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SIGNATURE STANLEY M. WELLS
TITLE PRESIDENT
ENSIGN INVESTORS, INC.
Report on Internal Control Structure
Required by Rule 17a-5 of the
Securities and Exchange Commission
To the Board of Directors of
Ensign Investors, Inc.
In planning and performing our audit of the financial statements and
supplemental schedules of Ensign Investors, Inc. for the year ended
December 31, 1999 we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and not to provide assurance on internal control.
Also, as required by rule 17a-5(g)(1) of the Securities Exchange Commission
(SEC), we have made a study of the practices and procedures followed by the
Company including tests of such practices and procedures that we considered
relevant to the objectives stated in rule 17a-5(g) in making the periodic
computations of aggregate indebtedness (or aggregate debits) and net capital
under rule 17a-3(a)(11) and for determining compliance with the exemptive
provisions of rule 15c3-3. Because the Company does not carry securities
accounts for customers or perform custodial function as relating to customer
securities, we did not review the practices and procedures followed by the
Company in any of the following:
1. Making quarterly securities examinations, counts, verifications, and
comparisons
2. Recordation of differences required by rule 17a-13
3. Complying with the requirements for prompt payment for securities under
Section 8 of Federal Reserve Regulation T of the Board of Governors of
the Federal Reserve System
The management of the Company is responsible for establishing and maintaining
internal control and the practices and procedures referred to in the preceding
paragraph. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls and of the practices and procedures referred to in the preceding
paragraph and to assess whether those practices and procedures can be expected
to achieve the SEC's above-mentioned objectives. Two of the objectives of
internal control and the practices and procedures are to provide management
with reasonable but not absolute assurance that assets for which the Company
has responsibility are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting principles. Rule
17a-5(g) lists additional objectives of the practices and procedures listed in
the preceding paragraph.
Because of inherent limitations in internal control or the practices and
procedures referred to above, error or fraud may occur and not be detected.
Also, projection of any evaluation of them to future periods is subject to the
risk that they may become inadequate because of changes in conditions or that
the effectiveness of their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of the
specific internal control components does not reduce to a relatively low level
the risk that error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control, including
control activities for safeguarding securities, that we consider to be material
weaknesses as defined above.
We understand that practices and procedures that accomplish the objectives
referred to in the second paragraph of this report are considered by the SEC
to be adequate for its purposes in accordance with the Securities Exchange Act
of 1934 and related regulations, and that practices and procedures that do not
accomplish such objectives in all material respects indicate a material
inadequacy for such purposes. Based on this understanding and on our study,
we believe that the Company's practices and procedures were adequate at
December 31, 1999 to meet the SEC'S objectives.
This report is intended solely for the use of the Board of Directors,
management, the SEC, (Designated self-regulatory organization), and other
regulatory agencies that rely on rule 17a-5(g) under the Securities Exchange
Act of 1934 in their regulation of registered brokers and dealers, and should
not be used for any other purpose.
/s/ Tanner+Co.
TANNER+CO.
Salt Lake City, Utah
February 22, 2000
