FY 2010 Fire & Police Pension Fund Audit_Davidson, Jamieson & CristiniDAVIDSON, JAMIESON & CRISTINI, P.L.
Certified Public Accountants
1956 Bayshore Boulevard
Dunedin, Florida 34698 -2503
(727)734 -5437 or 736 -0771
FAX (727) 733 -3487
VILLAGE OF NORTH PALM BEACH
FIRE AND POLICE PENSION FUND
(a component unit of the Village of North Palm Beach, Florida)
MEMORANDUM ON REVIEW OF
INTERNAL CONTROL STRUCTURE
September 30, 2010
DAVIDSON, JAMIESON & CRISTINI, P.L.
Certified Public Accountants
Davidson, Jamieson & Cristini, P.L.
Certified Public Accountants
1956 Bayshore Boulevard
Dunedin, Florida 34698 -2503
(727)734 -5437 or 736 -0771
FAX (727) 733 -3487
Members of the Firm
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 of the 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 for 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 following
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.
PA
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.
DAVIDSON, JAMIESON & CRISTINI, P.L.