Independent auditor's report.

• Author: Creek, Walnut

Council of the California Society of Certified Public Accountants Board of Trustees of the California Certified Public Accountants Education Foundation

We have audited the accompanying combined statements of financial position of the California Society of Certified Public Accountants (Society) and California Certified Public Accountants Education Foundation (Foundation) as of April 30, 2012 and 2011, and the related combined statements of activities, functional expenses, and cash flows for the rears then ended. These combined financial statements are the responsibility of the management of the Society and the Foundation. Our responsibility is to express an opinion on these combined financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America.. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis fin designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Society's and Foundation's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall combined financial statement presentation. We believe that our audits provide a reasonable basis for our Opinion.

In our opinion, the combined financial statements referred to...