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I I I I I I I I I I I I I I I I I I I Zf!& INFANTE & COMPANY CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS CONGULTANTS Members of: Aml!l1Clll'llna\itute 01 Q)As . Center 101' Public Company Aucft Finns 'Tn DMalon · Pet80naI FinIl1c1111 Planning Section FIoridlllnltitute III CPAs Nationlll A!lSoclated Certit~ Public Accovnting Arms HaI1'icon Exewtlvll Centre . Suitll 308 1930 HaITisDn Slntet HoIy,wod. RQI'ida 33020 Telephone (9541922-8966 Fu f~I922.eBB4 WWW.illfantecoCPB.com Iccpes_BIlI.cam June 29. 2006 To The Partners Caballero and Castellanos, P.L. We have reviewed the system of quality control for' the accounting and auditing practice of Caballero and Castellanos, P.L. (the "Firm") in effect for the year ended November 30.2005. A _ . system of quality control encompasses the Firm.s organiZational structure, the policies adopted and procedures established to provide it with reasonable assurance of conforming with professio~al standards. The elements of quality control are described in the Statements on Qual~ty Control , . . Standards issued by the Americnn Institute of Certified Public Acconntants (A ICP A). The finn is responsible for designing a system of quality control and complying with it to provide the Firin reasonable assurance of confonning wIth professional standards in all material respects. Our responsibility is to express an opinion on the design of the system of quality control and the Firm's compliance with its system of quality control based on our review. Our review was conducted in accordance with standards established by the Peer Review Board of the AICPA. During oLtr review, we read required representations from the finn, interviewed finn personnellind obtained an understanding of the nature of the Finn's accounting and auditing practice, and the design oftbe Finn's system of quality control sufficient to assess the risks implicit in its practice. Based on our assessments, we selected engagements and administrative files to test for conformity with professional standards and compliance with the Fiml's system of quality control. The engagements selected represented a reasonable cross-section of the firm's accounting and auditing practice with emphasis on higher-risk engagements. The engagements selected included among others, audit of an Employee Benefit Plan. and engagements perfonned under Governmental Auditing Standards a.nd OMB Circular A-133. Prior to concluding the review, we reassessed the adequacy of the scope of the peer review procedures and met with firm management to discuss the results of our review. We believe that the procedures we perfonned provide a reasonable basis for our opinion. In perfonning our review, we obtained an understanding of the system of quality control for the Firm's accounting and auditing practice. In addition, we tested compliance with the Finn's quality control policies and procedures to the extent we considered appropriate. These tests covered the application of the Finn's policies and procedures on selected engagements. Our review was based on selected tests therefore it would not necessarily detect aU weaknesses in the system of quality control or all instances of noncompliance with it. There are inherent limitations in the effectiveness of any syste~ of quality control and theref~re noncompliance with the system of quality control may