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7Z Ernst &Whinney <br />Report of Independent Auditors <br />Executive Committee <br />Fellsmere Joint Venture <br />Fellsmere, Florida <br />Certified Public Accountants <br />332 North Magnolia Avenue <br />P.O. Box 3426 <br />Orlando, Florida 32802 <br />407/841-2050 <br />We have audited the accompanying balance sheets of Fellsmere Joint Venture (A <br />Partnership) as of September 30, 1988 and 1987, and the related statements of <br />income, venturers' equity and cash flows for the years then ended. These financial <br />statements are the responsibility of the Venture's management. Our responsibility <br />is to express an opinion on these financial statements based on our audits. <br />We conducted our audits in accordance with generally accepted auditing standards. <br />Those standards require that we plan and perform the audit to obtain reasonable <br />assurance about whether the financial statements are free of material misstatement. <br />An audit includes examining, on a test basis, evidence supporting the amounts and <br />disclosures in the financial statements. An audit also includes assessing the <br />accounting principles used and significant estimates made by management, as well as <br />evaluating the overall financial statement presentation. We believe that our audits <br />provide a reasonable basis for our opinion. <br />In our opinion, the financial statements referred to above present fairly, in all <br />material respects, the financial position of Fellsmere Joint Venture at <br />September 30, 1988 and 1987, and the results of its operations and its cash flows <br />for the years then ended in conformity with generally accepted accounting <br />principles. <br />Orlando, Florida <br />October 18, 1988 <br />-1- <br />