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<br /> 53 <br /> Peat Marwick <br /> Certified Public Accountants <br /> Peat Marwick Main & Co. <br /> 1300 One Capitol Square Telephone 512 478 7476 Telecopier 512 320 5100 <br /> 300 West 15th Street <br /> Austin, TX 78701 <br /> September 20, 1989 <br /> PRIVATE <br /> Honorable Mayor and City Council <br /> City of San Marcos, Texas <br /> 630 East Hopkins <br /> San Marcos, Texas 78666 <br /> Dear Sirs: <br /> We are pleased to submit this letter related to our audit of the general <br /> purpose financial statements of the City of San Marcos, Texas (the City) for <br /> the year ending September 30, 1989 and to the estimate of our fee. Our audit <br /> will be made in accordance with generally accepted auditing standards and <br /> accordingly will include such tests of the accounting records and such other <br /> auditing procedures as we consider necessary in the circumstances for the <br /> purpose of expressing an opinion on the aforementioned general purpose <br /> financial statements. Generally accepted auditing standards are based on <br /> tests of the accounting records and accordingly do not include a check of all <br /> the day-to-day transactions, as this would be economically impractical. <br /> Therefore, it will be appreciated that the audit will not necessarily <br /> disclose all errors or irregularities, should any exist. <br /> Our professional fees for audits are based on the amount of time required to <br /> perform the agreed scope of work, plus reimbursement for expenses (report <br /> reproduction, postage, stationery, travel, overhead charges, computer usage, <br /> etc.). This estimate is based on the assumption that workpapers and other <br /> support requested by us will be provided on a timely basis by your personnel <br /> as they have in prior years. <br /> We estimate our audit fee will be as follows: <br /> Audit fee $ 40,000 <br /> Expenses 6,000 <br /> <br /> All inclusive fee 46.000 <br /> <br /> Our estimate contemplates that no additional work will be required to satisfy <br /> ourselves on significant accounting problems that may unexpectedly arise <br /> during the course of our audit. Should such a situation arise, we would <br /> discuss it wi th you before undertaking any additional work. Naturally, any <br /> additional time incurred for unexpected situations or special work will be <br /> billed in addition to the fee estimated above at a rate of $55 per hour. We <br /> plan on billing you as the audit work progresses and expect payments two <br /> weeks thereafter. <br /> Member Firm of <br /> Klynveld Peat Marwlck Goerdeler <br />