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June 15, 2009 - District of Mission

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185<br />

Possible Aggregate Misstatements<br />

<strong>District</strong> <strong>of</strong> <strong>Mission</strong> — 2008 Audit Results and Communication<br />

Page 6<br />

During the audit we keep a list <strong>of</strong> differences between the financial statements and our audit findings<br />

from third parties or other sources. This list, known as "Possible Aggregate Misstatements", is totaled to<br />

ensure that the differences are not material. Should the list total become close to materiality, it is<br />

necessary to do further audit work on the differences to determine if there really is an error in the<br />

financial statements. The existence <strong>of</strong> items on our Possible Aggregate Misstatements listing is normal<br />

and does not necessarily mean that the financial statements contain errors.<br />

Possible Aggregate Misstatements<br />

There were no uncorrected misstatements during the 2008 audit.<br />

After considering both quantitative and qualitative factors with respect to the Possible Aggregate<br />

misstatements above, we agree with management that the financial statements are fairly stated.

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