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BLISS & MARZELLI <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> 254-B SHORE ROAD <br /> P.O. BOX 1025 <br /> MONUMENT BEACH, MA 02553 <br /> TELEPHONE(508)759.4110 <br /> INDEPENDENT AUDITOR'S REPORT <br /> r� <br /> ti•.i>t <br /> Board of Selectmen. +� <br /> Town, of Mashpee, Massachusetts <br /> Honorable Selectmen: <br /> We have audited the accompanying general purpose financial state- <br /> ments of the Town of Mashpee, Massachusetts, as of June 30, 1990, arid <br /> for the year, then, ended. These general purpose financial statements <br /> are the responsibility of the Town of Mashpee, Massachusetts, manage- <br /> ment. Our responsibility is to express an opinion on these general <br /> purpose financial statements based or, our audit. <br /> We conducted our audit in accordance with generally accepted <br /> auditing standards. Those standards require that we plan and perform <br /> the audit to obtain, reasonable assurance about whether the <br /> genera 1 purpose financial statements are free of material misstate- <br /> merit. <br /> isstate- <br /> merit. An audit includes examining, on a test basis, evidence support- <br /> ing the amounts and disclosures in the general purpose financial <br /> statements. An audit also includes assessing the accounting prin- <br /> ciples used and significant estimates made by management, as well as <br /> evaluating the overall general purpose financial statement presenta- <br /> tion. We believe that our audit provides a reasonable basis for our <br /> OP i n i on. <br /> The Town follows accounting practices prescribed by the Common- <br /> wealth of Massachusetts which vary in certain respects from generally <br /> accepted accounting principles. The most significant difference re- <br /> lates to the cash basis method for recording pension expenses for <br /> employees. Generally accepted accounting principles require that pen- <br /> sion costs be determined by actuarial methods instead of the cash <br /> "Pay-as-you-go" basis described in Mote 6 to the accompanying finan- <br /> cial statemer:t s. <br /> 71 <br /> r. <br /> Consistent with the practices of many municipalities in the Corn- <br /> mor,wsalth of Massachusetts, the Town has not maintained historical zr <br /> cost records of its property, Plant and equipment. Accordin iYs the <br /> 9er,eral purpose, financial statements referred to above do root include <br /> a8eneral fixed asset group of accounts which should be presented to ,r <br /> conform with generally accepted accounting principles_ <br /> 1 <br />