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I APPENDIX III - MANAGEMENT LETTERS DEVELOPED AND ISSUED IN CONNECTION WITH LOCAL GOVERNMENT AUDITS I I I I I TOWN OF SOUTHWEST RANCHES, FLORIDA SCHEDULE OF FINDINGS AND RECOMMENDATIONS SEPTEMBER 30, 2005 (CONTINUED) SECTION III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA I I I I I I I I I I 10. I I I 1. Recommendations, except for those addressed in the schedule of findings and recommendations, made in the preceding annual financial audit report have been addressed. 2. The Town was in compliance with Section 218.415, Florida Statutes, regarding the investment of public funds. 3. Recommendations to improve the Town's present financial management, accounting procedures and internal controls are accompanying this report in the schedule of findings and recommendations. 4. There were no violations of laws, regulations, and contractual provisions or abuse, that were not clearly inconsequential, that have occurred, or were likely to have occurred, that were discovered within the scope of the audit, except as disclosed in the schedule of findings and recommendations. 5. There were no illegal or improper expenditures that were not clearly inconsequential, discovered within the scope of the audit that may not materially affect the financial statement except as disclosed in the schedule of findings and recommendations. 6. There were no deficiencies in internal control that are not reportable conditions, including, but not limited to improper or inadequate accounting procedures, failure to properly record financial transactions or other inaccuracies, shortages, defalcations, or instances of fraud discovered by, or that came to the attention of the auditor, except as disclosed in the schedule of findings and recommendations. 7. The Town of Southwest Ranches, Florida, was incorporated in accordance with House Bill No. 1777 on June 6, 2000. 8. The Town has not met one or more of the conditions described in Section 218.503(1 )(a), Florida Statutes. 9. The annual financial report for the fiscal year ended September 30, 2005, has been filed with the Department of Banking and Finance pursuant to Section 218.32(1), Florida Statutes and is in agreement with the annual financial audit report for the fiscal year ended September 30, 2005. During the course of our audit, we applied financial condition assessment procedures pursuant to Rule 10.566(8). It is management's responsibility to monitor the Town's financial condition, and our financial condition assessment, which was performed as of the Town's fiscal year end, was based on representations made by management and the review of financial information provided by the Town The overall rating of the Town based on the procedures applied were inconclusive. 19