Finance Committee Agenda and Packet 2010 11 15

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Certain other information including the combining and individual fund financial statements and budgetary schedules, Local Highway Finance Report, and the Schedule of Expenditures of Federal Awards will be subjected to the auditing procedures applied in the audit of the basic financial statements. We will not audit the introductory section and statistical tables and we will express no opinion on the introductory section and statistical tables. Planned Scope and Timing of the Audit An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. Our audit will include obtaining an understanding of the entity and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Material misstatements may result from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the entity or to acts by management or employees acting on behalf of the entity. We will communicate our significant findings at the conclusion of the audit. We are continuing our planning and interim fieldwork and expect to begin our yearend audit fieldwork on approximately April 25, 2011 and issue our report during June 2011. If you would like to visit with us or speak with us, please contact your audit management team of: Dave DeZutter, Susann Hartwig, or Karen Stanley at 303.986.2454 or at 303.770.5700. We welcome your communications at any time. This information is intended solely for the use of the City Council and management of City of Louisville and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, 32 2