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PFPB Financial Statements for year ended 9-30-2010Davidson, Jamieson &Cristini, P.L. Certified Public Accountants 1956 Bayshore Boulevard Dunedin, Florida 34698-2503 {727)734-5437 or 736-0771 FAX (727) 733-3487 Merzzbers of the Firnz John N. Davidson, CPA, CVA Harry B. Jamieson,. CPA Richard A. Cristini, CPA, CPPT; CGFM December 20, 2010 Board of Trustees Village of North Palm Beach Fire and Police Pension Fund (a component unit of the Village of North Palm Beach, Florida) North Palm Beach, Florida Member American Institute of Certified Public Accountants Florida Institute of Certified Public Accountants In planning and performing our audit of the financial statements of the Village of North Palm Beach Fire and Police Pension Fund (Plan) (a component unit ofthe Village ofNorth Palm Beach, Florida) for the year ended September 30, 2010, we considered the Plan's internal control structure to determine our auditing procedures far the purpose of expressing an opinion on the financial statements and not to provide assurance on the internal control structure. During our audit, we tested various internal control systems. We present our observation under the following caption for your consideration: General Comments General Comments Our audit tests of the Plan's financial transactions for the fiscal year ended September 30, 2010 included procedures to determine whether or not irregularities reported in the preceding annual financial audit report have been corrected. There were no irregularities disclosed in the preceding annual financial audit report. The scope of our audit included a review for indications of deteriorating financial conditions. In connection with our audit of the Plan, we found no deteriorating financial conditions. An entity is deemed to exhibit deteriorating financial conditions when any of the fallowing conditions occur: 1. Failure within the same fiscal year to pay vendor invoices when they are due. 2. Failure to pay at the appropriate time, due to lack of funds: A. Any pension, retirement or benefit payment due to a participant. 3. Failure for one pay period to pay, due to lack of funds, fees owed to Plan Administrators and advisors. Our audit addressed the following matters: 1. Violations of laws, rules, regulations, and contractual provisions that have occurred, or likely to have occurred; 2. Improper or illegal expenditures; 3. Improper or inadequate accounting procedures (e.g., the omission of required disclosures from the financial statements; 4. Failure to properly record financial transactions; and 5. Other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the attention of, the auditor. Our audit disclosed none of these matters. 2 *****~~ We will review the status of these comments during our next audit engagement. We have already discussed many of these comments and suggestions with Plan personnel, and we will be pleased to discuss them in further detail at your convenience, to perform any additional study of these matters, or to assist you in implementing the recommendations. DA VIDS©N, JAMIESON & CRISTINI, P.L.