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INDEPENDENT AUDITORS' REPORT
Board of DirectorsLos Angeles County Fair AssociationPomona, CaliforniaWe have audited the accompanying consolidated statements of financial position of the Los AngelesCounty Fair Association (the Association) as of December 31, 2010 and 2009, and the relatedconsolidated statements of activities and net assets and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Association's management responsibility is toexpress an opinion on these financial statements based on our audits. We did not audit the pari-mutuelhandle revenue, from which approximately five percent to seven percent of the Association's totalrevenues are derived as of December 31, 2010 and 2009, respectively. That revenue was audited by otherauditors whose reports have been furnished to us and, in our opinion, insofar as it relates to the revenuesof the pari-mutuel handle, is based solely on the reports of the other auditors.. Our We conducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audits to obtain reasonable assuranceabout 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 alsoincludes assessing the accounting principles used and significant estimates made by management, as wellas evaluating the overall financial statement presentation. We believe that our audits provide a reasonablebasis for our opinion.In our opinion, the consolidated financial statements referred to above present fairly, in all materialrespects, the financial position of the Los Angeles County Fair Association as of December 31, 2010 and2009, and the changes in its net assets and its cash flows for the years then ended, in conformity withaccounting principles generally accepted in the United States of America.In accordance with Government Auditing Standards, we have also issued our report dated March 29,2011, on our consideration of the Association's internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters.The purpose of that report is to describe the scope of our testing of internal control over financialreporting and compliance and the results of that testing, and not to provide an opinion on the internalcontrol over financial reporting or on compliance. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read in conjunction with this report inconsidering the results of our audit.
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