Agenda - 04-15-2008-4f - Laserfiche WebLink

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~a Orange County, North Carolina Mach 24, 2008 Page 11 To the Partners of McGladrey & Pullen, LLP ' and the Center for Public Company Audit F'nms Pees•lteview Committee We have reviewed the system ofgnality control for the accaunting•and auditing practice of McGladrey8c•Pullea, LLP•(the•Firm)•applicable~to •naa-SEC-issnecs•in•effect forthe yearended Apri130, 2007. The Fmn'.s accounting and auditing practice applicable to SEC issuers was not reviewed by us, since the Public Compmry Accounting Oversight Bomd (PCAOB) is responsrble ..for inspecting thatportion of the•Fimr's accounting and auditing piraotice in accordance wikh PCAOB requirements. A system of quality control encompasses the Fnm's organizational structure and the policies adopted and procedures established to provide it with reasonable assurance of complying with professional•standards. The elements of quality control are described in the Statements on Quality Control Standards issued by the American Institute of Certified Public Accountants (the AICPA). The desiga of the system, and compliance with it, are the responsibr7itien of the Firm. Our respansibilityis to express•an opinion on•the desiga of the system, and the Firm's compliance with that system based on our review. •Our review was conducted in accordance with atandards~established by tliePeer3s,~eview Committee of the Center for Public Company Audit Firms and included procedmes to plan and perform the review that ere summarized in the attached description of the peen review process. Onr review would not necessarily disclose aU weakae.9ses is the system of quality, control or all instances of lack of compliance with it since it was based on selective tests. Because there are inherent limitations in the effectiveness of any systan of gaaiity control, departares from the system may occur and not bedetected. Also; projection of any evahration of a system of quality control to future periods is subject to the risk that the system of quality control may became inadequate because of changes in conditions, ar that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the system of quality control for the accounting and auditing practice applicable . to the ace-SEC issuers of McGladtey & Pullen, L•LP in effect for the year eroded Apri130, 2007, has been designed to meet the requirements of the quality control standards for an accounting and auditing practice established by the AICPA, and was• complied with during the year then • ended to provide the~Firm with reasonable assurance of complying with applicable professional standards. * ~ ~ As is customary in a peer review, we have issued a letter ender this date that sets forth comme~s relating td curtain policies and procedures or compliance with them. The matters described in the letter were not considered to be afsnfficient significanee to affect the opinion expressed~in.this report. ~~-~~y`~ November 30, 2009 • wemF~c~ rnoou,~,s~as„na,wo ~~a, Praacl~V. 3D388f151fi Fra3'Da42f'f't05 ~ppmetpp.' 6kd.cant tleyssd Yom Nsmbera aNGEPE110E11TNF14Y6