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I Dav~s Kinard &Co, PC <br />ccrzrr~rFo r~cer.rc.iccnc:~ i:i:~ r., <br />Quality. Integrity. Knowledge. <br />System Review Report <br />June 23, 2009 <br />First Financial Bank Building <br />400 Pine St. Suite 600, Abilene, Texas 79601-5190 <br />325.672.4000 / 800.588.2525 / f: 325.672J049 <br />www.dkcpa.com <br />To the Partners of <br />McClanahan and Holmes, LLP <br />and the Peer Review Committee of the Texas Society of Certified Public Accountants <br />We have reviewed the system of quality control for the accounting and auditing practice of McClanahan <br />and Holmes, LLP (the firm) in effect for the year ended March 31, 2009. Our peer review was <br />conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established <br />by the Peer Review Board of the American Institute of Certified Public Accountants. The firm is <br />responsible for designing a system of quality control and complying with it to provide the firm with <br />reasonable assurance of performing and reporting in conformity with applicable professional standards in <br />all material respects. Our responsibility is to express an opinion on the design of the system of quality <br />control and the firm's compliance therewith based on our review. The nature, objectives, scope, <br />limitations of, and the procedures performed in a System Review are described in the standards at <br />www.aicpa.org/t)rsummary. <br />As required by the standards, engagements selected for review included engagements performed under <br />the Government Auditing Standards and audits of employee benefit plans. <br />In our opinion, the system of quality control for the accounting and auditing practice of McClanahan <br />and Holmes, LLP, in effect for the year ended March 31, 2009, has been suitably designed and complied <br />with to provide the firm with reasonable assurance of performing and reporting in conformity with <br />applicable professional standards in all material respects. Firms can receive a rating of pass, pass with <br />deficiency(ies) or fail. McClanahan and Holmes, LLP has received a peer review rating of pass. <br />c~ P(f- <br />DAVIS KINARD & CO, PC <br />143 <br />