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DRAFT <br />Planned Scope and Timing of the Audit <br />We conducted our audit consistent with the planned scope and timing we previously <br />communicated to you. <br />Compliance with All Ethics Requirements Regarding Independence <br />The engagement team, others in our firm, and, as appropriate, our firm have complied with all <br />relevant ethical requirements regarding independence. <br />As a part of the engagement we assisted in preparing the financial statements and related notes to <br />the financial statements of the Authority in conformity with U.S. generally accepted accounting <br />principles based on information provided by you. These nonaudit services do not constitute an audit <br />under generally accepted auditing standards and such services were not conducted in accordance with <br />generally accepted auditing standards. <br />In order to ensure we maintain our independence for performing these nonaudit services certain <br />safeguards were applied to this engagement. Management assumed responsibility for the financial <br />statements and related notes to the financial statements and any other nonaudit services we provided. <br />Management acknowledged in the management representation letter our assistance with the preparation of <br />the financial statements and related notes to the financial statements and that these items were reviewed and <br />approved prior to their issuance and accepted responsibility for them. Further, the nonaudit services were <br />oversaw by an individual within management that has the suitable skill, knowledge, or experience; <br />evaluated the adequacy and results of the services; and accepted responsibility for them. <br />Qualitative Aspects of the Entity's Significant Accounting Practices <br />Significant Accounting Policies <br />Management has the responsibility to select and use appropriate accounting policies. A summary <br />of the significant accounting policies adopted by the Authority is included in Note I to the financial <br />statements. There have been no initial selection of accounting policies and no changes in significant <br />accounting policies or their application during the current fiscal year. No matters have come to our <br />attention that would require us, under professional standards, to inform you about (1) the methods used <br />to account for significant unusual transactions and (2) the effect of significant accounting policies in <br />controversial or emerging areas for which there is a lack of authoritative guidance or consensus. <br />SignificantAccounting Estimates <br />Accounting estimates are an integral part of the financial statements prepared by management <br />and are based on management's current judgments. Those judgments are normally based on knowledge <br />and experience about past and current events and assumptions about future events. Certain accounting <br />estimates are particularly sensitive because of their significance to the financial statements and because <br />of the possibility that future events affecting them may differ markedly from management's current <br />judgments. <br />2 <br />