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. FARME:tI &1RiJ@ RENKEN . Certified Public Accountants and Management Consultants Independent Auditor's Report . . We have audited the accompanying statements of assets and liabilities cash basis of the Arkansas River Compact Administration as of June 30, 1989, and the related statements of revenue collected and expenses paid for the year then ended. These financial statements are the responsibility of the Administration's management. Our responsibility is to express an opinion on these financial statements based on our audit. . We conducted our audit in accordance with generally accepted auditing standards. 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. . . As described in Note la, these financial statements were prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles. . In our opinion, the financial statements referred to above present fairly, in all material respects, the assets and liabilities cash basis of the Arkansas River Compact Administration as of June 30, 1989, and its revenue collected and expenses paid during the year then ended, on the basis of accounting described in Note la. d-~ t- ~ October 13, 1989 1 203 East Oak. P,O, Box 1173 . Lamar, Colorado 81052 . (719) 336-7428 Members of American Institute of Certified Public Accountants and Colorado Society of Certified Public Accountants