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Unformatted text preview: ANDERSON, OLDS, & WATERSHED Certified Public Accountants 615 Big City National Bank Building Main at Michigan Avenue Chicago, Illinois 60612 Phone: (312) 555-4452 Fax: (312) 555-9991 Internet: www.aowcpa.com February 7, 2003 The Board of Directors of Apple Blossom Cologne Company: In planning and performing our audit of the financial statements of the Apple Blossom Cologne Company for the year ended December 31, 2002, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure. However, we noted certain matters involving the control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could...
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