An illustration of the independent registered public accounting firm's report on a registered investment company's internal control.

The AICPA Investment Companies Expert Panel has developed a revised illustration of the independent registered public accounting firm's report on a registered investment company's internal control based on the results of procedures performed in obtaining an understanding of internal control over financial reporting and assessing control risk in connection with the audit of the investment company's financial statements. This revised illustrative report on internal control is relevant to the requirement by the SEC under Form N-SAR. The revised illustrative report will replace the current illustrative report that is in paragraph 11.16 of the AICPA Audit and Accounting Guide Investment Companies, and is for immediate use.

The text of the revised letter can be accessed by clicking on the following link: Revised Illustrative Report on Internal Control for Registered Investment Companies. For additional information on the AICPA Investment Companies Expert Panel, click on the following link: http://www.aicpa.org/Professional+Resources/
Accounting+and+Auditing/Accounting+Standards/expertpanel_investco.htm.