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D/E _____ _____ Valley Publishing Company Prepaid Accounts, Investments and Securities 12-31-20x2 I reviewed the Prepaid Insurance, Prepaid Rent, Investment, and Securities Count accounts for accuracy in accordance with auditing standards generally accepted in the United States of America. The reviews included examining workpapers, and Insurance conformations from Langdon and Sons. The audit included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements; I believe that the statements provided a reasonable basis for our opinion. I review and compared the workpapers to voucher and confirmations. I cross checked these number with the trial balances and last years audit. I also check that the account were being used for the items in the investment accounts. It is my opinion that there was a misstatement in the Investment account (see AJE #9) because the land that was set up as investment to put a building on later has now becomes the new building location. GAAP now require companies to do a mark to market on any stocks that are held by the company (see AJE #8). There is a low level of risk associated with the prepaid Accounts, Investments and Securities. In my opinion the financial statements referred to above present fairly, all material respects, the finical position of Valley Publishing Company as of December 31, 20x2. Judy Beebe & Company Certified Public Accountants Alissa Indra 05/11/2008