5.5. SR 06-02-2008 - Laserfiche WebLink

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IJ D 1 L ABDO EICK ~ -I ~~ ~1VJJ~ 1 l~l W LLY Cert~~d Pu6dic Accvunt¢rnts & Consultants March 13, 2008 Grandview Square 5201 Edcn Acenur 5uile 370 Edina. VIA 55436 Honorable Mayor and Cowucil City of Elk River, Minnesota We have audited the financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Elk River, Minnesota (the City) for the year ended December 31, 2007 and have issued our report thereon dated March 13, 2008. Professional standards require that we provide you with the following information related to our audit. Our Responsibility Under Auditing Standards Generally Accepted in the United States of America As stated in our engagement letter, our responsibility, as described by professional standards, is to express opinions about whether the financial statements prepared by management with your oversight are fairly presented, in al] material respects, in conformity with accounting priuciples generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your responsibilities. ' Our responsibility is to plan and perform the audit to obtain reasonable, but not absolute, assurance that the financial statements are free of material misstatement. As part of our audit, we considered the internal control over financial reporting of the City. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are responsible for communicating significant matters related to the audit that are, in our professional jade vent, relevant to your responsibilities in overseeing the financial reporing process. However, we are not required to design procedures specifically to identify such matters. Significant Audit Findings Our consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the City's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of ttre City's 'financial statements that is more than inconsequential will not be prevented or detected by the City's internal control. A material weakness is a significant deficiency, or combination of significant deficiencies, that result in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the City's internal control. We noted no matters nwolving the internal control over Financial reporting or compliance and its operation that we consider to be material weaknesses. 1 952.895 X090 • F7.x 9.32.835.3261 www.xemcN~.com