Report of Independent Auditors
To the Shareholders and
Board of Directors of
Alliance All-Asia Investment Fund, Inc.
In planning and performing our audit of the financial statements of Alliance
All-Asia Investment Fund, Inc. for the year ended October 31, 2000, we
considered its internal control, including control activities for
safeguarding securities, 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, and not to provide assurance
on internal control.
The management of Alliance All-Asia Investment Fund, Inc. 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 control.
Generally, internal 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. T
Because of inherent limitations in internal control, misstatements
due to errors or
fraud may occur and not be detected. Also,
projections of any evaluation of internal control to future
periods are subject to the risk that internal control may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures 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 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 ma
ing internal control, including control activities for safeguarding
securities, and its operation that we consider to be material
weaknesses as defined above at October 31, 2000.
This report is intended solely for the information and use of the
Board of
Directors and management of Alliance All-Asia Investment
Fund, Inc., and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.
ERNST & YOUNG LLP
December 13, 2000
