2012-COH - Comprehensive Annual Financial Report

Home

A ccult LLP CERTIFIED rUBLIC ACCOUNTANTS Report of Independent Auditors To tete chair and Members of the county Council County of Havwrai`i We have audited the accompanying financial statements of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the county of HavwraVi, State of Hawai'l (the "iCounty") as of and for the gear ended June 3 g, 2012, which collectively comprise the County's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the County's management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Govern ment Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perforin the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. we believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the County as of June'30, 2012, and the respective changes in financial position and, where applicable, cash flows thereof and the budgetary comparison for the general fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Goverrrrr ant Auditing Standards, vire have also issued our report dated December 27, 2012, on our consideration of the County's internal control over financial reporting and on ouir tests of its compliance with certain provisions of lags, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit perf=ormed in accordance with Govemment Auditing Standards and should be considered in assessing the results of our audit. Accounting principles generally accepted in the United States of America require that management' discussion and analysis and schedule of funding progress for the EUTF information on pages 15 through 25 and 87 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Burd, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. we have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our 999 BISHOP STRKETSurriz, 1900 TE'LEI'H( NE". 808 5313400 FAcSI ILE: 808 5313433 1