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r _CF& CICORIA,FANTASIA 6 COMPANY,PC CERTIFIED PUBLIC ACCOUNTANTS AUDITORS' REPORT ON INTERNAL CONTROLS Board of Selectmen Town of Mashpee Mashpee, Massachusetts Honorable Selectmen: We have examined the general purpose financial statements of the Town of Mashpee, Massachusetts for the year ended June 30, 1987, and have issued our report thereon, which was qualified in several respects, dated February 23, 1988. As part of our examination, we made a study and evaluation of the system of internal control of the Town of Mashpee to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards and the standards for finan- cial and compliance audits contained in the U.S. General Accounting Office Standards for Audit of Governmental Organizations, Programs, Activities and Func- tions. For the purpose of this report, we have classified the significant inter- nal accounting controls in the following categories: Revenue Expenditure - purchasing and payroll Treasury Financial reporting Our study included all of the control categories listed above except that we did not evaluate the accounting controls over the treasury, and financial reporting categories as we believe that substantive audit tests, which were performed in those categories, were more cost-effective. The purpose of our study and evaluation was to determine the nature, timing and extent of the auditing procedures necessary for expressing an opinion of the town's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole or on any of the categories of controls identified above. The management of the Town of Mashpee is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this respons- ibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system, are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that trans- actions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. 4 Colonel Orive 260 Cochituate Road 21 Main Street 6ouvx,MA 02532 Framingham,MA 01701 Hudson,MA 01749 617-759-8761 617-235-7634 617-562-6206 617-672-6764