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L~~'CE, FLT ~~MPAI`~1'Y LLP <br />CERTIFIED PUBLIC ACCOUNTANTS <br />SAMUEL A. BOYCE, PARTNER <br />BOBBIE W. FURR, PARTNER <br />May 5, 2009 <br />Martin Starnes & Associates, CPAs, PA and the <br />Peer Review Committee, North Carolina Association <br />of Certified Public Accountants <br />RECEIVED <br />FHB 14 20ii <br />>C;ll GOVERNRgENT <br />uOIb1MISSION <br />SANDY P. NEWELL, CPA <br />Jo ELLEN B. LoY, CPP. <br />DAVID E. BOYCE, CPA <br />PATRICIA T. WAGNER, CPA <br />CHERYL W. GAZALEH, CPA <br />We have reviewed the system of quality control for the accounting and auditing practice of <br />Martin Starnes & Associates, CPAs, PA (the firm) in effect for the year ended December 31, <br />2008. Our peer review was conducted in accordance with the Standards for Performing and <br />Reporting on Peer Reviews established by the Peer Review Board of the American Institute of <br />Certified Public Accountants. The firm is responsible for designing a system of quality control <br />and complying with it to provide the firm with reasonable assurance of performing and reporting <br />in conformity with applicable professional standards in a!! material respects. Our responsibility <br />is to express an opinion on the design of the system of quality control and the firm's compliance <br />therewith based on our review. The nature, objectives, scope, limitations of, and the procedures <br />performed in a System Review are described in the standards at www.aicpa.org/prsummary. <br />As required by the standards, engagements selected for review included engagements <br />performed under the Government Auditing Standards and audits of employee benefit plans. <br />In our opinion, the system of quality contro( for the accounting and auditing practice of Martin <br />Starnes & Associates, CPAs, PA in effect for the year ended December 31, 2008, has been <br />suitably designed and complied with to provide the firm with reasonable assurance of <br />performing and reporting in conformity with applicable professional standards in all material <br />respects. Firms can receive a rating of pass, pass wifh deficiency(ies) or fail. Martin Starnes & <br />Associates, CPAs, PA has received a peer review rating of pass. <br />BOYCE, FURR & COMPANY, LLP <br />4JOO FALLS OF THE NEUSE ROAD . SUITE 22O RALEIGH, NORTH CAROLINA 27609 <br />Q I ~ RFi2_ll(1(14 FAX: 91 9.862.0009 WWW.BOYCEFURRCPA.COM <br />