-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ci43SVWweUhLGmycYJhkhMdBenmBgsjT48Y47CAm+i7cP5rrCpfNLXP+rthxzd98 KdjajNYODnW3SwUxNClxSg== 0000897436-08-000220.txt : 20080530 0000897436-08-000220.hdr.sgml : 20080530 20080530125143 ACCESSION NUMBER: 0000897436-08-000220 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080530 DATE AS OF CHANGE: 20080530 EFFECTIVENESS DATE: 20080530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL FUND INC CENTRAL INDEX KEY: 0000790202 IRS NUMBER: 133341573 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04605 FILM NUMBER: 08869467 BUSINESS ADDRESS: STREET 1: 2344 SPRUCE STREET STREET 2: SUITE A CITY: BOULDER STATE: CO ZIP: 80302 BUSINESS PHONE: 3034445483 MAIL ADDRESS: STREET 1: 2344 SPRUCE STREET STREET 2: SUITE A CITY: BOULDER STATE: CO ZIP: 80302 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SAVINGS & BANKING INSTITUTIONS FUND INC DATE OF NAME CHANGE: 19860402 NSAR-B 1 answer.fil PAGE 1 000 B000000 03/31/2008 000 C000000 0000790202 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 FIRST FINANCIAL FUND, INC. 001 B000000 811-4605 001 C000000 3034445483 002 A000000 2344 SPRUCE STREET, SUITE A 002 B000000 BOULDER 002 C000000 CO 002 D010000 80302 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 WELLINGTON MANAGEMENT COMPANY, LLP 008 B000001 A 008 C000001 801-15908 008 D010001 BOSTON 008 D020001 MA 008 D030001 02109 010 A000001 FUND ADMINISTRATIVE SERVICES, LLC 010 B000001 84-1282398 010 C010001 BOULDER 010 C020001 CO 010 C030001 80302 010 A000002 STATE STREET BANK & TRUST COMPANY 010 B000002 85-11329 010 C010002 BOSTON 010 C020002 MA 010 C030002 02116 012 A000001 COMPUTERSHARE TRUST COMPANY, NA 012 B000001 85-11340 012 C010001 CANTON 012 C020001 MA 012 C030001 02021 013 A000001 DELOITTE & TOUCHE LLP 013 B010001 DENVER 013 B020001 CO 013 B030001 80202 015 A000001 STATE STREET BANK & TRUST COMPANY 015 B000001 C 015 C010001 BOSTON PAGE 2 015 C020001 MA 015 C030001 02116 015 E010001 X 015 A000002 CITIBANK, N.A. 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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
To the Shareholders and Board of Directors of
 
 
First Financial Fund, Inc.:
 
 
In planning and performing our audit of the financial statements of First Financial Fund, Inc. (the "Fund") as of and for the year ended March 31, 2008, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.
 
 
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund's assets that could have a material effect on the financial statements.
 
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual financial statements will not be prevented or detected on a timely basis.
 
 
Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls for
 

 
 
 


 
safeguarding securities, that we consider to be a material weakness, as defined above, as of March 31, 2008.
 
This report is intended solely for the information and use of management and the Board of Directors of First Financial 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.
 

 
 
/s/ Deloitte & Touche LLP
 
May 27, 2008


 
 
 


 


 
 
 

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