Independent auditor's report.
To the Council of
California Society of Certified Public Accountants
To the Board of Trustees
California Certified Public Accountants Education Foundation
Redwood City, California
We have audited the accompanying combining statements of financial
position of the California Society of Certified Public Accountants
(Society) and California Certified Public Accountants Education
Foundation (Foundation) as of April 30, 2007 and 2006, and the related
statements of activities, functional expenses, and cash flows for the
years then ended. These financial statements are the responsibility of
the management of the Society and the Foundation. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits 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 consideration of internal control over
the financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Society's and
Foundation's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the combining financial position of
the California Society of Certified Public Accountants and California
Certified Public Accountants Education Foundation as of April 30, 2007
and 2006, and the changes in their net assets and their cash flows for
the years then ended, in conformity with accounting principles generally
accepted in the United States of America.
Macias Gini & O'Connell LLP
Certified Public Accountants
Sacramento, California
May 30, 2007
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