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~ ~ <br />i• <br />Orange County, Noah Carolina <br />March 24, 2U08 <br />Page 11 <br /> <br />To the Partners of McGladrey & Pullen, LLP <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 />McGladrey& Pollee, LLP (the Firm) applicable to non-SEC iasuers in-effect for the year ended <br />Apri130, 2007. The Firm's accounting and auditing pnictice applicable to SEC issuers was not <br />reviewed by us, since the Public Company Accounting Oversight Board (PCAOB) is responsible <br />for inspecting that portion of the Finn's acceu~ing and auditing practice in accordance with <br />PCAOB requirements. A system of quality control encompasses the Firm's organizational <br />structure and the policies adopted and procedures established to provide it with reasonable <br />assurance of complying with professional standards. The elements of qualify control are <br />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, are <br />the responsibilities of the Firm. Our responsibility is to express an opinion onthe design of the <br />system, and the Firm's compliance wrth that system based on our review. <br />our review was conducted in accordance with standards established by the Peer $eview <br />Committee of the Center for Public Company Audit Finns and included procedures to glen and <br />perform the review that are summarized in the attachod description of the pea review process. <br />Our review would not necessarily disclose all wealm in the system of quality central or all <br />instances of lack of compliance with it since it was based on selective tests. Because them are <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 a~ 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 procedaes 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 McGladrey & Pullen, LLP in effect for the year ended Apri130, 2007, <br />has been designed to meet the requirements of the quality control standards for an accounting <br />and auditing practice established by the AICPA, and was complied with during the year then <br />ended to provide the Firm with reasonable asm~~ce of complying with applicable professional <br />standards. <br />s : » <br />As is customary in a peer review, we have issued a letter ender this date that sets forth comments <br />relating to certain policies and procedures or compliance with them. The matters described in the <br />letter were not censidered to be ofsuff amt significance to affect the opinion expressed in this <br />report. <br />~~~L~ <br />November 30, 2007 <br />~~ Ba1~aa~ ~~ ttarat~ara MDE~EgO EUT FIBL S <br />• <br />