Page 670 - Auditing Standards

As of December 15, 2017
revenues, income from operations, or net income, except in all instances for changes, increases,

or decreases that the Official Statement discloses have occurred or may occur.

5. For accounting data pertaining to the years 19X3 through 19X5, inclusive, shown on page 11 of the
Official Statement, we have (i) for data shown in the audited financial statements, compared such data

with the audited financial statements of the Example City, Any State Utility System for 19X3 through 19X5
and found them to be in agreement; and (ii) for data not directly shown in the audited financial statements,
compared such data with the general ledger and accounting records of the Utility System from which such

information was derived, and found them to be in agreement.

6. The procedures enumerated in the preceding paragraphs do not constitute an audit conducted in
accordance with the standards of the Public Company Accounting Oversight Board (United States).

Accordingly, we make no representations regarding the sufficiency of the foregoing procedures for your
purposes.

7. This letter is solely for the information of the addressees and to assist the underwriters in conducting
and documenting their investigation of the affairs of the Example City, Any State Utility System in
connection with the offering of securities covered by the Official Statement, and it is not to be used,

circulated, quoted, or otherwise referred to for any other purpose, including but not limited to the purchase
or sale of securities, nor is it to be filed with or referred to in whole or in part in the Official Statement or
any other document, except that reference may be made to it in the Purchase Contract or in any list of

closing documents pertaining to the offering of securities covered by the Official Statement.

Example Q: Letter to a Requesting Party That Has Not Provided the

Representation Letter Described in Paragraphs .06 and .07

18. This example assumes that these procedures are being performed at the request of the placement agent

on information included in an offering circular in connection with a private placement of unsecured notes with
two insurance companies. 19 The letter is dated June 30, 19X6; procedures were performed through June 25,
19X6, the cutoff date. The statements in paragraphs 5 through 9 of the example should be included in any

letter issued pursuant to paragraph .09. 20

June 30, 19X6

[Addressee]

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