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Report of the Treasurer to the Council for the Year Ended December 31, 2003 (2004) / Chapter Skim
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Independent Auditor’s Report
Pages 37-37

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From page 37...
... We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NAS as of December 31, 2003 and 2002, and its changes in net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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Key Terms

  • accounting principles
  • includes examining
  • evidence supporting
  • cash flows
  • material respects

  • statements referred
  • reasonable assurance
  • audit includes
  • net assets
  • obtain reasonable

  • statements based
  • statement presentation
  • includes assessing
  • test basis
  • overall financial

  • material misstatement
  • financial statement
  • financial position
  • standards require
  • significant estimates

  • united states
  • auditing standards
  • reasonable basis
  • audits provide


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