audit Report & footnotes 06-30-2006[1]

David J. Oswald & Co.Certified Public Accountant David J. Oswald CPA (A Professional Corporation) Phone (760) 438-9500 Mindy L. Metsker CPA 5741 Palmer Way, Suite A Fax (760) 438-9596 Joanne Goddard-Hackett CPA Carlsbad, California 92010 September 22, 2006 INDEPENDENT AUDITOR'S REPORT Board of Directors Coronado, California I have audited the accompanying balance sheet of CORONADO CAY HOMEOWNERS ASSOCIATION (a California corporation) as of June 30, 2006 and the related statements of revenues, expenses and changes in fund balances and cash flows for the year then ended. These financial statements are the responsibility of the Association's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial ...