AgdaPkt 2003-01-13 - Laserfiche WebLink

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JAN. 8.2003 ':50PM MAZE.ASSOCIATES N0.662 3 7. ) - c8 To the City Council City of Redwood City We have audited the financial statements of the City of Redwood City for the year ended June 30, 2002, and have issued our report thereon dated October 25, 2002. As part of our audit, we made a study and evaluation of the system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole. Management is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system are to provide management with reasonable but not absolute assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projections of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures ma deteriorate. Our study and evaluation made for the limited purposes described in the fast paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of the City of Redwood City taken as a whole. Our study and evaluation disclosed no condition that we believe to be a material weakness. However, we did make minor procedural and admimsnative recommendations to City Staff, which have already been implemented. rt rtrtrtrtrtrtrtrt We wish to express our appreciation for the courtesies and cooperation extended to our representatives during the course of their work October 25, 2002