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| Guaranteed
Student Loan Programs - Financial Statements, March 31, 2002 and 2001 (index) Independent Auditors' Report
We have audited the accompanying balance sheets of the Guaranteed Student Loan Programs of the New York State Higher Education Services Corporation (HESC) as of March 31, 2002 and 2001, and the related statements of revenue, expenses and changes in fund balances, and cash flows for the years then ended. These financial statements are the responsibility of HESC's management. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about 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 also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in note 1, the accompanying financial statements present the financial position of the Guaranteed Student Loan Programs of HESC and do not present the financial position of the New York State Higher Education Services Corporation as a whole. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Guaranteed Student Loan Programs of the New York State Higher Education Services Corporation as of March 31, 2002 and 2001, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. The supplementary information included as the State Fiscal Year Summary of Operations is presented for purposes of additional analysis and is not a required part of the Guaranteed Student Loan Programs' financial statements. Such information has not been subjected to the auditing procedures applied in the audits of the Guaranteed Student Loan Programs' financial statements and, accordingly, we express no opinion on it.
July 19, 2002
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