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RECEI`JED <br />MAC ~ ~ 2006 <br />~..OCAL GOVEF:NMENT <br />COMMISS IOM <br />November S, 2004 <br />Center for Public Company Audit Firms Peer Review Committee <br />American institute of Certified Public Accountants <br />Practice Monitoring Department <br />Harborside Financial Center <br />201 Plaza Three <br />Jersey City, New Jersey <br />This letter represents our response to the letter of comments issued in <br />connection with our firm's peer review fior the year ended April 30, 2004, and <br />should be read in conjunction with that letter. <br />The Firm will issue communications to all professionals to focus their attention on <br />the matters noted in the peer review. In addition, these matters will be the focus <br />of training sessions to be conducted in the near future. The items noted during <br />the peer review will also be given emphasis in the design and delivery of future <br />professional development programs at appropriate levels. <br />The communications and training described above will emphasize (i} accurate <br />completion and review of our financial statement disclosure checklists, <br />particularly in the areas of investment and debt disclosure requirements, (ii) <br />documentation requirements related to procedures perfomned, results of such <br />procedures, and conclusions reached, particularly in the areas of determining fair <br />values of investments, reliance on SAS 70 Type Il letters, determining reporting <br />entities and component units, and reviewing budgetary versus actual information, <br />and (iii} compliance with the requirements to obtain management's <br />representations regarding uncorrected financial statement adjustments. <br />~~~ ~~,~d!~~P <br />~'~- <br />