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ABDO <br /> EICK & <br /> MEYERS LLP <br /> Certified Public Accountants& Consultants <br /> INDEPENDENT AUDITOR'S REPORT <br /> Public Utilities Commission <br /> Elk River Municipal Utilities <br /> Elk River, Minnesota <br /> Report on the Financial Statements <br /> We have audited the accompanying financial statements of the Elk River Municipal Utilities (the Utilities) of the City of Elk <br /> River, Minnesota (the City), as of and for the year ended December 31, 2017, and the related notes to the financial <br /> statements, as listed in the table of contents. <br /> Management's Responsibility for the Financial Statements <br /> Management is responsible for the preparation and fair presentation of these financial statements in accordance with <br /> accounting principles generally accepted in the United States of America; this includes the design, implementation, <br /> and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are <br /> free from material misstatement, whether due to fraud or error. <br /> Auditor's Responsibility <br /> Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in <br /> accordance with auditing standards generally accepted in the United States of America. Those standards require that <br /> we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of <br /> material misstatement. <br /> An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial <br /> statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material <br /> misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor <br /> considers internal control relevant to the Utilities preparation and fair presentation of the financial statements in order to <br /> design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the <br /> effectiveness of the Utilities internal control. Accordingly, we express no such opinion. An audit also includes evaluating <br /> the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by <br /> management, as well as evaluating the overall presentation of the financial statements. <br /> We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. <br /> Opinion <br /> In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the <br /> Utilities as of December 31, 2017, and the changes in financial position and cash flows thereof for the year then ended in <br /> accordance with accounting principles generally accepted in the United States of America. <br /> 5201 Eden Avenue,Suite 250 <br /> Edina,MN 55436 11 <br /> 952.835.9090 I Fax 952.835.3261 <br /> 75 <br />