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-Z. / <br />IV AAZE & <br /> SSOClA TES <br /> <br /> ACCOUNTANCY CORPORATION <br /> 1931 San Miguel Drive - Suite 100 <br /> Walnut Creek, California 94596 <br /> (925) 930-0902 · FAX (925) 930-0135 <br /> E-Maih maze@mazeassociates, com <br /> Website: www. mazeassociates.com <br /> <br /> REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER <br /> FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS <br /> PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDIT1NG STAND.dP, DS <br /> <br /> Members of the Governing Board <br /> Kedwood City P, edevelopment Agency <br /> Kedwood City, California <br /> <br /> We have audited the financial statements of the P, edwood City Kedevelopment Agency as of and for the year ended June 30, <br /> 2001, and have issued our report thereon dated November 2, 2001. We have conducted our audit in accordance with generally <br /> accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued <br /> by the Comptrolle~ General of the United States. <br /> <br /> Compliance <br /> <br /> As part of obtamin~ reasonable assurance about whether the Agency's financial statements are flee of material misstatement, we <br /> performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which <br /> could have a direct and material effect on the determination of financial statement amounts. Those provisions include provisions <br /> of laws and regulations identified hi the Guidelines for Compliance Audits of California Redevelopment Agencies, issued by the <br /> State Con~:oller. However, providing an opinion on compliance with those provisions was not an objective of our audit and, <br /> accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance, except as noted <br /> below~ that are required to be reported under Government,~uditing Standards. <br /> <br /> Internal Control Over Financial Reporting <br /> <br /> In planning and pefformiu~ our audit, we considered the Agency's internal control over ~nancial reporting in order to determine <br /> our auditing procedures for the purpose of expressing our opinion on the ~naucial statements and not to provide assurance on the <br /> internal control over financial reporting. Our consideration of the internal control over financial reportmg would not necessarily <br /> disclose all matters in the internal control over financial reporting that m/ght be material weaknesses. A material weakness is a <br /> condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low <br /> level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur <br /> and not be detected within a nmely period by employees in the normal course of performing their assigned functions. We noted <br /> no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. <br /> However we did communicate other matters to the City Council in our separate Memorandum on Internal Controls dated <br /> November 2, 200 I. <br /> <br /> This r~port is intended for the information of the Agency Boar& ~anagen~nt and federal awarding agencies and pass-through <br /> entities. However, this report is a matter of public record and its dis~bution is not limited. <br /> <br /> 23 <br /> A Professional Corporation <br /> <br /> <br />