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<br />County of Essex <br />Presentation of the 2006 County of Essex Consolidated Financial Report <br />Page 2 <br /> <br />The 2006 audit was conducted by KPMG. The auditors' opinion is attached to the Consolidated <br />Financial Report. <br /> <br />Discussion <br /> <br />~ Audit Opinion <br /> <br />KPMG has expressed a clean audit opinion following its examination of the accounts of <br />the Corporation. <br /> <br />This condition reflects the auditors' opinion that the results of operations for the year <br />ended December 31, 2006, and its financial position as at December 31, 2006 are <br />presented fairly in the Consolidated Financial Report. <br /> <br />An auditor forms an opinion on the basis of the examination of the nature, extent and <br />appropriateness of the internal controls of the organization. Based on an auditors' <br />assessment of these controls, an examination of actual transactions is conducted. Not <br />every transaction is examined. Instead, based on the assessment of internal accounting <br />controls, transactions are sampled to confirm that the internal accounting controls are <br />operating as designed. <br /> <br />~ Manaaement Letter <br /> <br />We are advised that the auditor has not detected any material weaknesses in the <br />Corporation's system of internal accounting controls. <br /> <br />Accordingly, no management letter was prepared with respect to the operations of the <br />Corporation of the County of Essex. <br /> <br />The auditors will be present to discuss any issues that the Council may have with respect <br />to the opinion they have formed relative to the internal accounting controls of the <br />Corporation, and to discuss any other pertinent observations noted during the course of <br />their examination. <br /> <br />~ 2006 County of Essex Consolidated Financial Report <br /> <br />Attached for your review is the 2006 County of Essex Consolidated Financial Report. The <br />following elements of the report are highlighted for your consideration: <br /> <br />~ Operating Fund Balance <br /> <br />Highlighted in the chart on the following page is a summary comparison of the <br />Corporation's financial position comparing the 2006 Budget, projections provided in <br />conjunction with the 2007 Budget and the audited year-end results. In accordance with <br />the policy of the Corporation and the Essex County Library Board, surpluses not required <br />to reduce the subsequent year's levy are to be contributed to corporate reserves. <br /> <br />