... material effect on these financial statements. Summary As stated in our opinion on the financial statements, we concluded that the Commission’s financial statements as of and for the years ... 2012 and 2011, and the related statements of net cost, changes in net position, budgetary resources, and custodial activity (hereinafter referred to as “financial statements”) for the years then ... not express an independent opinion on the Commission's financial statements. KPMG concluded that the financial statements present fairly, in all material respects, the financial position...