Independent auditor's report - Gilbert Associates, Inc. CPAs and Advisors - California Society of Certified Public Accountants, California Certified Public Accountants Education Foundation - Brief Article

California CPA, Sept, 2002

Board of Directors

The California Society of Certified Public Accountants

Board of Trustees

California Certified Public Accountants Education Foundation

Redwood City; California

We have audited the accompanying consolidating statements of financial position of The California Society of Certified Public Accountants (CalCPA) and California Certified Public Accountants Education Foundation (Foundation) as of April 30, 2002 and 2001, and the related statements of activities, functional expenses, and cash flows for the years then ended. These financial statements are the responsibility of the management of Ca1CPA and the Foundation. 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.

In our opinion, the financial statements referred to above present fairly, in all material respects, the individual and consolidated financial positions of The California Society of Certified Public Accountants and California Certified Public Accountants Education Foundation as of April 30, 2002 and 2001, and the changes in their net assets and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

GILBERT ASSOCIATES, INC.

Sacramento, California

June 6, 2002