Paris Economic Development Corp. FY 2006-07

Home Browse Search

MCCLANAHAN AND HOLMES, LLP CERTIFIED PUBLIC ACCOUNTANTS R. FRANK RAY, CPA 22g SIXTH STREET, S.E. R. E. BOSTWICK, CPA PARIS, TEXAS 75460 STEVEN W. MOHUNDRO, CPA 903-784-4316 GEORGE H. STRUVE, CPA FAX 903.784-4310 ANDREW B. REICH, CPA 304 WEST CHESTNUT DENISON, TEXAS 75020 903-465-6070 FAX 903-465-6093 1400 WEST RUSSELL BONHAM,TEXAS 75418 903-583-5574 FAX 903-583-9453 Board of Directors Paris Economic Development Corporation Paris, Texas In planning and performing our audit of the financial statements of Paris Economic Development Corporation for the year ended September 30, 2007, we considered Paris Economic Development Corporation's internal control in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to pro- vide assurance on internal control. However, we noted certain matters involving internal control and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of internal control that, in our judgement, could adversely affect the organization's ability to record, process, summarize, and report financial data consistent with the assertions of management in the financial statements. Our consideration of internal control was for the limited purpose described in the preceding paragraph and would not necessarily disclose all matters that might be reportable conditions. In addition, because of inherent limitations in any internal control, errors or fraud may occur and not be detected by such internal control. Paris Economic Development Corporation maintains several accounts at one bank which are set up under its corporate name and identification number. The bank provides FDIC coverage as required, however, some deposits do not appear to be insured nor secured by securities pledged by the bank. We recommend that management or the board of directors review the situation to assess the risk involved and determine an appropriate action. This report is intended solely for the information and use of the board of directors and management of Paris Economic Development Corporation and is not intended to be and should not be used by anyone other than these specified parties. Certified Public Accountants Paris, Texas December 4, 2007 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS