349 



Audit Opinion 



2001 M Street, N.W. 

 Washington, DC. 20036 



Independent Auditors 1 Report 



Board of Regents 

 Smithsonian Institution: 



We have audited the accompanying statement of financial position of the Smithsonian Institution 

 (Smithsonian) as of September 30, 2000, and the related statements of financial activity and cash flows for 

 the year then ended. These financial statements are the responsibility of the Smithsonian's management. 

 Our responsibility is to express an opinion on these financial statements based on our audit. The prior year 

 summarized comparative information has been derived from the Smithsonian's 1999 financial statements 

 and, in our report dated January 14, 2000, we expressed an unqualified opinion on those financial statements. 



We conducted our audit 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 audit provides a reasonable basis 

 for our opinion. 



In our opinion, the financial statements referred to above present fairly, in all material respects, the financial 

 position of the Smithsonian Institution as of September 30, 2000, and its changes in net assets and its cash 

 flows for the year then ended in conformity with accounting principles generally accepted in the United 

 States of America. 



January 12,2001 





