Laserfiche WebLink
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 yearended December31,2019, 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 andfair 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 inthe 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 inorder 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 />Utilitiesas of December 31, 2019, and the changes in financial position and cash flowsthereoffor the year then ended in <br />accordance with accounting principles generally accepted in the United States of America. <br />11 <br />101 <br />