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Home My WebLink AboutCPF AuditRESOLUTION 2013-74 ADOPTED DOC ID: 8442 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2013-74 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON JANUARY 15, 2013: RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs Supervisor Scott A. Russell to execute the engagement letter with George R. Rehn~ CPA regarding oerformin~, an audit of the Peconic Bay Community Preservation Fund for the year ended December 31, 2012, at a cost not to exceed $7,000.00, subject to the approval of the Town Attorney. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Louisa P. Evans, Justice SECONDER: Christopher Talbot, Councilman AYES: P, uland, Talbot, Doherty, Krupski Jr., Evans, Russell Gear e R. Rehn 286 Main Street · East Setauket · New York 11733 (631) 751-3886 · Fax (631) 751-2740 Jaaua~ 9, 2013 Board of Directors Town of Sonthold 53095 Route 25 POBox 1179 Southold, NY 11791 I am pleased to confirm our undesstanding of the services 1 am to provide for Town of Soutbold Peconic Bay Community Preservation Fund for the year ended December 3 I, 2012. I will audit the balance sheet of Town of Southold Peconic Bay Community Preservation Fund of December 31, 2012 and the related revenues and expenditures, functional expenses, and cash flows for the year then ended. The objective of my audit is the expression of an opinion about wlmher your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and that the Fund has been administered in accordance ~ New Yodc Town Law Section 64-e. The audit will bc completed within 90 days of thc execution of this agreement. My audit will be conducted in accordance with U.S. generally accepted auditing standards and will include te~ of your accounting records and other procedures I consider necessary to enable me to express such an opinion. If my opinion is other than unqualified, ! will discuss the reasons with you in edvenco. If, for any reason, I am unable to complete the audit or are unabla to form or have not formed an opinion, I may decline to express an opinion or to issuc a report aa a result of this engagemen~ My procedures will include tests of documentary evidance supporting the transactions recorded in the accoums, and direct confirmation of receivables and certain assets and liabilities by correspoudance with selec~l funding sources, creditors, and financial imtimtious. I will request written repr--~aontetion from your attorney as pa~ of the engagement, and they may bill you for re~ouding to this inquiry. At the conclusion of my audit, I will also request certain mitten representations from you about the financial statements and related matWxs. An audit includes examining, on a test basis, evidence supporting the amounts and disdnsures in ~he financial statements; therefore, my audit will involve judgment about the number of transactions to be examined and the arens to ha tested. I will plan and perfurm the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reportin~ (3) misappropriation of assets, or (4) vinlations of laws or govea~unental regulations that are attributable to the Organization or to acts by management or employees acting on behalf of the Organization. Because an audit is designed to provide reasonable, but not absolute, assurance and because I will unt perform a detailed examination of ali lransactions, therc is a risk that material misstatements may exist and not be detected by me. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statemente. However, I will inform you of any material errors and any fraudulent financial reproving or misappropriation of assets that come to my attention. I will also inform you of any violations of laws or gnvernmenml regulations that come to my attention, unless clearly inconsequential. My responsibility es auditor is limited to the period covered by my audit and do~s not extend to any later periods for which I am not engaged ns auditor. My audit will include obtaining an understanding of internal conlrol sufficient to plan the audit and to deturminc the unturo, timing, and extent of audit procedures to be performed. An audit is not designed to provide assurance on internal consol or to idantify deficiencies in internal control. However, during an audit, 1 will communicate to you internal control related matters that are required to be cunununicated under professional staudm*ds. You are re~onsible for establishin~ and maintaining internal controls, include monitoring ongoing ac~vitics; for the selection and applicatiun of accounting principals; *nd for the fair prescntation in the financial statements of financial position, changes in net assets, and cash flows in conformity with U.S. guneraliy accepted aconunting principles, You are also re~onnsible for munagement decisions and functions; for designating a management-level individual with suitable skill, knowledge, or experience to oversee the tax services and any other nonattest services I provide; and for evaluating the sdequacy and results ofthnse services and accepting responsibility for them. You are responsible for making all financial recurd~ and related information available to u~ nad for the accuracy and completeness of that infotmatinn. Your responsibilities include adjusting the financial statements to com.~ct material misstatements and confirming to me in the munngament representation letter that the effects of any uncorrected misstat~mants nggro~ted by me during the current engng~nent and pertaining to thc latest period presented are immaterial, both individually and in the financial statements taken as a whole. You a~ responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing me about all known or suspected fraud ~ the Organization involving (1) management, (2) employees who have significant roles in intemai coutvol~ and (3) othe~s whe~ the fraud could have a material effect on the financial statements. Your rnsponsibilities include informing me of your knowledge of any allegations of fraud or suspected fraud affecting the Organization recoivud in communications from employees, former employecs, ~rantors, regnlaturs, or others. In addition, you are responsible fur identifying and ensuring the Organization complies with applicable laws and regulations and fur taking timely and appropriate steps to remedy any fraud, illegal acts, or violations of contracts ur grant agreements that I may report. My fee for these services will bc at my standard hourly rates and will not exceed $7,000. My standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. I appreciate the opportenity to be of sers4ce to you and believe this letter accurately summarizes the signfficunt terms of my engagnmant. If you have any questions, please let me know. If you agree with the terms of our engagement as described in this lettcr, please sign the eoclnsed copy and return it to me. Very ~uly youre, Cerlified Public Accountant RESPONSE: This letter correctly sets forth the understanding of Town of Southold Peconic Bay Community Preservation Fund~ Officer signature: