[Introductory paragraph]
We have examined management's assertion
[identify management's assertion, for example, that W Company maintained an effective internal control structure over financial reporting as of December 31, 19XX]
included in the accompanying
[title of management report].
[Scope paragraph]
Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of the internal control structure over financial reporting, testing, and evaluation the design and operating effectiveness of the internal control structure, and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.
[Inherent limitations paragraph]
because of inherent limitations in any internal control structure, errors or irregularities may occur and not be detected. Also, projections of any evaluation of the internal control structure over financial reporting to future periods are to the risk that the internal control structure may become inadequate because of change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
[Opinion paragraph]
In our opinion, management's assertion
[identify management's assertion, for example, that W Company maintained an effective internal control structure over financial reporting as of December 31,19XX] is fairly stated in all material respects, based upon
[identify stated or established criteria]*.
*For example, "criteria established in Internal Control----Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission(COSO)."