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MSL MOORE STEPHENS LOVELACE crAs s ADVISORS Record of Substandard Audit Work MSL does not perform any substandard audit work, as detailed below in the Federal and State Desk Reviews, Disciplinary or Regulatory Action, and Litigation against the Firm sections below. Federal or State Desk Reviews MSL had a review of our workpapers by the Department of Education in 2011. This review was done on a random basis by the Department. We are proud to let you know that the review resulted in no findings. Below is a copy of the reviewer's report. The Florida Auditor General has reviewed three of our Florida school district audits during the past three years. They relied on our work without modifications or adjustments. Disciplinary or Regulatory Action MSL has had no regulatory action taken, or pending, against the Firm during the past five years with state regulatory bodies or professional organizations. We will give the City written notice of any disciplinary or regulatory action taken or pending against the Firm during the period of the City's engagement. Firm's Statement of Acknowledgment of Applicable Lows and Regulations Our audit plan will be prepared to accomplish both a financial and compliance audit of the City's basic financial statements, which includes the financial position and results of operations of all funds and operating activities of the City. Our plan will include all applicable reports to be in compliance with the requirements with the applicable standards and requirements listed below: The audit shall be performed in compliance with the requirements of the following: • Section 218.39, Florida Statutes, and any other applicable Florida Statutes. • Rules of the Florida Department of Financial Services. • Rules of the Auditor General, State of Florida, Chapter 10.550, Local Government Audits • Audits of State and Local Governmental Units (Revised)—issued by the AICPA. • Codification of Governmental Accounting and Financial Reporting Standards—Governmental Accounting Standards Board (GASB). • Government Auditing Standards, issued by the Comptroller General of the United States. • Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations,Office of Management and Budget (OMB). • Federal Single Audit Act Amendments of 1996. • Florida Single Audit Act; Section 215.97, Florida Statutes. • Chapter 11.45, Florida Statutes. • State of Florida Department of Banking and Finance Regulations. • Generally accepted auditing standards(GAAS), as set forth by the American Institute of Certified Public Accountants. 1 kg; tQi • , u' SI IlOw10