Louisville Housing Authority Agenda and Packet 2013 07 25 - 2012 Audit Rpt

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EideBailly CPAs&BUSINESS ADVISORS To the Board of Directors Louisville Housing Authority Boulder, Colorado We have audited the financial statements of the business-type activities of Louisville Housing Authority for the year ended December 31, 2012. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated January 22, 2013. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Commission are described in Note 1 to the financial statements. During 2012, Louisville Housing Authority implemented GASB Statement No. 62 - Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements and GASB Statement No. 63 -Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, which did not have a significant effect on financial reporting. During 2012, Louisville Housing Authority early adopted GASB Statement No. 69, Government Combinations and Disposals of Government Operations. No other new accounting policies were adopted and the application of existing policies was not changed during 2012. We noted no transactions entered into by Louisville Housing Authority during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. There were no significantly sensitive estimates in the audit. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The most sensitive disclosure affecting the financial statements was: The disclosure of the merger with Boulder County Housing Authority in Note 8 to the financial statements. The disclosure is significant due to the financial impact it had on Louisville Housing Authority. The financial statement disclosures are neutral,consistent, and clear. www.eidebailly.com 1 1730 Burnt Boat Loop,Ste. 100 I P.O.Box 1914 I Bismarck,ND 58502-1914 I T 701.255.1091 I F 701.224.1582 I EOE