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~"')" GRIER '~" , REEVES ,Ii. & LAWLE~ P.c. CERTIFIED PUBLIC ACCOUNTANTS 3424 Texas Boulevard 903.793.5695 Texarkana, Texas 75503-3248 ax 903.794.2112 mail@grlcpa.co MEMBER OF THE AME ICAN INSTITUTE OF CERTIFIED PUBLI ACCOUNTANTS To the Officers McClanahan and Holmes, PLLC We have reviewed the system of quality control for the accounting and auditing practi e of McClanahan and Holmes, PLLC (the firm) in effect for the year ended March 31, 2003. A syste of quality control encompasses the firm's organizational structure and the policies adopted and procedu es established to provide it with reasonable assurance of conforming with professional standards. The ements of quality control are described in the Statements on Quality Control Standards issued by the A erican Institute of Certified Public Accountants (AICPA). The design of the system and complianc with it are the responsibility of the firm. Our responsibility is to express an opinion 00 the design of th system, and the firm's compliance with the system based on our review. Our review was conducted in accordance with standards established by the Peer Re iew Board of the AICPA. In performing our review, we obtained an understanding of the system of qu lity control for the firm's accounting and auditing practice. In addition, we tested compliance with the fir's quality control policies and procedures to the extent we considered appropriate. These tests covered the application of the firm's policies and procedures on selected engagements. Because our review was ased on selective tests, it would not necessarily disclose all weaknesses in the system of quality control r all instances of lack of compliance with it. Because there are inherent limitations in the effectiveness of any system of quality c ntrol, departures from the system may occur and not be detected. Also, projection of any evaluation of system of quality control to future periods is subject to the risk that the system of quality control may be me inadequate because of changes in conditions or because the degree of compliance with the polic es or procedures may deteriorate. ' , In our opinion, the system of quality control for the accounting and auditing practice of McClanahan arid Holmes, PLLC, in effect for the year ended March 31, 2003, has been designed to mee the requirements of the quality control standards for an accounting and auditing practice established by e AICP A and was complied with during the year then ended to provide the firm with reasonable assura ce of conforming with professional standards. ~J~l ,/e. August19,2003