today we have cindy kahn to walk through the results of the audit. each of you should have a copy of the powerpoint presentation in front of you. >> thank you. >> good morning. thank you for inviting me to discuss the results of the authority's 2012 financial and federal compliance audits. i will go through the audit responsibilities in the scope of the work and discuss key elements of the two deliverable reports. the first report of the financial statement and the single audit report. this report is going to be disseminated and uploaded to the federal data clearinghouse upon approval and acceptance of the report. in the second report is a letter to the finance committee. the purpose of the financial statement audit is to obtain reasonable assurance that the amounts and related disclosures are fairly stated. the applicable framework we are following clearly accepted accounting principles or gap; generally accepted auditing principles in government audit standards promulgated by the us government accountability office. as discussed on page 26 of your