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Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
First American Funds, Inc.
In planning and performing our audits of the financial statements of
Prime Obligations Fund, Government Obligations Fund, Treasury
Obligations Fund, and Tax Free Obligations Fund (funds within First
American Funds, Inc.) for the year ended September 30, 1998, we
considered their 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 to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of the Company is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the 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 one or more of the internal control components does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
November 13, 1998
Change in Registrant's Certifying Accountants
At a meeting held on September 9, 1998, the
Board of Directors of the First American Funds, Inc.
approved the engagement of Ernst & Young LLP as
its independent auditors for the fiscal year ending
September 30, 1999 to replace the firm of KPMG
Peat Marwick LLP, who were dismissed as independent
auditors of First American Funds, Inc. effective
November 25, 1998.
The report of KPMG Peat Marwick LLP on each of
funds within the First American Funds, Inc. financial
statements as of September 30, 1998 and for each of the
periods indicated, did not contain an adverse opinion or
a disclaimer of opinion and was not qualified or modified
as to uncertainty, audit scope, or accounting principles.
In connection with the audits of each of the funds within
the First American Funds, Inc. financial statements as of
September 30, 1998 and for each of the periods indicated
there were no disagreements with KPMG Peat Marwick
LLP on any matters of accounting principles or practices,
financial statement disclosure, or auditing scope and
procedures which, if not resolved to the satisfaction of
KPMG Peat Marwick LLP would have caused KPMG
Peat Marwick LLP to make reference
to the matter in their report. A letter from KPMG Peat
Marwick LLP is attached.
