FilingsUnderFederalSecuritiesStatutes2413*AUSection711FilingsUnderFederalSecuritiesStatutesSource:,unlessotherwiseindicated:April,1981..01Asinthecaseoffinancialstatementsusedforotherpurposes,:,-countants'certificatesarerequirednotasasubstituteformanagement'sac-1countingofitsstewardship,butasacheckupontheaccounting..02Whenanindependentaccountant'sreportisincludedinregistrationstatements,proxystatements,orperiodicreportsfiledunderthefederalse-curitiesstatutes,theaccountant'sresponsibility,generally,,,section11(a)oftheSe-curitiesActof1933,asamended,imposesresponsibilityforfalseormisleadingstatementsinaneffectiveregistrationstatement,orforomissionsthatrenderstatementsmadeinsuchadocumentmisleading,oneveryaccountant,engineer,orappraiser,oranypersonwhoseprofessiongivesauthoritytoastatementmadebyhim,whohaswithhisconsentbeennamedashavingpreparedorcertifiedanypartoftheregistrationstatement,orashavingpreparedorcertifiedanyreportorvaluationwhichisusedinconnectionwiththeregistrationstatement,report,orvaluation,whichpurportstohavebeenpreparedorcertifiedbyhim..03Section11alsomakesspecificmentionoftheindependentaccoun-tant'(b)states,inpart,thatnopersonshallbeliableasprovidedthereinifthatpersonsustainstheburdenofproofthatasregardsanypartoftheregistrationstatementpurportingtobemadeuponhisauthorityasanexpertorpurportingtobeacopyoforextractfromareportorvaluationofhimselfasanexpert,(i)hehad,afterreasonableinvestigation,*Note:,section710,,orincorporatedbyreference,(1939).2UnderrulesoftheSecuritiesandExchangeCommission,areportbasedonareviewofinterimfinancialinformationisnotareportbytheaccountantundersection11().AU§
2414SpecialTopicsreasonablegroundtobelieveanddidbelieve,atthetimesuchpartoftheregis-trationstatementbecameeffective,thatthestatementsthereinweretrueandthattherewasnoomissiontostateamaterialfactrequiredtobestatedthereinornecessarytomakethestatementsthereinnotmisleading,or(ii)suchpartoftheregistrationstatementdidnotfairlyrepresenthisstatementasanexpertorwasnotafaircopyoforextractfromhisreportorvaluationasanexpert....Section11furtherprovidesthat,indeterminingwhatconstitutesreasonableinvestigationandreasonablegroundtobelieve,"thestandardofreasonablenessshallbethatrequiredofaprudentmaninthemanagementofhisownproperty.".04Thisdiscussionoftheindependentaccountant'..05BecausearegistrationstatementundertheSecuritiesActof1933speaksasofitseffectivedate,()..06UnderrulesoftheSecuritiesandExchangeCommission,anindepen-dentaccountant',theac-countantdoesnothaveasimilarstatutoryresponsibilityforsuchreportsasoftheeffectivedateoftheregistrationstatement()..07Theotherfederalsecuritiesstatutes,whilenotcontainingsodetailedanexposition,doimposeresponsibility,undercertainconditions,onpersonsmakingfalseormisleadingstatementswithrespecttoanymaterialfactinapplications,reports,orotherdocumentsfiledunderthestatute..08InfilingsundertheSecuritiesActof1933,astatementfrequentlyismadeintheprospectus(sometimesincludedinasectionoftheprospectuscalledtheexpertssection)-dentaccountantorthattheyarenotthedirectrepresentationsofmanagement..09TheSecuritiesandExchangeCommissionrequiresthat,whenaninde-pendentaccountant'sreportbasedonareviewofinterimfinancialinformationispresentedorincorporatedbyreferenceinaregistrationstatement,aprospec-tusthatincludesastatementabouttheindependentaccountant'sinvolvementshouldclarifythathisreviewreportisnota"report"or"part",wordingsuchasthefollowinginaprospectuswouldordinarilybeconsideredasatisfactorydescriptionfortheaccountant''sreportwouldalsoordinarilybesatisfactoryfortheaccountant'spurposeswhentheaccountant',§
FilingsUnderFederalSecuritiesStatutes2415IndependentPublicAccountantsTheconsolidatedbalancesheetsasofDecember31,19X2and19X1,andtheconsolidatedstatementsofincome,retainedearnings,andcashflowsforeachofthethreeyearsintheperiodendedDecember31,19X2,incorporatedbyreferenceinthisprospectus,havebeenincludedhereininrelianceonthereportof__________independentpublicaccountants,,19X3and19X2,incorporatedbyreferenceinthisprospec-tus,,theirseparatereportincludedinthecompany'squarterlyreportonForm10-QforthequarterendedMarch31,19X3,andincorporatedbyreferenceherein,,"report"ora"part""reasonableinves-tigation"(),asrequiredundertheSecuritiesActof1933,,,and,asapracticalmatter,afterthattimetheindependentauditormayrely,forthemostpart,,atorneartheeffectivedate,(limitedwhereappropriatetomajorlocations)aboutwhetheranyeventshaveoccurred,otherthanthosereflectedordisclosedintheregistrationstatement,that,intheofficers'orotherexecutives'opinion,§
-nancialstatementsforthemostrecentauditedperiodincludedintheregistra-tionstatementhasaresponsibilityrelatingtoeventssubsequenttothedateoftheprior-periodfinancialstatements,andextendingtotheeffectivedate,,-torregardingwhetherhisaudit(includinghisprocedureswithrespecttosubsequentevents)revealedanymattersthat,inhisopinion,-sidersnecessarytosatisfyhimselfregardingtheappropriatenessofanyad-justmentordisclosureaffectingtheprior-periodfinancialstatementscoveredbyhisreport(seesection508).,subsequenttothedateofhisreportonauditedfinancialstatements,theauditor(includingapredecessorauditor)(a)discovers,,subsequenteventsthatrequireadjustmentordisclosureinthefinancialstatementsor(b)becomesawarethatfactsmayhaveexistedatthedateofhisreportthatmighthaveaffectedhisreporthadhethenbeenawareofthosefacts,,,.07,,,theauditorshouldalsoconsider,probablywiththeadviceofhislegalcoun-sel,withholdinghisconsenttotheuseofhisreportontheauditedfinancialstatementsintheregistrationstatement..13Ifanaccountantconcludesonthebasisoffactsknowntohimthatunauditedfinancialstatementsorunauditedinterimfinancialinformationpre-sentedorincorporatedbyreferenceinaregistrationstatementarenotincon-formitywithgenerallyacceptedaccountingprinciples,,,heshouldrefertosection561,becausecertainprovisionsofthatsectionmayberelevanttohisconsiderationofthosematters().AU§
-nancialstatementsorinterimfinancialinformation,,theaccountantshouldalsoconsider,probablywiththeadviceofhislegalcounsel,withholdinghisconsenttotheuseofhisreportontheauditedfinancialstatementsintheregistrationstatement.[Revised,November2002,.]AU§
