Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

Also it will tell readers that the audit was done to provide "reasonable assurance" that the financial records are "free of material misstatement."

The law made it a crime for a nominee to make a "material" misstatement, one that would affect the confirmation process.

Requires the auditor to use the information gathered to identify risks that may result in a material misstatement.

Auditors should identify risks and synthesize how those risks could lead to a material misstatement.

Requires the auditor to evaluate the entity's programs and controls that address the identified risks of material misstatement.

A significant difference with paper based assurance is the concept of material misstatement.

The auditors, the form letter goes on to state, try to obtain "reasonable assurance about whether the financial statements are free of material misstatement."

Therefore, a material misstatement's effect on an individual purchaser is no less significant than the effect on the entire market.

This is the third consecutive year the Court has found the accounts to be free from material misstatements and reliable.