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tq <br />November 5, 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 for 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 nearfuture. 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 performed, results of such <br />procedures, and conclusions reached, particularly in the areas of determining fair <br />values of investments, reliance on SAS 70 Type II 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 /> <br />