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HomeMy WebLinkAboutAgr 2001-08-31 (Odenberg/Ullakko) I~. (~~ 0, IA A ~~~{~f: UIYI & co, LLP Certified Public Accountants & Consultant" ';'. )' 351 California Street. SUite 1000 San FranCISco. California 94104 Telephone: (415) 434-3744 Facsimile: (415) 788-2260 August 31,2001 Honorable M~yor, Members of the Town Council, Town Mapager and Finance Manager T own of Tiburon, California ' We will proviqethe following services to the Town of Tiburon for the fiscal year ended June 30, 2001: 1) audit the general purpose financial statements of the Town; 2) audit the financial statements of the Tiburon Redevelopment Agency Component Unit; 3) audit the Town's comp~~c~:~i,~h.tl}~ qann Appropriation Limit; and ~_ w' . ".' \. .. 4) iS$ue a management letter and a m.emo summarizing our re.commend~.tip.DS, 9P ir~Je:rn~1 accd~ting controls iri -all areas requiring improvetp.~nt 'thatl co'me to oUr ~ttention during, the 'course of our audit. Our ~udit will be conducted in acc<;>rdfm:ce wit? ge~e!ally accepted auditing standards and will include tests of the accounting records of TOWIl: 6( ribriron and other pr6<;:edures we consider necessary to enable us to express an opinion' that the"rmaricial statements are 'fairly presented, in ~ll material respects, in conformity with generaUy accepfed accounting principles. . . :~\ ~ - . 1"".- . . '. ',. ... Our prQcedures will include tests of documentary evidence supporting the transactions recordep in' the accounts, and mpy include tests of the physical existence of inventories, and direct coofirmation .of receiva}Jles and certain other asSets and liabilities by correspondence with se~ectep ~~ividuals, creditqrs, ~d financial ~titutions. We will request"written represeFl~~t;i9P~ f!om your a,ttorneys as' .p.art of the engagement, and they may bill you for responding to this inquiry. At the concl~is8)r of our audit, we will also request certain written representations from you about the finaJ:lc.~:;~A:~~ements and relatedma~e.rs. An audit includes examining, . on a test .basis, evidence supporting the amounts and disclosures in the financial statements; ther~qre:~ Bur' audit will involve judgment about the number of transactions to be examined and~the a'teas 'to be tested. Also, we will plan and perform the audit to obtain reasonable assur~ce ;'~:t>out vyhether the financial statements are free of materiC}.1 misstatement. However, ,becaqse of the concept of reasonable assurance and because wewijI ;not perform a detailed exa~a:tioti': of 'all transactions, there is a risk that mat~rial erJ;o~s,: irregularities, or illegal acts, includingJraud or defalcations, may exist and not be detected .PY lfs. ~ e will advise you; however, of any matters of that nature that come to our attention. ' qur responsib~lity as auditors is limited to the period covered by our audit and does not extend,to-.matters that might arise during any later periods for which we are not engaged as auditors. .' . . -2- August 31, 2001 Our audit is not specifically designed and cannot be relied on to disclose reportable conditions, that is, significant deficiencies in the design or operation of the internal control structure. However, during the audit, if we become aware of such reportable conditions or ways that we believe management practices can be improved, we will communicate them to you in a separate letter. * * * * * * Our combined, all-inclusive maximum fee for fiscal 2001 will be $24,500. Our fees for services will be based on the actual time spent at our standard hourly rates (discounted due to Town's governmental status). Our invoices for these fees will be rendered each month as the work progresses and are payable on presentation. These fees are based on anticipated cooperation from your personnel (providing detailed schedules and information requested by auditors) and the assumption that significant unexpected circumstances will not be encountered during the audit. If significant additional time becomes necessary, we will discuss the matter with you immediately. Before we undertake any other projects, we will discuss with you the scope of the work and our estimated fees. We appreciate the opportunity to be of service to the Town of Tiburon and believe this letter accurately summarizes the significant terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Yours very truly, ODENBERG, ULLAKKO, MURANISHI & CO. LLP BY~ Chris S. Millias, Partner RESPONSE: This letter correctly sets forth the understanding of the Town of Tiburon. By: (2_~~ ~ Title: "i=\'"t-4~~ tS)\(I..~ Date: ~4(..q"'f \~) ~D(:) 1 r:~b~ )~' j., ;:;i ':!i .~ ,~A f!JJ ',' '. ~- our A A ~~:~~i: 1YI & co, LLP Certified Public Accountants & Consultants I 351 California Street, Suite 1000 Telephone: (415) 434-3744 San FrancIsco, California 94104 Facsimile: (415) 788-2260 August 31, 2001 Honorable M~yor, Members of the Town Council, Town Ma,nager and Finance Manager Town of Tiburon, California - We will proviq,e the following services to the Town of Tiburon for the fiscal year ended June 30,2001:' . ' 1) audit the general purpose financial statements of the Town; 2) audit the financial statements of the Tiburon Redevelopment Agency Component Unit; 3) audit the Town's compl~ance,~ith,tl}~ Gann Appropriation Limit; and ~. . . . \. .~ , 4) issue a management letter and a m,emo summarizing our recommendatipl1S,oP ir).te:rria,l accounting controls in all areas requiring improvem~nt 'thatl come to our att~ntion during the course of our audit. Our audit will be conducted in acc9rdance with generally accepted auditing standards and will include tests of the accounting records of TOWIl: 6( Tiburon and other procedures we consider necessary to enable us to express an opinion' that the~firiat1cial statements are 'fairly presented, in (l,ll material respects, in conformity with ~~~e~a~y aC,ceRfed accounting principles. Our prQcedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and m~y include tests of the physical existence of inventories, and direct confirmation .of receivables and certain other asSets and liabilities by correspondence with se}ecte# individuals, credit()rs, and' financial institutions. We will request 'written represen~~tiO;11~ trom your attoflleys as 'part of the e'ngagement, and they may bill you for responding to this inquiry. At the concl~isi<?!.l of our audit, we will als'o request certain written ..' J.. L.". }, 1 , representations from you about the financica)~~atements and related matters. . \....M '-.,". ! ' An audit includes examining" on a t~st ,~asis, evidence supporting the amounts and disclosures in the financial statements; theiefC?re~' Hur . audit will involve judgment about the number of transactions to be examined arid;:the areas 'to be tested. Also, we will plan and perform the audit to obtain reasonable assur~ce ~bout whether the financial statements are free of materi~l misstatement. However, because of the concept of reasonable assurance and because we will not perform a detailed examfuation: of all transactions, there is a risk that material erro~s,' irregularities, or illegal acts, including fraud or defalcations, may exist and not be detected,PY qs. We will advise you; however, of any matters of that nature that come to our attention., opr responsibility as auditors is limited to the period covered by our audit and does not extend,to',matters that might arise during any later periods for which we are not engaged as auditors. . c, our A A ~~:~~~: 1YI & co, LLP Certified Public Accountants & Consultants /' 351 California Street, Suite 1000 Telephone: (415) 434,3744 San FrancIsco, California 94104 Facsimile: (415) 788-2260 August 31, 2001 Honorable M~yor, Members of the Town Council, Town Ma,nager and Finance Manager Town of Tiburon, California - We will proviqe .the following services to the Town of Tiburon for the fiscal year ended June 30,2001: ' 1) audit the general purpose financial statements of the Town; 2) audit the financial statements of the Tiburon Redevelopment Agency Component Unit; 3) audit the Town's compl~~ncewi~h,tl}~ Gann Appropriation Limit; and ~. ~ '.' .' \. ' .~ . 4) issue a management letter and a m,emo summarizing our recommendatipl1S, op, ir).tej-na,l accounting controls in all areas requiring improvem~nt that' cc)'me to our att~ntion during the course of our audit. Our audit will be conducted in acc9rdance with generally accepted auditing standards and will include tests of the accounting records of Town: 6~ Tiburon and other procedures we consider necessary to enable us to express an opinion' that the~firiahcial statements are 'fairly presented, in (l,ll material respects, in conformity with ~~~e~al~y aC,ceRfed accounting principles. Our prQcedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and m~y include tests of the physical existence of inventories', and direct confirmation .of receivables and certain other asSets and liabilities by correspondence with se}ecte,d individuals, credit()rs, and financial institutions. We will request 'written represen~~tiO;11~ from your attOflleys as' p,art of the engagement, and they may bill you for responding to this inquiry. At the conchisl~<?!.l of our audit, we will als'o request certain written representations from you about thefinaJ:lci~~~,~ftements and related ina~e.rs. An audit includes examining, . on a t~st .~asis, evidence supporting the amounts and disclosures in the financial statements; theiefC?re~' bur' audit will involve judgment about the number of transactions to be examined arid;::fhe areas 'to be tested. Also, we will plan and perform the audit to obtain reasonable assura~ce ~bout whether the financial statements are free of materi~l misstatement. However, because of the concept of reasonable assurance and because we wiU not perform a detailed exarn.illation': of 'all transactions, there is a risk that material erro~s,' irregularities, or illegal acts, inc1udingfraud or defalcations, may exist and not be detected,PY qs. W,e will advise you, however, of any matters of that nature that come to our attention. ' opr responsibility as auditors is limited to the period covered by our audit and does not extend,to',matters that might arise during any later periods for which we are not engaged as auditors. .