1988-1990-FISCAL AUDITS AND REPORT OF EXAMINATION - MASHPEE INDIAN MUSEUM

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BLISS & MARZELLI CERTIFIED PUBLIC ACCOUNTANTS 254-B SHORE ROAD P.O. BOX 1025 MONUMENT BEACH, MA 02553 TELEPHONE(508) 759-4110 I I i ; i i i i I i I i I i INDEPENDENT AUDITORS REPORT i � I Board of Selectmen Town of Mashpee Mashpee, Massachusetts i if We have examined the financial 'statements of the Town of Mashpee, Massachusetts for the year ended June 30, 1989, and have issued our i report thereon, dated November 81 1988. As part of our examination, I 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. Under these standards, the purpose of such evaluation is to establish a basis for j reliance thereon, in determining the nature, timing, and extent of other auditing procedures that are necessary for expressing an opinion j ! on the financial statements. The objective of internal accounting control is to provide reasonable, but not absolute, assurance concerning the method by which a municipality safeguards its assets against loss from unauthorized use or disposition, and checks out the accuracy and reliability of ac- counting data. A good system of internal controlrovides for separa- tion e ar - P p a ; tion of duties among employees in a manner to establish checks in or- der to ensure maximum accuracy in recording transactions, and to as- sure optimum efficiency. The concept of reasonable assurance recog- nizes that the cost of a system of internal control should not exceed ! j the benefits derived, and also recognizes that the evaluation of these factors necessarily requires estimates and judgments by the municipality. I airc11; 1