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Elk River Municipal Utilities <br />Apri17, 2008 <br />Page 4 <br />Difficulties Encountered in Performing the Audit <br />We encountered no significant difficulties in dealing with management in performing and completing our audit. <br />Corrected and Uncorrected Misstatements <br />Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those <br />that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. <br />In total we prepared 16 journal entries. The entries that we would consider audit adjustments are listed below. Internal preparation <br />of all journal entries enhances the quality of internal information. <br />Adjusting Journal Entries JE # 3 <br />To reverse a Due to County liability from 2004 <br />61-0001-3212 DUE TO COUNTY <br />61-0920-9269 CONSERVATION IMP PROGRAM <br />Total <br />Debit <br />$ 20,551.00 <br />$ 20,551.00 <br />$ 20,551.00 $ 20,551.00 <br />Credit <br />Adjusting Journal Entries JE # 10 <br />To adj restricted cash for 2007 bond resesrve <br />61-0001-1282 BOND RESERVES <br />61-0001-1275 UNRESTRICTED RESERVES <br />Total <br />Adjusting Journal Entries JE # 12 <br />To reverse ar incorrectly set up <br />61-0440-4551 GENERATION CREDIT <br />61-0001-1431 MISCELLANEOUS SALES/INVOICES <br />Total <br />Adjusting Journal Entries JE # 13 <br />To adjust accrued vacation sick <br />61-0920-9264 EMPLOYEES SICK PAY <br />61-0920-9266 EMP VACATION/HOLIDAY PAY <br />62-0920-9264 EMPLOYEES SICK PAY <br />62-0920-9267 EMP VACATION/HOLIDAY PAY <br />61-0001-3323 ACCRUED VACATION/SICK PAY <br />62-0001-3323 ACCRUED VACATION/SICK PAY <br />Total <br />$ 287,500.00 <br />$ 287,500.00 <br />$ 287,500.00 <br />$ 287,500.00 <br />$ 28,842.00 <br />$ 28,842.00 <br />$ 28,842.00 $ 28,842.00 <br />$ 4,388.00 <br />1,377.00 <br />1,463.00 <br />459.00 <br />$ 5,765.00 <br />1,922.00 <br />$ 7,687.00 $ 7,687.00 <br />952.835.9090 Fax 952.835.3261 <br />www.aemcpas.com <br />