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Holscher, Mayberry & Company, LLC <br /> Certified Public Accountants <br /> Member of the American Institute of Certified Public Accountants <br /> Governmental Audit Quality Center <br /> and Private Company Practice Section <br /> INDEPENDENT AUDITORS' REPORT <br /> To the Board of Directors <br /> Penrose Water District <br /> Penrose,Colorado <br /> We have audited the accompanying Basic Financial Statements of the Penrose Water District,as of and for the year <br /> ended December 31,2011 as listed in the table of contents. These financial statements are the responsibility of the <br /> District's management. Our responsibility is to express an opinion on these financial statements based on our audit. <br /> We conducted our audit in accordance with auditing standards generally accepted in the United States of America. <br /> Those standards require that we plan and perform the audit to Obtain reasonable assurance about whether the <br /> financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence <br /> supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting <br /> principles used and significant estimates made by management,as well as evaluating the overall financial statement <br /> presentation. We believe that our audit provides a reasonable basis for our opinion. <br /> In our opinion,the financial statements referred to above present fairly,in all material respects,the financial position <br /> of the Penrose Water District as of December 31,2011 and the results of its operations and cash flows for the year <br /> then ended in conformity with accounting principles generally accepted in the United States of America. <br /> The management's discussion and analysis on pages 1 through 6 is not a required part of the basic financial <br /> statements but is supplementary information required by accounting principles generally accepted in the United <br /> States of America. We have applied certain limited procedures, which consisted principally of inquiries of <br /> management regarding the methods of measurement and presentation of the required supplementary information. <br /> However,we did not audit the information and express no opinion on it. <br /> Our audit was made for the purpose of forming an opinion on the Basic Financial Statements of the Penrose Water <br /> District taken as a whole. The accompanying supplementary information shown in the table of contents are <br /> presented for purposes of additional analysis and are not a required part of the Basic Financial Statements. The <br /> information in those schedules has been subjected to the auditing procedures applied in the audit of the Basic <br /> Financial Statements and,in our opinion,is fairly presented in all material respects in relation to the Basic Financial <br /> Statements taken as a whole. <br /> Englewood,Colorado <br /> July 20,2012 <br /> 4/idblim. • 1011--)---1-. 4-4- <br /> 8310 South Valley Highway—Suite 300 Voice (303)907—1463 <br /> Englewood,Colorado 80112 Fax (303)496—0978 <br /> hmcpas.biz <br /> 7 <br />