FY2005 Audit Rpt-Web Format

NORTH DAKOTA HOUSING FINANCE AGENCY FINANCIAL STATEMENTS JUNE 30, 2005 AND 2004 CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS INDEPENDENT AUDITOR'S REPORT The Industrial Commission State of North Dakota Bismarck, North We have audited the accompanying financial statements of the business-type activities of the North Dakota Housing Finance Agency, a department of the State of North Dakota, as of and for the years ended June 30, 2005 and 2004, which collectively comprise the North Dakota Housing Finance Agency's basic financial statements as listed in the table of contents. These financial statements are the responsibility of North Dakota Housing Finance Agency's management. Our responsibility is to express an opinion on these financial based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we 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 ...