CRA 04/11/2013 Minutes - Laserfiche WebLink

Home Browse Search

LOVELACE, PA. CERTIFIED PUBLIC ACCOUNTANTS April 11, 2013 To the Board of Directors of City of Casselbeny, Florida Community Redevelopment Agency Casselberry, Florida We have audited the financial statements of the governmental activities and major fund of the City of Casselbery (the "City "), Florida Community Redevelopment Agency (the "CRA ") for the year ended September 30, 2012, and have issued our report thereon dated April 1, 2013. Professional standards require that we provide you with the following information related to our audit. OUR RESPONSIBILITY UNDER U.S. GENERALLY ACCEPTED AUDITING STANDARDS AND GOVERNMENT AUDITING STANDARDS As stated in our engagement letter with the City dated September 7, 2010, our responsibility, as described by professional standards, is to express opinions about whether the CRA's financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not relieve you or management of your responsibilities. As part of our audit, we considered the internal control of the CRA. Such consideration was solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the CRA's compliance with certain provisions of laws, regulations, contracts, and grants. However, the objective of our tests was not to provide an opinion on compliance with such provisions. PLANNED SCOPE AND TIMING OF THE AUDIT We performed the audit according to the planned scope and timing previously communicated to you in our engagement letter with the City on September 7, 2010. SIGNIFICANT AUDIT FINDINGS Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the CRA are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2012. We noted no transactions entered into by the governmental unit during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. There were no significant estimates affecting the CRA's financial statements.