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Home My WebLink About10-00300 03-11-2010 Submittal-2009 Audit Results and Required CommunicationsSKJ &Co March 11,2010 Submitted into the public record in connection with items on 3-11-10 . Priscilla A. Thompson City Clerk SANSON KLINE JACOMINO & COMPANY, LLP Certified Public Accountants & Consultants Omni Community Redevelopment Agency 2009 Audit Results and Required Communications Report to Management and the Members of the Board SKJ &Co SAN SON KLINE JACOMINO & COMPANY, LLP Certified Public Accountants & Consultants March 11, 2010 Management and Board Members City of Miami Omni 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 NwLV SkirEr'i .C�"1 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. 2009. 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. 2009. 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 2009 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, v_i& c J a L Submitted into the public record in connection with items on 3-11-10 . Priscilla A. Thompson City Clerk Omni Community Redevelopment Agency 2009 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 Agency as of and for the fiscal year ended September 30, 2009. Required Communication Auditors' Responsibilities Under 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 financial statements are free of material misstatement. In addition. eve 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. 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 Agencv's financial reporting. 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. 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. 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 Agency's financial statements. 1 Response We have issued an unqualified opinion (i.e. clean opinion) on the Agency's basic financial statements for the year ended September 30, 2009. 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. 2009. We noted no material weaknesses or material noncompliance issues. Both reports were dated November 25, 2009. The Agency's significant accounting policies are described in 'vote 1 to the financial statements. Accounting principles selected by management are consistent with those prescribed by government accounting standards, and the Agency's financial statements and related disclosures are clearly presented in a complete manner. For fiscal year ended September 30, 2009, the Agency did not have any significant estimates that required management's judgment. 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. We had no significant audit adjustment during the current year's audit. All adjusuments made during the audit were proposed by the Finance Officer. and approved by us. Submitted into the public record in connection with items #1.. on 3-11-10 . Priscilla A. Thompson City Clerk Omni Community Redevelopment Agency 2009 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 management 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 Diliiculties with Management We are 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 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 S7andarcis: and 3. Disclose any non -audit services performed for the Agency. 1. 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. 2. With regards to our audit of the Agency as of September 30, 2009. 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. 3. We have not performed any non -audit services for the Agency during the fiscal year ended September 30, 2009, 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 25, 2009. We had no new observations for the current year related to the Omni Community Redevelopment Agency which was not considered a significant deficiency or material weakness. Submitted into the public record in connection with items id. on 3-11-10 . Priscilla A. Thompson City Clerk