SAE Foundation Annual Report 2013 - 50

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Independent Auditor's Report

To the Board of Directors
SAE International
Warrendale, Pennsylvania
We have audited the accompanying financial statements of SAE Foundation
(the Foundation) (a division of SAE International, a nonprofit organization), which
comprise the statement of financial position as of December 31, 2013, and the
related statements of activities and changes in net assets, and cash flows for the year
then ended, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these
financial statements in accordance with accounting principles generally accepted in
the United States of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
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 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected depend
on the auditors' judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.

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the international BDO network of independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member Firms.


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SAE Foundation Annual Report 2013

Table of Contents for the Digital Edition of SAE Foundation Annual Report 2013

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