HomeMy WebLinkAbout05 16 2022 - 2021 Prior Lake Audit PresentationCity of PRIOR LAKE
Audit Report
Year Ended December 31, 2021
James H. Eichten, CPA
1
Opinion on Financial Statements
Financial statements are fairly presented in accordance with accounting principles generally accepted in the United States of America
Testing of Internal Controls and Compliance
Internal controls over financial reporting
Compliance with laws and regulations related to financial reporting
Auditor’s Role
2
Minnesota Legal Compliance Audit
Compliance with Minnesota State Laws and Regulations
Single Audit of Federal Awards
Not required for fiscal 2021
Auditor’s Role
3
Audit Summary
Planned scope and timing of audit
Audit opinions and findings
Management Report
4
Financial Report
Unmodified or Clean Opinion
Internal Controls Over Financial Reporting
No Findings
Legal Compliance Audit Findings
No Findings
Audit opinions and findings
5
Audit Summary
Governmental Funds Overview
Management Report (cont.)
6
Management Report (cont.)
7
Management Report (cont.)
Tax Rates
8
Management Report (cont.)
9
Management Report (cont.)
10
Management Report (cont.)
11
Management Report (cont.)
12
Management Report (cont.)
13
Management Report (cont.)
14
Management Report (cont.)
Audit Summary
Governmental Funds Overview
Enterprise Funds Overview
15
Management Report (cont.)
16
Management Report (cont.)
17
Management Report (cont.)
18
Management Report (cont.)
19
Audit Summary
Governmental Funds Overview
Enterprise Funds Overview
Legislative Updates
Accounting and Auditing Updates
Management report (cont.)
20
Clean Opinion on Financial Statements
No Findings Reported
Improved General Fund Financial Results
Improved Enterprise Fund Financial Results
Continued Ongoing Assessment of Financial Projections and Results Including General, Other Operational and Enterprise Fund Activities
summary
21