5.1. SR 06-01-2009 - Laserfiche WebLink

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I~ ~ ~ ~ ABDO IV. ; EIGK 8z ~t ®I ~~ _ ~Y.~~~ 1 l~l t~J LLP Cert~ Public Accountants & Consultaa~ts 5201 Eden Avenue Suite 370 Edina, MN 55436 i~ i~ Board of Trustees and Plan Participants Elk River Fire Department Relief Association Elk River, Minnesota May 12, 2009 We have audited the fmancial statements of the Elk River Fire Department Relief Association (the Association) for the years ended December 31, 2008 and 2007, and have issued our report thereon dated May 12, 2009. 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 an opinion about whether the fmancial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. Our audit of the fmancial 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 fmancial statements are free of material misstatement. As part of our audit, we considered the internal control of the Association. 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 judgment, relevant to your responsibilities in overseeing the fmancial reporting process. However, we are not required to design procedures specifically to identify such matters. Significant Audit Findings Our consideration of internal control over fmancial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over fmancial 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 Organization's ability to initiate, authorize, record, process, or report fmancial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Organization's fmancial statements that is more than inconsequential will not be prevented or detected by the Organization'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 fmancial statements will not be prevented or detected by the Organization's internal control. We noted no matters involving the internal control over fmancial reporting or compliance and its operation that we consider to be material weaknesses. 952.835.9090 Fax 952.835.3261 svww.aemcpas.com