09 - PEDC 2016-17 Annual Audit Report

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• STEVEN K MOHUNDRO, CPA GEORGE H STRUVE, CPA ANDREWS. REICH, CPA RUSSELL P. WOOD, CPA DEBRA J. WILDER, CPA TIEFFANY A. KAVANAUGH, CPA APRIL JI, HATFIELD, CPA Board of Directors Paris Economic Development Corporation Paris, Texas 228 SIXTH STREET S.E. PARIS, TEXAS 7.5460 90:3-7844316 FAX 903-7844310 304 WEST CHESTNUT DENISON, TEXAS 75020 903-465-6070 FAX 903-465-6093 1400 WEST RUSSELL BONHAM, TEXAS 75418 903-683-5674 FAX 903-583-S453 We have audited the accompanying financial statements of the governmental activities and each major fund of Paris Economic Development Corporation (PEDC), a component unit of the City of Paris, Texas, as, of and for the year ended September 30, 2017, and the related notes to the financial statements, which collectively comprise PEDC's basic financial statements as, listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles! generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial Statements that are free from material misstatement, whether due to fraud or error, Auditors" Responsibility Our responsibility is to express opinions on these financial statements based on, our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the: entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions,