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Plante <br />moran <br />%r~ i Morui, PLLC <br />Salta 600 <br />2801 l.in6iYlpe Gvt <br />Aibun Mb. M /8328 <br />7e1:2/837G7f00 <br />Fce 2~8376.7f01 <br />plerWemorn.aam <br />Independent Auditors Report <br />To the Edw. C. Levy Co. <br />We have audited the accompanying divisional balance sheet of Schmidt Construction (a division <br />of Edw. C. Levy Co.) az of December 31, 2004. The divisional balance sheet is the responsibility <br />of the Division's management. Our responsibility is to express an opinion on the divisional <br />balance sheet based on our audit. <br />We conducted our audit in accordance with audRing standards generally accepted in the United <br />States of America. Those standards require that we plan and perform the audR to obtain <br />reasonable assurance about whether the divisional balance sheet is free of material <br />misstatement. An audit includes examining, on a test bazis, evidence supporting the amounts and <br />disclosures In the financial statements. An audft also includes assessing the accounting principles <br />used and significant estimates made by management, az well az evaluating the overall financial <br />statement presentation. We believe that our audit provides a reasonable basis for our opinion. <br />The Division haz excluded certain asset retirement obligations from property and liabilkies in the <br />accompanying balance sheet that, in our opinion, should be recorded in order to conform with <br />accounting principles generally accepted in the United States of America. The effect of this <br />departure from accounting principles generally accepted in the United States of America has not <br />been determined. <br />In our opinion, except for the effects of not recording certain asset retirement obligations az <br />discussed in the preceding paragraph, the divisional balance sheet referred to above presence <br />fairly, in all material respects, the divisional financial position of Schmidt Construction az of <br />December 31, 2004, in wnformity with accounting principles generally accepted in the United <br />States of America. <br />i 1Xrr~,v, Pte <br />March 25, 2005 <br />~/ <br />