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AJ <br /> Abbott, Jordan C,31,Koon, LLC <br /> CERTIFIED PUBLIC ACCOUNTANTS <br /> To the Owners P.O.Box 609 ❑ 405 Second Street ❑ Manchester,GA 31816 <br /> Keefe, McCullough & Co., LLP n061 X01 °Fax(706)846-3370 <br /> We have reviewed the system of quality control for the accounting and auditing practice <br /> of Keefe, McCullough &Co., LLP (the firm) in effect for the year ended August 31, 2008. <br /> A system of quality control encompasses the firm's organizational structure, the policies <br /> adopted and procedures established to provide it with reasonable assurance of conforming <br /> with professional standards. The elements of quality control are described in the <br /> Statements on Quality Control Standards issued by the American Institute of Certified <br /> Public Accountants (AICPA). The firm is responsible for designing a system of quality <br /> control and complying with it to provide the firm reasonable assurance of conforming with <br /> professional standards in all material respects. Our responsibility is to express an opinion <br /> on the design of the system of quality control and the firm's compliance with its system of <br /> quality control based on our review. <br /> Our review was conducted in accordance with standards established by the Peer <br /> Review Board of the AICPA. During our review,we read required representations from the <br /> firm, interviewed firm personnel and obtained an understanding of the nature of the firm's <br /> accounting and auditing practice, and the design of the firm's system of quality control <br /> sufficient to assess the risks implicit in its practice. Based on our assessments, we <br /> selected engagements and administrative files to test for conformity with professional <br /> standards and compliance with the firm's system of quality control. The engagements <br /> selected, represented a reasonable cross-section of the firm's accounting and auditing <br /> practice with emphasis on higher-risk engagements. The engagements selected included <br /> among others, audits of Employee Benefit Plans and engagements performed under <br /> Government Auditing Standards. Prior to concluding the review, we reassessed the. <br /> adequacy of the scope of the peer review procedures and met with firm management to <br /> discuss the results of our review. We believe that the procedures we performed provide <br /> a reasonable basis for our opinion. <br /> In performing our review,we obtained an understanding of the system of quality control <br /> for the firm's accounting and auditing practice. In addition, we tested compliance with the. <br /> firm's quality control policies and procedures to the extent we considered appropriate. <br /> These tests covered the application of the firm's policies and procedures on selected <br /> engagements. Our review was based on selected tests therefore it would not necessarily <br /> detect all weaknesses in the system of quality control or all instances of noncompliance <br /> with it. There are inherent limitations in the effectiveness of any system of quality control <br /> and therefore noncompliance with the system of quality control may occur and not be <br /> detected. Projection of any evaluation of a system of quality control to future periods is <br /> subject to the risk that the system of quality control may become inadequate because of <br /> changes in conditions, or because the degree of compliance with the policies or <br /> procedures may deteriorate. <br /> MEMBERS OF <br /> AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS <br /> GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS <br />