Independent Auditor’s Report for the City Report on the fair presentation of the financial statements in conformity with generally accepted accounting principles, based upon the audit of the basic financial statements of the City. The other supplementary information listed in the Table of Contents of the City’s ACFR, including combining schedules and additional budgetary comparison schedules, are not a required part of the basic financial statements. However, the auditor is to provide an “in-relation-to” report on the combining and individual fund financial statements and supporting schedules. The information presented shall be based on the auditing procedures applied during the audit of the basic financial statements. SAS 114 and Management Letters SAS 114 Letter: Report summarizing certain matters required by professional standards to be communicated to the City’s Audit Committee to assist in the Committee’s oversight responsibility for the City’s financial reporting process. Management Letter: Findings, statements, observations, opinions, comments and recommendations related to: o The City’s system of internal control based upon the auditors’ understanding of the control structure and assessment of control risk. o The City’s compliance with applicable laws and regulations. o The City’s accounting systems, functions, procedures and processes, especially with regard to cost effectiveness. Audit Comments and Disclosures Required by State Regulation As required by the Minimum Standards for Audits of Oregon Municipal Corporations (Oregon Administrative Rules 162-10-050 through 162-10-320).
