Report of Independent Auditors - Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of the GSA and the individual balance sheets of the FBF, and the ASF as of September 30, 2007 and 2006, and the related consolidated and individual statements of net cost and changes in net position, and the combined statements of budgetary resources for the years then ended. These financial statements are the responsibility of GSA’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and OMB Bulletin No. 07-04. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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 audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above, present fairly, in all material respects, the financial position of GSA, the FBF, and the ASF at September 30, 2007 and 2006, and its net cost of operations, changes in net position, and budgetary resources for the years then ended, in conformity with accounting principles generally accepted in the United States of America.