-end <br />accrual entries) which we considered significant enough to be recorded by the City to prevent the financial <br />statements from being misleading. We recognize that for management purposes, the City maintains its <br />accounting records primarily using the cash basis during the year. <br />Other Matters <br />Statement on Auditing Standards Number 61 also requires communications to the committee in the following <br />areas; <br />Accounting estimates and management judgments <br />Other information in documents containing audited financial statements <br />Disagreements with management <br />Consultations with other accountants <br />Major issues discussed with management prior to retention as auditors <br />Difficulties encountered in performing the audit <br />During our audit, we did not encounter any circumstances and we are unaware of any items in any of these <br />areas which require discussion with those who have responsibility for oversight of the financial reporting <br />process. <br />This report is intended solely for the information and use of those who have responsibility for oversight of the <br />financial reporting process. <br />-17-