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October 21, 20D4 <br />To the Partners of <br />Cherry Beltaert & Holland L,L,P. <br />and the Center for Public Company Audit Firms Peer Review Committee <br />We have reviewed the system of quality control for the accounting and auditing practice of <br />Cherry Bekaert & Holland L.L.P, (the firm) applicable to non-SEC issuers in effect for the yeaz <br />ended April 30, 2004. The firm's accounting and auditing practice applicable to SEC issuers <br />was not reviewed by us since the Public Company Accounting Oversight Board (PCAOB) is <br />responsible for inspecting that portion of fire firm's accounting and auditing practice in <br />accordance with PCAOB requirements. A system of quality control encompasses the firm's <br />organizational structure and the policies adopted and procedures established to provide it with <br />reasonable assurance of complying with professional standazds, The elements of quality control <br />aze described in the Statements on Quality Control Standards issued by the American Institute of <br />Certified Public Accountants (the AICPA). The design of the system, and compliance with it, <br />aze the responsibilities of the firm. Our responsibility is to express an opinion on the design of <br />the system, and the firm's compliance with fire system based on our review. <br />Our review was conducted in accordance with standards established by the Peer Review <br />Committee of the Center for Public Company Audit Firms and included procedures to plan and <br />perform tUe review that are summarized in the attached description of the peer review process. <br />Our' review would not necessarily disc]ose all weaknesses in the system of quality control or all <br />instances of lade of compliance with it since it was based on selective tests. Because there arse <br />inherent limitations in the effectiveness of any system of quality control, departures from the <br />system may occur and not be detected. Also, projection of any evaluation of a system of quality <br />control to future periods is subject to the risk that the system of quality control may become <br />inadequate because of changes in conditions, or that the degree of compliance with the policies <br />or procedures may deteriorate, <br />In our opinion, the system of quality control for the accounting and auditing practice applicable <br />to the non-SEC issuers of Cherry Bekaert & Holland L.L.P, in effect for the year ended Apri130, <br />2004, has been designed to meet the requirements of the quality control standards for an <br />accounting and auditing practice established by the AICPA, and was complied wit]t during the <br />year then ended to provide Use firm with reasonable assurance of complying with applicable <br />professional standards, <br />Gucrlurl~<n Dn+inen 15rzk <br />370 dnrrladlrn Dnnl<nnrd. Snirc 5011 <br />IlmmrrfirlJ. Lolnmrlo 900?! <br />ml: 3113A0l,Ntl?? <br />fns:303,~fi09797 yG~~ <br />Offi.cs in li s:mcs anJ \\r:rshin~¢m. DC a8y' D mmrnnaonm <br />www.ctiftoncpa.com <br />13 <br />Cldton <br />Gunderson >>1r <br />Ccrtl0ed CuLlie A<munlonle b Comullanb <br />