Boas & Boas LLP is pleased to report the latest successful completion of an independent peer review of our accounting and auditing practice as of October 31, 2010. This review was undertaken as a condition of membership in the American Institute of Certified Public Accountants (AICPA), the national organization of CPAs in public practice, industry, government and education. In 1988, the members of the AICPA overwhelmingly approved a proposal to require members in public practice to participate in a practice-monitoring program. With the adoption of this proposal, the AICPA implemented a peer review program of unprecedented scope in the CPA profession or any other. Our participation in peer review demonstrates our firm's desire to measure up to the profession's high standards of professionalism and our commitment to maintaining and improving the quality of our practice.

Our peer review was conducted by Benson & Neff, Certified Public Accountants, A Professional Corporation, San Francisco, California. The reviewers first determined that we have an adequate quality control system, and then checked to see that professional standards were followed in a representative sample of our accounting and auditing engagements.

After a thorough study of our policies and procedures, the reviewers concluded our firm complies with the stringent quality control standards established by the AICPA. Our firm is committed to periodic peer reviews to foster quality performance. If requested, the firm will provide a copy of the report on the results of the review to all interested parties, although it is not required to do so.

Bankers, bonding agents, investors, suppliers, legal advisors and others use the financial statements our firm audits, reviews or compiles. We think those people, our clients, and our own staff deserve independent quality assurance that our firm provides quality services. We are proud of our peer review results and would be happy to answer any questions you might have.