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Formal Required Communications <br />Statement on Auditing Sundards Number 61, "Communication With Audit Committees." requires the <br />auditor to ensure that certain matters related to the conduct of an audit are communicated to those who have <br />responsibiIit}>’ for oversight of the fuiancial reporting process. The following constitutes our communication <br />of such matters. <br />The A uditor 's R espo.nsibility U nder Generally A ccepted A iditing 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 rinancial statements are free of material <br />misstatement. These financial statements are the responsibility of management and it is our responsibility <br />to express an opinion on these financial statements based on our audit results. <br />Significant A ccounting Policies <br />There were no changes in significant accounting policies or their application during the year audited. <br />Significant A udit A djustme .nts <br />Our audit of the 1995 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 <br />following areas: <br />O <br />o <br />o <br />o <br />o <br />0 <br />Accounting estimates and management Judgments <br />Other information in documents containing audited fmancial statements <br />Disagreements with management <br />Consultations w'ith 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 <br />of the financial reporting process. <br />-14-