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., _ ` <br />r <br />Cooppers ~ ~ ~~ <br />&Lybrand <br />". <br />1 ~oer•-• a tyb~~a ~ <br />~1 ~ pdf~wral ~erwcec hrm <br />Report of Independent Accountants <br />To the Edw. C. Levy Co.: <br />:`5 <br />~'Ve have audited the accompanying divisional balance sheet of Schmidt Construction (division of <br />Edw. C. Levy Co.) as of December 31, 1997. This balance sheet is the responsibility of the <br />Division's management. Our responsibility is to express an opinion on this balance sheet based on <br />our audit. <br />V1'e conducted our audit in accordance with generally accepted auditing standards. Those standards <br />require that we plan and perform the audit to obtain reasonable assurance about whether the financial <br />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 <br />the accounting principles used and significant estimates made b}' management, as well as evaluating <br />the overall financial statement presentation. VJe believe that our audit provides a reasonable bases <br />for our opinion. <br />In our opinion, the balance sheet referred to above presents fairly, in all material respects, the <br />financial position of Schmidt Construction (division of Edst. C. Levy Co.) as of December 31, 1997 <br />in conformity with generally accepted accounting principles. <br />Pa-er"` ~ '~-~-~ <br />Detroit, Michigar. <br />March 20, 1!)9S <br />!- <br />1 <br />