ICANN | Audited Financial Report for Fiscal Year Ending 30 June 2000 (Audit Letter)

 

Audited Financial Report for Fiscal Year Ending 30 June 2000 (Audit Letter)


INTERNET CORPORATION
FOR ASSIGNED NAMES AND NUMBERS

Financial Statements
June 30, 2000
(With Independent Auditors' Report Thereon)


KPMG
355 South Grand Avenue
Suite 2000
Los Angeles, CA 90071-1568

Independent Auditors' Report

The Board of Directors
Internet Corporation for Assigned Names and Numbers:

We have audited the accompanying statement of financial position of Internet Corporation for Assigned Names and Numbers (ICANN) as of June 30, 2000 and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of ICANN's management. Our responsibility is to express an opinion on these financial statements based on our audit.

Except as discussed in the following paragraph, 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.

We were unable to obtain sufficient verifiable evidence supporting certain Country Code Top Level Domain (ccTLD) accounts receivable totaling $1,355,000 at June 30, 2000 or the related registry fee revenue, which is included in the change in net assets for the year then ended as described in note 2 to the financial statements; nor were we able to satisfy ourselves as to the adequacy of the allowance for doubtful accounts related to these receivables.

In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to examine verifiable supporting evidence regarding the accounts receivable, allowance for doubtful accounts and related registry fees, as discussed in the third paragraph of this report, the financial statements referred to in the first paragraph above present fairly, in all material respects, the financial position of Internet Corporation for Assigned Names and Numbers as of June 30, 2000 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.

/s/ KPMG LLP

September 18, 2000


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