Financial- Standard and Poor's (1-2 Files)

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Marion County. Oreoon Audit Comments and Disclosures Required by State Regulations Oregon AdminisVative Rules 162-10-000 through 162-10-330, the Minimum Standards for Audits of Oregon Municipal Corporations prescribed by the Secretar~, of State in cooperation with the Oregon State Board of Acxountancy, enumerate the financial statements, sc~~edules, comments and disdosures required in audit repats. The required statements and schedules are set forth in the preceding sections of this report. Required comments and disclosures are set fath foilowing: ~ 1. Si4nificant Accounting Policies The significant accounting pdiaes follawed in preparing the County's financial statements are summarized in Note 1 in the Notes to the Combined Financiat State~ne,nts found on page 9 of this report. 2. Oraanization and Fund Str~ ~rVn ~rp The organization and fund structure of the County is descxibed in Note 2 in the Notes to the Combined Financial Statements famd on page 13 of this report. 3. The Accountin~a and Intemal Control ~~r~t~~rp We have audited the c~mbined financial statements of Marion Counry as ~ and for the year ended June 30, 1993, and have issued our report thereon dated Navember 12, 1983. As part of our audit, we made a study and evaluation of accounting systems and controls as required by ge~erally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing and extent of the auditing procedures necessary for expressing an opinion on the County's combined financial statements. Our study and evaluation was more limited than would be necessary '~ to express an opinion on the system of internal accounting control taken as a whole. Acoordingly, we do not express an opinion on the system of internal accounting conttol of the County taken as a whole. However, our study and evaluation disdosed no condition that we believe to be a material weakness. Comments and recommendations resulting f~om our study and evaluation are included in a separate report to management This report is intended solely fot the use of management and the S'tate of Oregon, Secretary of State, Division of Audits and should not be used for any other purpose. 4. Adeauacv of collateral securing de itory balances ORS Chapter 295 pr~ides that each depositor, throughout the period of its possession of public fund deposits, sliall maintain on deposit with its custodians, at its rntin expense, securities having a value not less than 25% of the certificates of participation issued by the pool manager for funds in excess of those insured by federal insurers. ` We reviewed and tested the records of the County for compliance with the requirements of ORS Chapter 295 regarding collatera! securing depository balances. We found the County to be in compliance throughout the year ended June 30, 1993, without exception. -~~s-