We are pleased to announce that our firm recently passed our peer review for the year ended March 31, 2005 and received an unqualified opinion. Receiving an unqualified or “clean” opinion for peer review is similar to the unqualified opinion letters which our clients receive when audited. It provides additional assurance that proper compilation, review, and audit procedures and policies have been established by the auditor and are being followed in a consistent manner. Peer review is required for all firms that are members of the American Institute of Certified Public Accountants (AICPA) and the Greater Washington Society of Certified Public Accountants (GWSCPA).

Peer review was established by the AICPA in order to promote the highest level of quality service to you, the client. It is a way of insuring that all public accounting firms adhere to the same level of quality service. Not all firms receive a peer review. Not all firms receive an unqualified opinion. A peer review includes an assessment, by an independent auditor, that the public accounting firm has established and follows policies and procedures such as:

• Audit procedures.
• Proper preparation of supporting workpapers.
• Quality controls over financial statement preparation.
• Quality controls over continuing education requirements and knowledge of the industries which they serve.
• Policies covering independence.
• Other issues which affect the overall quality of the work performed.

A copy of the opinion letter received from our auditor and the certificate of recognition from the AICPA is attached.