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MELANSON, GREENWOOD fr COMPANY, P.A. f CERTIFIED PUBLIC ACCOUNTANTS MEPENDENT AUDITORSREPORT To the Board of Selectmen Town of Mashpee, Massachusetts We have audited the general purpose financial statements of the Town of A Mme, Massachusetts, as of June 30, 1992, and for the year then ended. These general purpose financial statements are the responsibility of the Town of Mashpee's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. i We conducted our audit in accordance with generally accepted auditing standards, Goverrmient AuditjW Standards, issued by the CT troller General of the United States, and the provisions of Office of Management and Budget Circular A-128, "Audits of State and Local Governments." Those standards and OMB Circular A-128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general. purpose 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 a reasonable basis for our opinion. The Town prepares its general purpose financial statements using accounting principles which are in conformity with the Uniform Municipal Accounting System promulgated by the Commonwealth of Massachusetts Department of Revenue. As described in Note 2, these accounting principles differ in certain respects from generally accepted accounting principles, primarily in the areas of accounting for fixed assets and recording of the expense and liability related to both pension and accumulated vacation and sick leave. The effects of these differences of the accompanying general purpose financial statements have not been quantified. In our opinion, except for the effects of the items described in the third paragraph, the general purpose financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of the Town of Mashpee, Massachusetts, as of June 30, 1992, and the results of its operations and cash flows for its nonexpendable trust funds for the year then ended in conformity with generally accepted accounting principles. 4 i=Y f, _ 1