0000940400-15-000061.txt : 20150128
0000940400-15-000061.hdr.sgml : 20150128
20150128125416
ACCESSION NUMBER: 0000940400-15-000061
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20141130
FILED AS OF DATE: 20150128
DATE AS OF CHANGE: 20150128
EFFECTIVENESS DATE: 20150128
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FLAHERTY & CRUMRINE PREFERRED INCOME FUND INC
CENTRAL INDEX KEY: 0000868578
IRS NUMBER: 954305694
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1130
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06179
FILM NUMBER: 15554031
BUSINESS ADDRESS:
STREET 1: 301 E COLORADO BLVD STE 720
STREET 2: C/O FLAHERTY & CRUMRINE INC
CITY: PASADENA
STATE: CA
ZIP: 91101
BUSINESS PHONE: (626) 795-7300
MAIL ADDRESS:
STREET 1: 301 E COLORADO BLVD STE 720
STREET 2: C/O FLAHERTY & CRUMRINE INC
CITY: PASADENA
STATE: CA
ZIP: 91101
FORMER COMPANY:
FORMER CONFORMED NAME: PREFERRED INCOME FUND INC
DATE OF NAME CHANGE: 19920703
NSAR-B
1
fcpif.fil
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SIGNATURE R. ERIC CHADWICK
TITLE CHIEF FINANCIAL OFFICER
EX-99.77B ACCT LTTR
2
fcpif77b.txt
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of
Flaherty & Crumrine Preferred Income Fund Incorporated
In planning and performing our audit of the financial
statements of Flaherty & Crumrine Preferred Income Fund
Incorporated (the "Fund"), as of and for the year ended
November 30, 2014, 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.
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
company'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 (GAAP). A
company'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 company; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with GAAP, and that receipts and expenditures of
the company are being made only in accordance with
authorizations of management and directors of the company;
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 or interim 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 over safeguarding securities that we
consider to be a material weakness as defined above as of
November 30, 2014.
This report is intended solely for the information and use
of management and the Board of Directors of Flaherty &
Crumrine Preferred Income Fund Incorporated 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/ KPMG LLP
Boston, Massachusetts
January 19, 2015