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Harris, Cotherman <br /> ' & Associates <br /> Certified Public Accountants . Chartered <br /> Report on Compliance <br /> P p <br /> January 31 , 2003 <br /> Page Two <br /> ' Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal <br /> control that might be material weaknesses. A material weakness is a condition in which the design or operation of <br /> one or more of the internal control components does not reduce to a relatively low level the risk that noncompliance <br /> with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major <br /> ' federal program or state project being audited may occur and not be detected within a timely period by employees in <br /> the normal course of performing their assigned functions . We noted no matters involving the internal control over <br /> compliance and its operation that we consider to be material weaknesses. <br /> ' Schedule of Expenditures of Federal Awards and State Projects <br /> We have audited the basic financial statements of Indian River County, Florida as of and for the year ended <br /> September 30, 2002 , and have issued our report thereon dated January 31 , 2003 . Our audit was performed for the <br /> purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedule of <br /> expenditures of federal awards and state projects is presented for purposes of additional analysis as required by <br /> OMB Circular A- 133 and Chapter 10 . 550, Rules of the Auditor General and is not a required part of the <br /> basic <br /> ' financial statements. Such information has been subjected to the auditing g procedures applied in the audit of the <br /> basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation <br /> to the basic <br /> financial statements taken as a whole. <br /> This report is intended solely for the information of the Board of County Commissioners, management, federal and <br /> state awarding agencies, pass-through entities and the Auditor General of the State of Florida, and is not intended to <br /> be and should not be used by anyone other than these specified parties. <br /> Vero Beach, Florida <br /> ' January 31 , 2003 <br /> ' 181 <br />