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i <br /> r. <br /> i <br /> Auditor's Report on Internal Controls Page two <br /> Our study included all of the control categories listed above. The purpose of <br /> our study and evaluation was to determine the nature, timing and extent of the <br /> auditing procedures necessary for expressing an opinion of the town's financial <br /> statements. Our study and evaluation was more limited than would be necessary <br /> to express an opinion on the system of internal accounting control taken as a <br /> whole or on any of the categories of controls identified above. <br /> The management of the Town of Mashpee is responsible for establishing and I <br /> maintaining a system of internal accounting control. In fulfilling this <br /> responsibility, estimates and judgments by management are required to assess the <br /> expected benefits and related costs of control procedures. The objectives of a <br /> system, are to provide management with reasonable, but not absolute, assurance <br /> that assets are safeguarded against loss from unauthorized use or disposition, !; <br /> and that transactions are executed in accordance with management's authorization � ! <br /> and recorded properly to permit the preparation of financial statements. <br /> Because of inherent limitations in any system of internal accounting <br /> control, errors or irregularities may nevertheless occur and not be detected. <br /> Also, projection of any evaluation of the system to future periods is subject to <br /> the risk that procedures may become inadequate because of changes in conditions <br /> or that the degree of compliance with the procedures may deteriorate. I ' <br /> i <br /> Our study and evaluation, made for the limited purpose described in the <br /> first paragraph, would not necessarily disclose all material weaknesses in the <br /> system. Accordingly, we do not express an opinion on the system of internal <br /> accounting control of the Town of Mashpee taken as a whole or on any of the <br /> categories of controls identified in the first paragraph. However, our study <br /> and evaluation disclosed no conditions that we believe to be a material <br /> weakness. <br /> This report is intended solely for the use of management of the Town of <br /> Mashpee, the Department of Education and other associated Federal organizations. <br /> This restriction is not intended to limit the distribution of this report, which, <br /> upon acceptance by the management of. the Town of Mashpee, is a matter of public <br /> record. <br /> October 30, 1986 <br /> ' I <br /> OAS <br /> MICHAEL J. CICORIA. CERTIFIED PUBLIC ACCOUNTANT <br />