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OFFICE OF AUDITOR OF STATE STATE OF IOWA

State Capitol Building Des Moines, Iowa 50319-0004

David A. Vaudt, CPA Auditor of State

Telephone (515) 281-5834

Facsimile (515) 242-6134

Independent Auditor’s Report on Compliance and on Internal Control over Financial Reporting

To the Board of Trustees of the Villisca Municipal Power Plant:

We have audited the financial statements of the Villisca Municipal Power Plant, as of and for the year ended December 31, 2003, and have issued our report thereon dated August 19, 2004.

Our report conformity

expressed an unqualified opinion on the financial statements which were prepared

with

an

other

comprehensive

basis

of

accounting.

We

conducted

our

audit

in in

accordance with U.S. generally accepted auditing standards, Chapter the standards applicable to financial audits contained in Government by the Comptroller General of the United States.

11 of the Code of Iowa and Auditing Standards, issued

Compliance

As part of obtaining reasonable assurance about whether the Villisca Municipal Power Plant’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations and contracts, non-compliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of non-compliance that are required to be reported under Government Auditing Standards. However, we noted immaterial instances of non-compliance that are described in the accompanying Schedule of Findings.

Comments involving statutory and other legal matters about the Power Plant’s operations for the year ended December 31, 2003 are based exclusively on knowledge obtained from procedures performed during our audit of the financial statements of the Power Plant. Since our audit was based on tests and samples, not all transactions that might have had an impact on the comments were necessarily audited. The comments involving statutory and other legal matters are not intended to constitute legal interpretations of those statutes.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered the Villisca Municipal Power Plant’s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control over financial reporting that, in our judgment, could adversely affect the Villisca Municipal Power Plant’s ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. The reportable conditions are described in the accompanying Schedule of Findings.

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