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HomeMy WebLinkAbout09-00032 01-26-2009 Submittal-2008 Audit Results and Required Communicationsc7L 2 SKJ & Co January 26, 2009 SUBMTTED INTO THE PUBLIC RECORD FOR ITEM ON �-ab-c�9 . sarrsoN KLINE JACOMINO &COMPANY, LLP Certified Public Accountants & consultants City of Miami Community Redevelopment Agenc 2008 Audit Results and Required Communications Report to Management and the Members of the Board sU &Co SANSON KLINE JACOMNO & COMPANY, LLP Certified Public Accountants & Consultants January 26. 2009 Management and Board Members City of Miami Community Redevelopment Agency Miami, Florida Dear Management and Board Members: 5805 Blue Lagoon Drive Suite 220 Miami, Florida 33126 Tel. (305) 269-8633 Fax (305) 265-0652 www.skinet.com We are pleased to present the results of our audits of the basic financial statements of the City of Miami Southeast Overtown Park West Redevelopment Agency, City of Miami Omni Community Redevelopment Agency, and City of Miami Midtown Community Redevelopment Agency (collectively referred to as "the Agencies") for the year ended September 30, 2008. 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, 2008. This report also contains the communications required by our professional standards and by Government Auditing Standards. The audits were designed to express opinions on the Agencies' 2008 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 management and the Board. 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, ext. 16. Very truly yours, 4.4,1; Statsa444- L, 47A), Submitted into the public record in connection with items *7- on l-Ztr`aq . Priscilla A. Thompson City Clerk City of Miami Community Redevelopment Agency 2008 Audit Results and Required Communications 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 Agencies as of and for the fiscal year ended September 30, 2008. Required Communication Response Auditors' Responsibilities Under Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAS) Our responsibility is to express opinions on the Agencies' financial statements based on our audits 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 financial statements are free of material misstatement. In addition, we are required to report on the Agencies' 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 audits. and accordingly, we do not express such opinions. We have issued unqualified opinions (i.e. clean opinions) on the Agencies' basic financial statements for the year ended September 30, 2008. We have also issued our reports on the Agencies' internal control over financial reporting and on compliance and other matters for the year ended September 30, 2008. We noted no material weaknesses or material noncompliance issues. All reports were dated November 20, 2008. 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 Agencies' financial reporting. The Agencies' significant accounting policies are described in Note 1 to each of the financial statements. Accounting principles selected by management are consistent with those prescribed by government accounting standards. and the Agencies' 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 the Board of such accounting estimates and about our conclusions regarding the reasonableness of those estimates. For fiscal year ended September 30, 2008, management's judgment was called upon to establish the useful lives of capital assets. We have determined that such estimates are reasonable. Methods of Accounting for Significant Unusual Transactions and for Controversial or Emerging Areas We are required to inform the Board 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 Agencies or any significant accounting policies used by the Agencies 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 the Board 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 Agencies' financial statements. We had no 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 City of Miami Community Redevelopment Agency 2008 Audit Results and Required Communications Required Communication Response Fraud and Illegal Acts We are required to inform the Board about any and all fraud and illegal acts involving senior managonern and any fraud and illegal acts (whether caused by management or other employees) that cause a material misstatement of financial resources. 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. Disagreements or Difficulties with Management We arc required to inform the Board about any significant disagreements or difficulties encountered with management, We did not encounter any significant disagreements or difficulties with management during the course of the audit. Major Issues Discussed with Management Prior to Retention We are required to inform the Board about any major issues discussed with management prior to retaining us as auditors. We did not discuss any major issues with management prior to retaining us as your auditors. Independence We are required to communicate with the Board. at least annually, the following: I. Disclose. in writing, all relationships between us and the Agencies and its related entities that, in our professional judgment. may reasonably be thought to impede our independence: 2. Confines in writing that. in our professional judgment, we are independent of the Agencies in accordance with generally accepted auditing standards and Government Auditing Standards: and 3. Disclose any non -audit services performed for the Agencies. I. There are no relationships between us and the Agencies and its related entities that. in our professional judgment. may reasonably be thought to impede our independence. 2. With regards to our audit of the Agencies as of September 30, 2008, we are independent with respect to the Agencies. in accordance with Rule 10I of the American Institute of Certified Public Accountants- Code of Professional Conduct, its interpretations and rulings, and Government Auditing Standards. 3. We have not performed any non -audit services for the Agencies during the fiscal year ended September 30, 2008, or thereafter. Management 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. We have issued a management letter in accordance with the Rules of the Auditor General of the State of Florida, dated November 20, 2008. We had no new observations for the current year. Submitted into the public record in connection with items #Z on Priscilla A. Thompson City Clerk