Question

Who is the auditor of the CAFR (comprehensive annual financial report) for the City of Reno?

Answer 1

This i iiireport iiiconsists iiiof iiimanagement’s iiirepresentations iiiconcerning iiithe iiifinances iiiof iiithe iiiRTC. iiiConsequently, iiimanagement iiiassumes iiifull iiiresponsibility iiifor iiithe iiicompleteness iiiand iiireliability iiiof iiiall iiiof iiithe iiiinformation iiipresented iiiin iiithis iiireport. iiiTo iiiprovide iiia iiireasonable iiibasis iiifor iiimaking iiithese iiirepresentations, iiimanagement iiiof iiithe iiiRTC iiihas iiiestablished iiia iiicomprehensive iiiinternal iiicontrol iiiframework iiithat iiiis iiidesigned iiiboth iiito iiiprotect iiithe iiigovernment’s iiiassets iiifrom iiiloss, iiitheft, iiior iiimisuse iiiand iiito iiicompile iiisufficient iiireliable iiiinformation iiifor iiithe iiipreparation iiiof iiithe iiiRTC’s iiifinancial iiistatements iiiin iiiconformity iiiwith iiiGAAP. iiiBecause iiithe iiicost iiiof iiiinternal iiicontrols iiishould iiinot iiioutweigh iiitheir iiibenefits, iiithe iiiRTC’s iiicomprehensive iiiframework iiiof iiiinternal iiicontrols iiihas iiibeen iiidesigned iiito iiiprovide iiireasonable iiirather iiithan iiiabsolute iiiassurance iiithat iiithe iiifinancial iiistatements iiiwill iiibe iiifree iiifrom iiimaterial iiimisstatement. iiiAs iiimanagement, iiiwe iiiassert iiithat, iiito iiithe iiibest iiiof iiiour iiiknowledge iiiand iiibelief, iiithis iiifinancial iiireport iiiis iiicomplete iiiand iiireliable iiiin iiiall iiimaterial iiirespects.

iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iii iiiThe iiiRTC’s iiifinancial iiistatements iiihave iiibeen iiiaudited iiiby iiiEide iiiBailly, iiia iiifirm iiiof iiilicensed iiiCertified iiiPublic iiiAccountants. iiiThe iiigoal iiiof iiithe iiiindependent iiiaudit iiiis iiito iiiprovide iiireasonable iiiassurance iiithat iiithe iiifinancial iiistatements iiifor iiithe iiifiscal iiiyear iiiended iiiJune iii30, iii2015, iiiare iiifree iiiof iiimaterial iiimisstatement.

The i iiiindependent iiiaudit iiiinvolved iiiexamining, iiion iiia iiitest iiibasis, iiievidence iiisupporting iiithe iiiamounts iiiand iiidisclosures iiiin iiithe iiifinancial iiistatements; iiiassessing iiithe iiiaccounting iiiprinciples iiiused iiiand iiisignificant iiiestimates iiimade iiiby iiimanagement; iiiand iiievaluating iiithe iiioverall iiifinancial iiistatement iiipresentation. iiiThe iiiindependent iiiauditor iiiconcluded, iiibased iiiupon iiithe iiiaudit, iiithat iiithere iiiwas iiia iiireasonable iiibasis iiifor iiirendering iiian iiiunmodified iiiopinion iiithat iiithe iiiRTC’s iiifinancial iiistatements iiifor iiithe iiifiscal iiiyear iiiended iiiJune iii30, iii2015, iiiare iiifairly iiipresented iiiin iiiconformity iiiwith iiiGAAP. iiiThe iiiindependent iiiauditor’s iiiopinion iiiis iiipresented iiias iiithe iiifirst iiicomponent iiiof iiithe iiifinancial iiisection iiiof iiithis iiireport. iiiThe iiiindependent iiiaudit iiiof iiithe iiifinancial iiistatements iiiof iiithe iiiRTC iiiwas iiipart iiiof iiia iiibroader, iiifederally-mandated iii“Single iiiAudit” iiidesigned iiito iiimeet iiithe iiispecial iiineeds iiiof iiifederal iiigrantor iiiagencies. iiiThe iiistandards iiigoverning iiiSingle

Audit iiiengagements iiirequire iiithe iiiindependent iiiauditor iiito iiireport iiinot iiionly iiion iiithe iiifair iiipresentation iiiof iiithe iiifinancial iiistatements, iiibut iiialso iiion iiithe iiiaudited iiigovernment’s iiiinternal iiicontrols iiiand iiicompliance iiiwith iiilegal iiirequirements, iiiwith iiispecial iiiemphasis iiion iiiinternal iiicontrols iiiand iiilegal iiirequirements iiiinvolving iiithe iiiadministration iiiof iiifederal iiiawards.

GAAP iiirequire iiithat iiimanagement iiiprovide iiia iiinarrative iiiintroduction, iiioverview, iiiand iiianalysis iiito iiiaccompany iiithe iiibasic iiifinancial iiistatements iiiin iiithe iiiform iiiof iiiManagement’s iiiDiscussion iiiand iiiAnalysis iii(MD&A). iiiThis iiiletter iiiof iiitransmittal iiiis iiidesigned iiito iiicomplement iiiMD&A iiiand iiishould iiibe iiiread iiiin iiiconjunction iiiwith iiiit. iiiThe iiiRTC’s iiiMD&A iiican iiibe iiifound iiiimmediately iiifollowing iiithe iiireport iiiof iiithe iiiindependent iiiauditors.

Report iiion iiithe iiiFinancial iiiStatements

We iiihave iiiaudited iiithe iiiaccompanying iiifinancial iiistatements iiiof iiithe iiigovernmental iiiactivities, iiithe iiibusiness-type iiiactivities, iiieach iiimajor iiifund, iiiand iiithe iiiaggregate iiiremaining iiifund iiiinformation iiiof iiithe iiiRegional iiiTransportation iiiCommission, iiiReno, iiiSparks iiiand iiiWashoe iiiCounty, iiiNevada iii(RTC), iiias iiiof iiiand iiifor iiithe iiiyear iiiended iiiJune iii30, iii2015, iiiand iiithe iiirelated iiinotes iiito iiithe iiifinancial iiistatements, iiiwhich iiicollectively iiicomprise iiithe iiiRTC’s iiibasic iiifinancial iiistatements iiias iiilisted iiiin iiithe iiitable iiiof iiicontents.

Management’s iiiResponsibility iiifor iiithe iiiFinancial iiiStatements

Management iiiis iiiresponsible iiifor iiithe iiipreparation iiiand iiifair iiipresentation iiiof iiithese iiifinancial iiistatements iiiin iiiaccordance iiiwith iiiaccounting iiiprinciples iiigenerally iiiaccepted iiiin iiithe iiiUnited iiiStates iiiof iiiAmerica; iiithis iiiincludes iiithe iiidesign, iiiimplementation, iiiand iiimaintenance iiiof iiiinternal iiicontrol iiirelevant iiito iiithe iiipreparation iiiand iiifair iiipresentation iiiof iiifinancial iiistatements iiithat iiiare iiifree iiifrom iiimaterial iiimisstatement, iiiwhether iiidue iiito iiifraud iiior iiierror.

Auditor’s iiiResponsibility

Ouriiresponsibility iiiis iiito iiiexpress iiiopinions iiion iiithese iiifinancial iiistatements iiibased iiion iiiour iiiaudit. iiiWe iiiconducted iiiour iiiaudit iiiin iiiaccordance iiiwith iiiauditing iiistandards iiigenerally iiiaccepted iiiin iiithe iiiUnited iiiStates iiiof iiiAmerica iiiand iiithe iiistandards iiiapplicable iiito iiifinancial iiiaudits iiicontained iiiin iiiGovernment iiiAuditing iiiStandards, iiiissued iiiby iiithe iiiComptroller iiiGeneral iiiof iiithe iiiUnited iiiStates. iiiThose iiistandards iiirequire iiithat iiiwe iiiplan iiiand iiiperform iiithe iiiaudit iiito iiiobtain iiireasonable iiiassurance iiiabout iiiwhether iiithe iiifinancial iiistatements iiiare iiifree iiifrom iiimaterial iiimisstatement