Independent Auditor's Report
To the Wake County Board of Education
Raleigh, North Carolina
We have audited the accompanying general purpose financial statements of the Wake County Board of Education, North Carolina, as of and for the year ended June 30, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility of the Wake County Board of Education, North Carolina's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Wake County Board of Education, North Carolina, as of June 30, 2000, and the results of its operations and cash flows of its proprietary fund for the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated September 29, 2000 on our consideration of the Wake County Board of Education, North Carolina's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
Our audit was performed for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and schedules, as well as the accompanying schedule of expenditures of Federal and State awards as required by the U. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and the State Single Audit Implementation Act, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Wake County Board of Education, North Carolina. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole.
We did not audit the data included in the introductory or statistical sections of this report and, accordingly, we express no opinion on such data. Greensboro, North Carolina September 29, 2000
Greensboro, North Carolina
September 29, 2000