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SIGNATURE STEPHANIE D. PIERCE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Independent Auditors' Report
To the Board of Directors and Shareholders of
The Dreyfus/Laurel Funds, Inc.:
In planning and performing our audit of the financial statements of the
Dreyfus Tax-Smart Growth Fund of The Dreyfus/Laurel Funds, Inc. (the "Fund")
for the year ended August 31, 1999, we considered its internal control,
including procedures 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 internal control.
The management of the Fund 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 internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of 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 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 one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by 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 and its
operation, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of August 31, 1999.
This report is intended solely for the information and use of management,
the Board of Directors of The Dreyfus/Laurel Funds, Inc. and the Securities
and Exchange Commission.
New York, New York
October 22, 1999
