Laserfiche WebLink
KMJCorbin & <br />Company <br />Business Advisors Tax and Audit <br />September 30, 2020 <br />To the Board of Directors of <br />Newport Beach & Company <br />1600 Newport Center Drive <br />Newport Beach, California 92660 <br />In planning and performing our audit of the financial statements of Newport Beach & Company (the <br />"Organization") as of and for the year ended June 30, 2020, in accordance with auditing standards <br />generally accepted in the United States of America, we considered the Organization's internal control <br />over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in <br />the circumstances for the purpose of expressing our opinion on the financial statements, but not for the <br />purpose of expressing an opinion on the effectiveness of the Organization's internal control. Accordingly, <br />we do not express an opinion on the effectiveness of the Organization's internal control. <br />A deficiency in internal control exists when the design or operation of a control does not allow <br />management or employees, in the normal course of performing their assigned functions, to prevent, or <br />detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination <br />of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a <br />material misstatement of the entity's financial statements will not be prevented, or detected and corrected <br />on a timely basis. A reasonable possibility exists when the likelihood of an event occurring is either <br />reasonably possible or probable as defined as follows: <br />• Reasonably possible. The chance of the future event or events occurring is more than remote but <br />less than likely. <br />• Probable. The future event or events are likely to occur. <br />Our consideration of internal control was for the limited purpose described in the first paragraph and was <br />not designed to identify all deficiencies in internal control that might be material weaknesses. Given these <br />limitations, during out audit we did not identify any deficiencies in internal controls that we consider to be <br />material weaknesses. However, material weaknesses may exist that have not been identified. <br />This communication is intended solely for the information and use of management, the Board of Directors, <br />and others within the Organization and is not intended to be and should not be used by anyone other than <br />these specified parties. <br />Very truly yours, <br />Wj- CO�,rv,,,, � Imn LLP <br />KMJ Corbin & Company LLP <br />p 714 380 6565 f 714 380 6566 18201 Von Karman Avenue Suite 450 Irvine CA 92626 <br />p 818 999 5885 f 818 704 4668 20720 Ventura Blvd Suite 160 Woodland Hills CA 91364 <br />