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=� ERNST& YOUNG . 797 Seventh Avenue • Phone 212 m 3= . . <br /> Ne» York. 4ew York 10019 <br /> 12 r <br /> To the Partners of <br /> Deloitte & Touche <br /> We have reviewed the system of quality control for the accountingg and auditing practice of <br /> Deloitte & Touche (the Firm) in effect for the year ended March 31, 1993. Our review was <br /> conducted in conformity with standards for peer reviews promulgated by the Peer Review <br /> Committee of the SEC Practice Section of the AICPA Division for CPA Firms (the Section). We <br /> tested compliance with the Finn's quality control policies and procedures at the Firm's National <br /> Office and at selected practice offices in the United States and with the membership requirements <br /> of the Section to the extent we considered appropriate.These tests included the application of the <br /> Firm's policies and procedures on selected accounting and auditing engagements. We tested the <br /> supervision and control of portions of engagements performed outside the United States. <br /> In performing our review, we have given consideration to the general characteristics of a system <br /> of quality control as described in quality control standards issued by the AICPA. Such a system <br /> should be appropriately comprehensive and suitably designed in relation to the firm's <br /> organizational structure, its policies. and the nature of its practice. Variance in individual <br /> performance can affect the degree of compliance with a firm's prescribed quality control policies <br /> and procedures. Therefore, adherence to all policies and procedures in every case may not be <br /> possible. As is customary in a peer review.we are issuing a letter under this date that sets forth a <br /> comment relating to certain policies and procedures or compliance with them. This matter was <br /> not considered to be of sufficient significance to affect the opinion expressed in this report. <br /> In our opinion, the system of quality control for the accounting and auditing practice of <br /> Deloitte & Touche in effect for the year ended March 31, 1993 met the objectives of quality <br /> control standards established by the AICPA, and was being complied with during the year then <br /> ended to provide the Firm with reasonable assurance of conforming with professional standards. <br /> Also, in our opinion, the Firm was in conformity with the membership requirements of the <br /> Section in all material respects. <br /> New York, New York <br /> November 22, 1993 <br />