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LAUER, SZABO & <br /> ASSOCIATES, PC <br /> MP- <br /> Certified Public Accountants 205 Main St. • P.O.Box 1886 • Sterling,CO 80751-7886 <br /> Phone 970-522-2218 • FAX 970-522-2220 <br /> Independent Auditors' Report <br /> To the Board of Directors <br /> Morgan County Quality Water District <br /> Fort Morgan, Colorado <br /> IWe have audited the accompanying financial statements of Morgan County Quality Water <br /> District as of and for the year ended December 31, 2010, as listed in the table of contents. <br /> These financial statements are the responsibility of Morgan County Quality Water District's <br /> ' management. Our responsibility is to express an opinion on these financial statements based <br /> on our audit. <br /> I We conducted our audit in accordance with auditing standards generally accepted in the <br /> United States of America. Those standards require that we plan and perform the audit to <br /> obtain reasonable assurance about whether the financial statements are free of material <br /> misstatement. An audit includes examining,on a test basis,evidence supporting the amounts <br /> ' and disclosures in the financial statements. An audit also includes assessing the accounting <br /> principles used and significant estimates made by management, as well as evaluating the <br /> overall financial statement presentation. We believe that our audit provides a reasonable basis <br /> 1 for our opinion. <br /> In our opinion, the financial statements referred to above present fairly, in all material <br /> I respects, the financial position of Morgan County Quality Water District as of December 31, <br /> 2010, and the respective changes in financial position and cash flows thereof for the year then <br /> ended in conformity with accounting principles generally accepted in the United States of <br /> America. <br /> Accounting principles generally accepted in the United States of America require that the <br /> management's discussion and analysis listed in the table of contents be presented to <br /> ' supplement the basic financial statements. Such information, although not a part of the basic <br /> financial statements, is required by the Governmental Accounting Standards Board, who <br /> considers it to be an essential part of financial reporting for placing the basic financial <br /> statements in an appropriate operational, economic, or historical context. We have applied <br /> ' certain limited procedures to the required supplementary information in accordance with <br /> auditing standards generally accepted in the United States of America, which consisted of <br /> inquiries of management about the methods of preparing the information and comparing the <br /> ' information for consistency with management's responses to our inquiries, the basic financial <br /> statements, and other knowledge we obtained during our audit of the basic financial <br /> statements. We do not express an opinion or provide any assurance on the information <br /> because the limited procedures do not provide us with sufficient evidence to express an opinion <br /> or provide any assurance. <br /> 1 -1- <br /> II <br />