Paris Economic Development Corp. FY 2010-11 (2)

Home Browse Search

- PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY Independent Auditors' Report Board of Directors Paris Economic Development Corporation Paris, Texas We have audited the accompanying financial statements of Paris Economic Development Corporation (PEDC), a component unit of the City of Paris, Texas, as of and for the year ended September 30, 2011, as listed in the table of contents. These financial statements are the responsibility of PEDC's management. Our responsibility is to express an opinion 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides us with a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of PEDC as of September 30, 2011, and the results of its activities for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The Continuing Disclosure Information is presented for purposes of additional analysis and is not a required part of the financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the financial statements, and accordingly, we express no opinion on it. The Budgetary Comparison Information on Page 9 is not a required part of the financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of the financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic fmancial statements is not affected by this missing information, - PRELIMINARY DRAFT - CertifiF@F6QJ PURPOSES ONLY , 2012 Paris, Texas