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38 | 2004 annual report united states postal service
Report฀of฀Independent฀Auditors
Board฀of฀Governors฀
United฀States฀Postal฀Service
We฀have฀audited฀the฀accompanying฀balance฀sheets฀of฀the฀United฀States฀Postal฀Service฀as฀of฀September฀30,฀2004฀and฀2003,฀and฀
the฀related฀statements฀of฀operations,฀changes฀in฀net฀capital฀(deficiency)฀and฀cash฀flows฀for฀each฀of฀the฀three฀years฀in฀the฀period฀
ended฀September฀30,฀2004.฀These฀financial฀statements฀are฀the฀responsibility฀of฀the฀United฀States฀Postal฀Service’s฀management.฀
Our฀responsibility฀is฀to฀express฀an฀opinion฀on฀these฀financial฀statements฀based฀on฀our฀audits.
We฀conducted฀our฀audits฀in฀accordance฀with฀auditing฀standards฀generally฀accepted฀in฀the฀United฀States฀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฀evaluating฀the฀overall฀financial฀statement฀presentation.฀We฀believe฀that฀our฀audits฀
provide฀a฀reasonable฀basis฀for฀our฀opinion.
In฀our฀opinion,฀the฀financial฀statements฀referred฀to฀above฀present฀fairly,฀in฀all฀material฀respects,฀the฀financial฀position฀of฀the฀United฀
States฀Postal฀Service฀as฀of฀September฀30,฀2004฀and฀2003฀and฀the฀results฀of฀its฀operations฀and฀its฀cash฀flows฀for฀each฀of฀the฀
three฀years฀in฀the฀period฀ended฀September฀30,฀2004฀in฀conformity฀with฀accounting฀principles฀generally฀accepted฀in฀the฀United฀
States.฀฀
In฀accordance฀with฀Government฀Auditing฀Standards,฀we฀have฀also฀issued฀our฀report฀dated฀November฀10,฀2004฀on฀our฀consider-
ation฀of฀the฀United฀States฀Postal฀Service’s฀internal฀control฀over฀financial฀reporting฀and฀on฀our฀tests฀of฀its฀compliance฀with฀certain฀
provisions฀of฀laws,฀regulations,฀and฀contracts.฀The฀purpose฀of฀that฀report฀is฀to฀describe฀the฀scope฀of฀our฀testing฀of฀internal฀control฀
over฀financial฀reporting฀and฀compliance฀and฀the฀results฀of฀that฀testing,฀and฀not฀to฀provide฀an฀opinion฀on฀the฀internal฀control฀over฀
financial฀reporting฀or฀on฀compliance.฀That฀report฀is฀an฀integral฀part฀of฀an฀audit฀performed฀in฀accordance฀with฀Government฀Auditing฀
Standards฀and฀should฀be฀considered฀in฀assessing฀the฀results฀of฀our฀audit.
McLean,฀VA
November฀10,฀2004