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' Board of Directors July 29,2015 <br /> La Porte Redevelopment Authority Page 3 <br /> 1 <br /> Management Responsibilities g p ibilihes(Continued) <br /> 1 You are responsible for the design and implementation of programs and controls to prevent and detect <br /> fraud, and for informing us about all known or suspected fraud affecting the Authority involving (1) <br /> management, (2)employees who have significant roles in internal control, and(3)others where the fraud <br /> could have a material effect on the financial statements. Your responsibilities include informing us of <br /> your knowledge of any allegations of fraud or suspected fraud affecting, the Authority received in <br /> communications from employees, former employees, consultants, regulators, the public or others. In <br /> addition, you are responsible for identifying and ensuring that the Authority complies with applicable <br /> laws and regulations. <br /> You are responsible for the preparation of the supplementary information. You agree to include our <br /> report on the supplementary information in any document that contains and indicates that we have <br /> reported on the supplementary information. You also agree to include the audited financial statements <br /> with any presentation of the supplementary information that includes our report thereon. Your <br /> responsibilities include acknowledging to us in the representation letter that (1)you are responsible for <br /> presentation of the supplementary information, (2) that you believe the supplementary information, <br /> including its form and content, is fairly presented, (3) that the methods of measurement or presentation <br /> have not changed from those used in the prior period, and (4) you have disclosed to us any significant <br /> assumptions or interpretations underlying the measurement or presentation of the supplementary <br /> information. <br /> With regard to using the auditor's report, you understand that you must obtain our written consent to <br /> reproduce or use our report in bond offering official statements or other documents. <br /> With regard to the electronic dissemination of audited financial statements, including financial statements <br /> published electronically on your website, you understand that electronic sites are a means to distribute <br /> information and, therefore, we are not required to read the information contained in these sites or to <br /> consider the consistency of other information in the electronic site with the original document. <br /> Audit Procedures-General <br /> An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the <br /> financial statements; therefore, our audit will involve judgment about the number of transactions to be <br /> ' examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting <br /> policies used and the reasonableness of significant accounting estimates made by management,as well as <br /> evaluating the overall presentation of the financial statements. We will plan and perform the audit to <br /> obtain reasonable rather than absolute assurance about whether the financial statements are free of <br /> material misstatement,whether from(1)errors, (2)fraudulent financial reporting, (3)misappropriation of <br /> assets,or(4)violations of laws or governmental regulations that are attributable to the Authority or to acts <br /> by management or employees acting on behalf of the Authority. <br /> 1 <br />