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<br /> 135 <br /> HAROLD V. SIMPSON & COMPANY <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> HAROLD V. SIMPSON. C.P.A. 512 EAST RIVERS'DE DRIVE. SU'TE 100 MEMBERS <br /> DONALD E. LAINE. C.P.A. AUSTIN. TEXAS 78704 OF <br /> W. PATRICK MCLEAN. C.P.A. TELEPHONE <5121 447.1700 AMERICAN INSTITUTE <br /> MARVIN COFFMAN. C.P.A. OF <br /> J. ANTHONY SISKo C.P.A. CERTIFIED PUBLIC ACCOUNTANTS <br /> - <br /> CAROLE L GEBHARD. C.P.A. TEXAS SOCIETY <br /> GARY W. DAVIS. C.P.A. OF <br /> MARK E. PORTER. C.P.A. CERTIFIED PUBLIC ACCOUNTANTS <br /> KATHLEEN AMY MONAHAN. C.P.A. <br /> JUDY F. SOSLAU. C.P.A. <br /> FRANK L. FELCMAN. JR.. C.P.A. <br /> MICHAEL C. MILLER. C.P.A. <br /> G. CASS SANSOM. C.P.A. <br /> G. CHET DRAPER. C.P.A. <br /> JOHN R. CANTWELL. C.P.A. <br /> ALiCEANN M. BERRY. C.P.A. December 21, 1982 <br /> GARY L. HARVEY. C.P.A. <br /> Honorable Mayor and <br /> City Council <br /> City of San Marcos, Texas <br /> Members of the Board: <br /> We have examined the financial statements of the City <br /> of San Marcos, Texas, for the year ended September 30, 1982, <br /> and have issued our report thereon dated December 21, 1982. As <br /> a part of our examination, we made a study and evaluation of <br /> the City's system of internal accounting control to the extent <br /> we considered necessary to evaluate the system as required by <br /> generally accepted auditing standards. Under these standards, <br /> the purposes of such evaluation are to establish a basis for <br /> reliance on the system of internal accounting control in <br /> determining the nature, timing, and extent of other auditing <br /> procedures that are necessary for expressing an opinion on the <br /> financial statements and to assist the auditor in planning and <br /> performing his examination of the financial statements. <br /> The objective of internal accounting control is to <br /> provide reasonable, but not absolute, assurance as to the <br /> safeguarding of assets against loss from unauthorized use or <br /> disposition, and the reliability of financial records for <br /> preparing financial statements and maintaining accountability <br /> for assets. The concept of reasonable assurance recognizes <br /> that the cost of a system of internal accounting control should <br /> not exceed the benefits derived and also recogni zes that the <br /> evaluation of these factors necessarily requires estimates and <br /> judgments by management. <br />