Mijares, Kristine Marie M.

August 19, 2010

AC05402 Auditing Theory

4 Types of Auditor’s Opinion

QUALIFIED OPINION
Our examination disclosed the following material noncompliance with minimum
servicing standard II.1 as set forth in USAP. As explained in the Management Assertion,
minimum servicing standard II.1 requires timely remittances of cash collections to the
trusts. The Company’s daily remittances are to include an estimate related to interest
collections, which is calculated at the beginning of each month and allocated to each
remittance during the month. The calculation and allocation of estimated interest
collections related to the daily remittances for January 2005 was not performed and
daily interest was not remitted during the month, but was calculated and remitted in
February through December.

We do not express an opinion or any other form of assurance on management’s

statement referring to the accuracy of the monthly settlements or the correctness of the
remittance of actual interest collections on the Distribution Date for the affected month.

In our opinion, except for the material noncompliance described in the third paragraph,
DaimlerChrysler Financial Services Americas LLC has complied, in all material
respects, with the aforementioned applicable minimum servicing standards for the year
ended December 31, 2005.

UNQUALIFIED OPINION
We have audited the accompanying balance sheet of ABC Company, Inc. (the
“Company”) as of December 31, 20XX and the related statements of income, retained
earnings, and cash flows for the year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in

(the country where the report is issued). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from 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 Company as of December 31, 20XX, and the
results of its operations and its cash flows for the year then ended in accordance with
accounting principles generally accepted in (the country where the report is issued).

DISCLAIMER OPINION

We were engaged to audit the accompanying balance sheet of ABC Company, Inc. (the
“Company”) as of December 31, 20XX and the related statements of income and cash
flows for the year then ended. These financial statements are the responsibility of the
Company's management.

The Company does not maintain adequate accounting records to provide sufficient
information for the preparation of the basic financial statements. The Company’s
accounting records do not constitute a double-entry system which can produce financial
statements.

Because of the significance of the matters discussed in the preceding paragraphs, the
scope of our work was not sufficient to enable us to express, and we do not express, an
opinion of the financial statements referred to in the first paragraph.

ADVERSE OPINION
We have audited the accompanying financial statements of the governmental activities,
the business-type activities, the aggregate discretely presented component units, each
major fund, and the aggregate remaining fund information of [Example Government or
Public Authority], North Carolina, as of and for the year ended June 30, 20XX, which
collectively comprise the [Example Government or Public Authority]’s basic financial
statements as listed in the table of contents.2 3 These financial statements are the
responsibility of [Example Government or Public Authority], North Carolina's
management. Our responsibility is to express opinions on these financial statements
based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the
United States of America.4 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 opinions.

Management has not included [Example fund] in the City’s financial statements.
Accounting principles generally accepted in the United States of America require
[Example fund] to be presented as a major enterprise fund and financial information
about [Example fund] to be part of the business-type activities, thus increasing that
activity’s assets, liabilities, revenues, and expenses, and changing its net assets. The
amount by which this departure would affect the assets, liabilities, net assets, revenues,
and expenses of the business-type activities and the omitted major fund is not
reasonably determinable.

In our opinion, because of the omission described of Example Fund, as discussed

previously, the financial statements referred to above do not present fairly, in conformity
with accounting principles generally accepted in the United States of America, the
financial position of Example Fund of the [Example Government or Public Authority],
North Carolina, as of June 30, 20XX, or the changes in financial position and cash flows
thereof for the year then ended.

In addition, in our opinion, except for the effects of not including financial information for
Example Fund as part of the business-type activities, as described previously, the
financial statements referred to previously present fairly, in all material respects, the
financial position of the business-type activities of the [Example Government or Public
Authority], North Carolina, as of June 30, 20XX, and the changes in financial position
thereof for the year then ended7 in conformity with accounting principles generally
accepted in the United States of America.

Finally, in our opinion, the financial statements referred to previously present fairly, in all
material respects, the respective financial position of the aggregate discretely presented
component units, the general fund, and the aggregate remaining fund information of the
[Example Government or Public Authority], North Carolina as of June 30, 20XX, and the
respective changes in financial position and, where applicable, cash flows thereof for
the year ended in conformity with accounting principles
generally accepted in the United States of America.