Item M12110 1
010 1 Y-.Mv I NITA wj lin In
Meeting Date: 1/20/16
Department: —Finance
Staff Contact /Phone #: _Pam FT4,,,pff 05601
ITEM BACKGROUND: Cherry Bekeart requested that the BOCC be presented this letter outlining
their responsibilities when performing their audit of Monroe County's FY 2014-15 Comprehensive
Annual Financial Report (CAFR)
CONTRACT/AGREEMENT CHANGES: N/A
STAFF RECOMMENDATIONS: N/A
11113131
COST TO COUNTY: $
11EVENUE PRODUCING: Yes No AMOUNT PER MONTH Year
APPROVED BY: County Attorney OMB/Purchasing Risk Management
DOCUMENTATION: Included Not Required
NEWITION: AGENDA ITEM #
Revised 6115
Cherry rt
To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida:
We are engaged to audit the financial statements of the govemmental activities, the business -type activities, the
discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe
County, Florida (the "County") for the year ended September 30, 2015. 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.
r osibillities under U.S. Gel cc to ii t
Standards, and OMB Circular -
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
conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not
relieve you or management of your responsibilities.
In planning and performing our audit, we will consider the County's internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our 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 in order to determine our auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133.
As part of obtaining reasonable assurance about whether the County's 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 provisions is not an objective of our audit. Also
in accordance with OMB Circular A-133, we will examine, on a test basis, evidence about the County's
compliance with the types of compliance requirements described in the U.S. Office of Management and Budget
(OMB) Circular A-133 Compliance Supplement applicable to each of its major federal programs for the purpose
of expressing an opinion on the County's compliance with those requirements. While our audit will provide a
reasonable basis for our opinion, it will not provide a legal determination on the County's compliance with those
requirements.
Planned Scope, Timing f the Audjt, an r
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.
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
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.
Y17-1 t�Te-AII=Xre"i , fiilldirl - - -
• County Commissioners of
Monroe County, Florida:
Page 2
We expect to begin our audit on approximately January 18th and issue our report on approximately March 31,
2016. Eddie Burke is the engagement partner and is responsible for supervising the engagement and signini-o
the • or authorizing another • to sign
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.
Raleigh, North Carolina
December 15, 2015