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<br /> <br /> <br /> <br /> <br /> Our audit included obtaining an understanding of the Organization and its environment, including internal <br /> control, sufficient to assess the risks of material misstatement of the financial statements and to design the <br /> nature, timing, and extent of further audit procedures. Material misstatements may result from (1) errors, <br /> (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or <br /> governmental regulations that are attributable to the entity or to acts by management or employees acting <br /> on behalf of the Organization. <br /> Significant Audit Findings <br /> <br /> Qualitative Aspects of Accounting Practices <br /> <br /> Management is responsible for the selection and use of appropriate accounting policies. The significant <br /> accounting policies used by Organization are described in Note (1) to the financial statements. No new <br /> accounting policies were adopted and the application of existing policies was not changed during year. <br /> We noted no transactions entered into by the Organization during the year for which there is a lack of <br /> authoritative guidance or consensus. All significant transactions have been recognized in the financial <br /> statements in the proper period. <br /> <br /> Accounting estimates are an integral part of the financial statements prepared by management and are <br /> based on management's knowledge and experience about past and current events and assumptions about <br /> future events. Certain accounting estimates are particularly sensitive because of their significance to the <br /> financial statements and because of the possibility that future events affecting them may differ <br /> significantly from those expected We noted that the Organization's significant account balances are not <br /> dependent upon management's estimates. <br /> Certain financial statement disclosures are particularly sensitive because of their significance to financial <br /> statement users. The most sensitive disclosure affecting the financial statements was regarding the <br /> Organization's ability to continue as a going concern. This disclosure is included as Note (8) to the <br /> financial statements. <br /> <br /> Diculties Encountered in Performing the Audit <br /> <br /> We encountered no significant difficulties in dealing with management in performing and completing our <br /> audit. <br /> Corrected and Uncorrected Misstatements <br /> <br /> Professional standards require us to accumulate all known and likely misstatements identified during the <br /> audit, other than those that are trivial, and communicate them to the appropriate level of management. <br /> Management has corrected all such misstatements. In addition, none of the misstatements detected as a <br /> result of audit procedures and corrected by management were material, either individually or in the <br /> aggregate, to the financial statements taken as a whole. <br /> <br /> Disagreements with Management <br /> <br /> For purposes of this letter, professional standards define a disagreement with management as a financial <br /> accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be <br /> significant to the financial statements or the auditor's report. We are pleased to report that no such <br /> disagreements arose during the course of our audit. <br /> <br /> <br /> <br /> 19C-4 <br />