Company: NEN
Filing Date: 2025-09-03
Form Type: 8-K/A
Source: 0001104659-25-087096
Chunk: 4

Company: NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
Filing Date: 2025-09-03
Form: 8-K/A
Chunk 4
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 fairly, in all material respects, the revenues and certain expenses of the Purchased Property for
the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing
standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statement section of our report. We are required to be independent
of the Purchased Property and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating
to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to Note 2 to the financial
statements, which describes that the accompanying statements of revenue and certain expenses was prepared for the purpose of
complying with rules and regulations of the U.S. Securities and Exchange Commission and is not intended to be a complete
presentation of the Purchased Property’s revenues and certain expenses. Our opinion is not modified with respect to that
matter.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation
and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation, and maintenance of internal control relevant to the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.

In preparing the financial statement, management
is required to evaluate whether there are conditions or events, considered in the aggregate that raise substantial doubt about the Purchased
Property’s ability to continue as a going concern within one year after the date that the financial statements are available to
be issued.

Auditor’s Responsibilities for the Audit of the Financial Statement

Our objectives are to obtain reasonable
assurance about whether the financial statement as a whole is free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omission, misrepresentation, or the override of internal control.
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