Cattlemen’s Beef Promotion and Research Board
Financial Statements as of September 30, 2014 and 2013
Together with Independent Auditors’ Report Thereon
Independent Auditors’ Report
Board of Directors
Cattlemen’s Beef Promotion and Research Board
Centennial, Colorado
Report on the Financial Statements
We have audited the accompanying financial statements of Cattlemen’s Beef Promotion and Research Board (the Board), which comprise the
statements of assets, liabilities and net assets — modified cash basis as of September 30, 2014 and 2013, and the related statements of revenues,
expenses, and changes in unrestricted net assets modified cash basis for the years then ended, and the related notes to the financial statements.
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Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with the modified cash basis of
accounting described in Note 2; this includes determining that the modified cash basis of accounting is an acceptable basis for the preparation of the
financial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal control relevant
to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
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 of America 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and net assets — modified cash
basis of the Board as of September 30, 2014 and 2013, and its revenues, expenses, and changes