e have audited the accompanying statement of financial position of The Commonwealth Fund (the "Fund") as of June 30, 2004 and the related statements of activities and of cash flows for the year then ended. The financial statements of The Commonwealth Fund as of June 30, 2003 and for the year then ended were audited by other auditors whose report dated September 19, 2003 expressed an unqualified opinion on those statements. These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the financial position of the Fund at June 30, 2004 and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
