Management Representation Letter National Indian Gaming Association Page 2
5. We acknowledge our responsibility for the design, implementation, and maintenance of internal control to prevent and detect fraud. 6. Significant assumptions we used in making accounting estimates, including those measured at fair value, are reasonable. 7. All events subsequent to the date of the financial statements and for which U.S. GAAP requires adjustment or disclosure have been adjusted or disclosed. 8 The effects of uncorrected misstatements are immaterial, both individually and in the aggregate, to the financial statements as a whole. A list of the uncorrected misstatements is attached to this letter. In addition, you have recommended adjusting journal entries that have been posted to our accounts. We are in agreement with those entries. a We are not aware of any pending or threatened litigation, claims, or assessments or unasserted claims or assessments that are required to be accrued or disclosed in the financial statements in accordance with generally accepted accounting principles or which would affect federal programs, and we have not consulted a lawyer concerning litigation, claims, or assessments. 9. Material concentrations have been appropriately disclosed in accordance with U.S. GAAP. 10. Guarantees, whether written or oral, under which the NIGA is contingently liable, have been properly recorded or disclosed in accordance with U.S. GAAP. 11. We believe that the 401(k) liability accrued and methods used to calculate the liabilities and costs for financial accounting purposes are appropriate in the circumstances. 12. Note 13 to the financial statements discloses all of the matters of which we are aware that are relevant to the NIGA’s ability to continue as a going concern, including significant conditions and events, and management’s plans. Information Provided 13. We have provided you with: a) Access to all information, of which we are aware, that is relevant to the preparation and fair presentation of the financial statements, such as records, documentation, and other matters. b) Additional information that you have requested from us for the purpose of the audit. c) Unrestricted access to persons within the NIGA from whom you determined it necessary to obtain audit evidence. d) Minutes of the meetings of the Executive Committee or summaries of actions of recent meetings for which minutes have not yet been prepared. 14. All material transactions have been recorded in the accounting records and are reflected in the financial statements. 15. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
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