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Home My WebLink About12-00174 02-27-12 BackupSKJ T&G December 22, 2011 '••• • • • at g 41. SA_NSON KLINE IACONO° TANDOC & GAMARRA, LLP Certified Public Accountants & Consultants • „ . ' • ‘. F .1 • 1` , eit • . . SUPPORTING DOCUMENTATION 1 Omni Community Redevelopment Agency 2011 Audit Results and Required Communications Report to Those Charged with Governance SE T&G SANSON KLINE JACOMINO TANDOC & GAMARRA, LLP Certified Public Accountants & Consultants December 22, 2011 Management and Board Members City of Miami Omni Community Redevelopment Agency Miami, Florida 5805 Blue Lagoon Drive Suite aao Miami Florida 33126 Tel, 05 269-8633 Fax 05) 265-0652 WWw,skjnet.corrt SUPPORTING DOCUMENTATION Dear Management and Board Members: We are pleased to Present the results of our audit of the basic financial statements of the City of Miami Omni Community Redevelopment Agency (the "Agency") for the year ended September 30, 2011. This report summarizes our audits; the scope of our engagement, and key observations and findings from our audit procedures for the year ended September 30, 2011. This report also contains the communications required by our professional standards and by Government Auditing Standards. The audit was designed to express an opinion on the Agency's 2011 basic financial statements. In accordance with professional standards, we obtained a sufficient understanding of internal control to plan the audits and to determine the nature, timing, and extent of tests to be performed. However, we were not engaged to and we did not perform an audit of internal control over financial reporting. This report is intended solely for the information and use of those charged with governance, and is not intended to be and should not be used by anyone other than these specified parties. We appreciate this opportunity to meet with you to discuss the contents of this report, and to answer any questions that you may have about this report or any other audit -related matters. If you have any questions, please contact Richie C. Tandoc, Partner in charge of the audit, at (305) 269-8633,.exi. 8016. Very truly yours, ,ate, . /464217v)a .24446, 44,KAA.,c, AVp Omni Community Redevelopment Agency 2011 Audit Results and Required Communications SUPPORT JG DOCUMENTATION Generally Accepted Auditing Standards and Government Auditing Standards require the auditor to communicate certain matters to those charged with governance that may assist in overseeing management's financial reporting and disclosure process. Below is a summary of these required communications, and our response to each, as they apply to the Agency as of and for the fiscal year ended September 30 2011. Required Communication Response Auditors' Responsibilities [finder Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAS) Our responsibility is to express an opinion on the Agency's financial statements based on our audit conducted in accordance with auditing standards generally. accepted in the United States and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the futancial statements are free of material misstatement. • In addition, we are required to report on the Agency's internal control over financial reporting and on compliance and other matters. However, providing assurance on the internal control or compliance with certain provisions of laws, regulations, contracts, and agreements was not an objective of our audit, and accordingly, we do not express such an opinion. We have issued an unqualified opinion (i.e. clean opinion) on the Agency's basic financial statements for the year ended September 30, 2011. We have also issued our report on the Agency's internal control over financial reporting and on compliance and other matters for the year ended September 30, 2011, We noted no material weaknesses or material noncompliance issues, Both reports were dated December 22, 2011. Significant Accounting Policies Initial selection of and changes in significant accounting policies or their application and new accounting and reporting standards during the year must be reported. In addition, we must discuss our judgments about the quality, not just the acceptability, of the accounting policies as applied in the Agency's financial reporting. The Agency's significant accounting policies are described in Note 1 to the financial statements. Accounting principles selected by management are consistent with those prescribed by goverment accounting standards, and the Agency's financial statements and related disclosures are clearly presented in a complete manner, Accounting Estimates The preparation of the financial statements requires the use of accounting estimates. We are required to inform those charged with governance of such accounting estimates and about our conclusions regarding the reasonableness of those estimates. • For fiscal year ended September 30, 2011, the Agency did not have any significant estimates that required management's judgment• Methods of Accounting for Significant Unusual Transactions and for Controversial or Emerging Areas We are required to inform those charged with governance about the methods used to account for significant unusual transactions and the effects of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. We did not identify any significant unusual transactions by the Agency or any significant accounting policies used by the Agency related to controversial or emerging areas for which there is a lack of authoritative guidance. Significant and/or Unadjusted Audit Adjustments We are required to inform those charged with governance about auditor adjustments arising from the audit (whether recorded or not) that could, in our judgment, have a significant effect, individually or in the aggregate, on the Agency's financial statements. We had no significant audit adjustment during the current year's audit, All adjustments made during the audit were proposed by the Finance Officer, and approved by us. 1 Omni Community Redevelopment Agency 2011 Audit Results and Required Communications Required Communication Fraud and IIlegal Acts We are required to inform those charged with governance about any and all fraud and illegal acts involving senior management and any fraud and illegal acts (whether caused by management or other employees) that cause a material misstatement of financial resources. Disagreements or Difficulties with Management We are required to inform those charged with governance about any significant disagreements or difficulties encountered with management, Major Issues Discussed with Management Prior to Retention We are required to inform those charged with governance about any major issues discussed with management prior to retaining us as auditors. Tudependeuce We are required to communicate with those charged with governance, at least annually, the following: 1. Disclose, in writing, all relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence; 2. Confirm in writing that, in our professional judgment, we are independent of the Agency in accordance with generally accepted auditing standards and Government Auditing Standards, and 3. Disclose any non -audit services performed for the Agency. Managernent Letter We are required to issue a management letter responding to certain requirements in accordance with the Rules of the Auditor General of the State of Florida. Response DOCUMENTATION We are not aware of any fraud or illegal acts that occurred during the fiscal year involving senior management, or any fraud or illegal acts involving any employee that would cause a material misstatement of the financial statements. 2 We did not encounter any significant disagreements or difficulties with management during the course of the audit. We did not discuss any major issues with management prior to retaining us as your auditors. 1. 2. 3. There are no relationships between us and the Agency and its related entities that, in our professional judgment, may reasonably be thought to impede our independence. With regards to our audit of the Agency as of September 30, 2011, we are independent with respect to the Agency, in accordance with Rule 101 of the American Institute of Certified Public Accountants' Code of Professional Conduct, its interpretations and rulings, and Government Auditing Standards. We have not performed any non -audit services for the Agency during the fiscal year ended September 30, 2011, or thereafter. We have issued a management letter in accordance with the Rules of the Auditor General of the State of Florida, dated December 22, 2011. We had no new observations for the current year