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SIGNATURE RUTH PROCHASKA
TITLE CONTROLLER
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Trustees
Iowa Public Agency Investment Trust:
In planning and performing our audit of the financial statements of the
Diversified Portfolio and the Direct Government Obligation Portfolio of the Iowa
Public Agency Investment Trust (the Trust) for the year ended June 30, 1998, we
considered its internal control, including procedures for safeguarding
investment 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 Trust 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
internal control policies and procedures. Two of the objectives of internal
control are to provide management with reasonable, but not absolute, assurance
that assets 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 preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in internal control, errors 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 procedures 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 specific
internal control components does not reduce to a relatively low level the risk
that errors 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 procedures
for safeguarding securities, that we considered to be material weaknesses as
defined above.
This report is intended solely for the information and use of the Board of
Trustees, management, and the Securities and Exchange Commission.
KPMG PEAT MARWICK LLP
July 24, 1998
