Item M3 � M.3
� � �, BOARD OF COUNTY COMMISSIONERS
County of Monroe � ��r�i
�r � s�� Mayor Heather Carruthers,District 3
The Florida.Keys Mayor Pro Tem Michelle Coldiron,District 2
Craig Cates,District 1
David Rice,District 4
Sylvia J.Murphy,District 5
County Commission Meeting
July 15, 2020
Agenda Item Number: M.3
Agenda Item Summary #7092
BULK ITEM: Yes DEPARTMENT: County Clerk of Court
TIME APPROXIMATE: STAFF CONTACT: Aneta Jodkowska(305) 292-3411
N/A
AGENDA ITEM WORDING: Presentation of independent auditor's communication to the Board
on the audit engagement for the County's FY 2020 financial statements.
ITEM BACKGROUND: The attached letter is a formal communication to the Board from the
County's independent auditor, Cherry Bekaert, about their audit responsibilities and the timing for
the FY 2020 audit of the County's financial statements.
PREVIOUS RELEVANT BOCC ACTION: N/A
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Receipt as submitted.
DOCUMENTATION:
July AIS - Auditor Communication on FY 2020 Financial Audit
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
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M.3
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required: N/A
Additional Details:
REVIEWED BY:
Kevin Madok Skipped 06/30/2020 9:24 AM
Cynthia Hall Completed 06/30/2020 4:17 PM
Kathy Peters Completed 06/30/2020 4:57 PM
Board of County Commissioners Pending 07/15/2020 9:00 AM
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Cherry Bekaerl"'
To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida:
We are engaged to audit the financial statements of the governmental activities, the business-type activities, the
discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe c
County, Florida (the "County") for the year ended September 30, 2020. Professional standards require that we
provide you with the following information related to our audit. We would also appreciate the opportunity to meet
with you to discuss this information further since a two-way dialogue can provide valuable information for the
audit process.
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OUR RESPONSIBILITIES UNDER U.S. GENERALLY ACCEPTED AUDITING STANDARDS, GOVERNMENT
AUDITING STANDARDS, THE UNIFORM GUIDANCE AND CHAPTER 10.550, RULES OF THE AUDITOR W
GENERAL
Our responsibility, as described by professional standards, is to express opinions about whether the financial _
statements prepared by management with your oversight are fairly presented, in all material respects, in
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conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not
relieve you or management of your responsibilities.
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In planning and performing our audit, we will consider Monroe County Board of County Commissioners internal
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control over financial reporting in order to determine our auditing procedures for the purpose of expressing our N
opinions on the financial statements and not to provide assurance on the internal control over financial reporting.
We will also consider internal control over compliance with requirements that could have a direct and material
effect on a major federal program or major state financial assistance project in order to determine our auditing
procedures for the purpose of expressing our opinion on compliance and to test and report on internal control c
over compliance in accordance with the Uniform Guidance and Chapter 10.550, Rules of the Auditor General.
As part of obtaining reasonable assurance about whether Monroe County Board of County Commissioners
financial statements are free of material misstatement, we will perform tests of its compliance with certain
provisions of laws, regulations, contracts and grants. However, providing an opinion on compliance with those c
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provisions is not an objective of our audit. Also in accordance with the Uniform Guidance and Chapter 10.5501
Rules of the Auditor General, we will examine, on a test basis, evidence about Monroe County Board of County
Commissioners compliance with the types of compliance requirements described in the U.S. Office of
Management and Budget (OMB) Compliance Supplement applicable to each of its major federal programs and ,
Rules of the Auditor General applicable to each of its major state financial assistance projects for the purpose of
expressing an opinion on Monroe County Board of County Commissioners compliance with those requirements.
While our audit will provide a reasonable basis for our opinion, it will not provide a legal determination on
Monroe County Board of County Commissioners compliance with those requirements.
PLANNED SCOPE,TIMING OF THE AUDIT, AND OTHER m
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements; therefore, our audit will involve judgment about the number of transactions to be examined and the
areas to be tested.
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To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida
Page 2
Our audit will include obtaining an understanding of the entity and its environment, including internal control,
sufficient to assess the risks of material misstatement of the financial statements and to design the nature,
timing, and extent of further audit procedures. Material misstatements may result from (1) errors, (2) fraudulent
financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are
attributable to the entity or to acts by management or employees acting on behalf of the entity. We will generally
communicate our significant findings at the conclusion of the audit. However, some matters could be
communicated sooner, particularly if significant difficulties are encountered during the audit where assistance is 2
needed to overcome the difficulties or if the difficulties may lead to a modified opinion. We will also communicate
any internal control related matters that are required to be communicated under professional standards.
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We expect to begin our audit in November 2020 and issue our report prior to March 31, 2021. Eddie Burke is the
engagement partner and is responsible for supervising the engagement and signing the report or authorizing
another individual to sign it.
This information is intended solely for the use of and management of the Board of County Commissioners of the
County and is not intended to be, and should not be, used by anyone other than these specified parties.
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Orlando, Florida CD
June 5, 2020 CD
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