1992-1998-FISCAL AUDITS - Laserfiche WebLink

Home Browse Search

INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE RELATED PBny 4 NOTED IN A FINANC'TAT, STATEMENT AUDIT CONDUCTED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS i To The Board of Selectmen Town of Mashpee, Massachusetts i We have audited the general purpose financial statements of the Town of Mashpee, Massachusetts, for the year ended June 30, 1992, and have issued our report thereon dated September 18, 1992. I We conducted our audit in accordance with generally accepted auditing standards and. Government Auditing Staridazds, issued by the C a ptroller General of the United States and the provisions of Office of Management and Budget Circular A-128, "Audits of State and Local Governments." Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. In planning and performing our audit of the general purpose financial statements of the Town of Mashpee, Massachusetts, for the year ended June 30, 1992, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. The management of the Town of Mashpee, Massachusetts, is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure 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 internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. a For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: ACCOUNTING CONTROLS: Y . Treasury / financing m . Revenues / receipts Purchases / disbursements . External financial reporting �p - 19 -