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26, 2013  \nSUBJECT: 2012 Audit Management Letter Update  \nOBJECTIVE: Information only  \nAs part ofour annual process, attached is a mid-year status report on the comments from the 2012 Audit Management Letter. Please contact any of us if you have any questions.  \nCommunication to Those Charged with Governance and Internal Control Related Matters  \nEugene Water & Electric Board  \nDecember 31 , 2012  \nCOMMUNICATION TO THOSE CHARGED WITH GOVERNANCE AND  \nINTERNAL CONTROL RELATED MATTERS  \nTo the Board of Commissioners  \nEugene Water & Electric Board Dear Commissioners:  \nWe have audited the financial statements of Eugene Water & Electric Board (EWEB or the Board) as of and for the year ended December 31, 2012 and have issued our report thereon dated February 22, 2013 . Professional standards require that we provide you with the following information related to our audit.  \nOUR RESPONSIBILITY UNDER AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA  \nAs stated in our engagement letter dated December 14, 2012, our responsibility, as described by professional standards, is to form and express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not relieve you or management of your responsibilities.  \nOur responsibility is to plan and perform the audit in accordance with generally accepted auditing standards and to design the audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Board’s internal control over financial reporting. Accordingly, we considered the Board’s internal control solely for the purposes of determining our audit procedures and not to provide assurance concerning such internal control.  \nWe are also responsible for communicating significant matters related to the financial statement audit that, in our professional judgment, are relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.  \nPlanned Scope and Timing of the Audit  \nWe performed the audit according to the planned scope and timing previously communicated to you in our planning meeting held during our interim fieldwork.  \n1  \nSignificant Accounting Policies  \nManagement is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Board are described in Note 1 to the financial statements. No new accounting policies were adopted and there were no changes in the application of existing policies during 2012. We noted no transactions entered into by the Board during the year for which there is a lack of authoritative guidance or consensus. There are no significant transactions that have been recognized in the financial statements in a different period than when the transaction occurred.  \nAccounting Estimates  \nAccounting 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 affectin","cbCaidP4y4Yj6Af7","https://ap.wps.com/l/cbCaidP4y4Yj6Af7","pdf",929073,"English","# 2012 Audit Management Letter Update - Mid-Year Status Report\n## Objective and Audience\n## Auditor Responsibility Under Auditing Standards Generally Accepted in the United States of America\n## Planned Scope and Timing of the Audit\n## Significant Accounting Policies\n## Accounting Estimates","[{\"question\":\"What is the objective of the memorandum?\",\"answer\":\"The memorandum states the objective is information only and provides an update on comments from the 2012 Audit Management Letter.\"},{\"question\":\"Who is the communication addressed to?\",\"answer\":\"It is addressed to the Board of Commissioners of the Eugene Water \\u0026 Electric Board, including named commissioners.\"},{\"question\":\"What responsibilities does the auditor describe under auditing standards?\",\"answer\":\"The auditor explains responsibility to form and express an opinion on fair presentation of the financial statements and to plan and perform the audit to obtain reasonable assurance, including consideration of internal control only to design appropriate audit procedures.\"}]","Eugene Water & Electric Board - 2012 Audit Management Letter Update - Mid-Year Status Report | PDF",1789556945,7]