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G RI ER <br />REEVES <br />& LAWLEY, RC. <br /> <br />CERTIFIED PUBLIC ACCOUNTANTS <br /> <br />J. Marshall Gri;r (1914- 1978) <br />William L. Ree,,es (1926 - 1997) <br /> <br />Mark H. tawley. CPA <br />David B. Waddle. Jr.. CPA <br />William C. Kirby, CPA <br />Phillip L Jimrnersorl, CPA <br />Rick Lindsey, CPA <br />Belinda K. Raker. CPA <br /> <br />To the Officers <br />McClanahan and Holmes, PLLC <br /> <br />We have reviewed the system of quality control for the accounting and auditing practice of McClanahan <br />and Holmes, PLLC (the firm) in effect for the year ended March 31, 2000. A system of quality control <br />encompasses the firm's organizational structure and the policies adopted and procedures established <br />to provide it with reasonable assurance of complying with professional, standards. The elements of <br />quality control are described in the Statements on Quality Control Standards issued by the American <br />Institute of Certified Public Accountants (AICPA). The design of the system and compliance with it are <br />the responsibility of the firm. Our responsibility is to express an opinion on the design of the system, and <br />the firm's compliance with the system based on our review. <br /> <br />Our review was conducted in accordance with standards established by the Peer Review Board of the <br />AICPA. In performing our review, we obtained an understanding ofthe system of quality control for the <br />firm's accounting and auditing practice. In addition, we tested compliance with the firm's quality control <br />policies and procedures to the extent we considered appropriate. These tests covered the application <br />of the firm's policies and procedures on selected engagements. Because our review was based on <br />selective tests, it would not necessarily disclose all weaknesses in the system of quality control or all <br />instances of lack of compliance with it. <br /> <br />Because there are inherent limitations in the effectiveness of any system of quality control, departures <br />from the system m~y occur and not be detected. Also, projection of any evaluation of a system of quality <br />control to future periods is subject to the risk that the system of quality control may become inadequate <br />because of changes in conditions, or because the degree of compliance with the policies or procedures <br />may deteriorate. <br /> <br />In our opinion, the system of quality control for the accounting and auditing practice of McClanahan and <br />Holmes, PLLC, in effect for the year ended March 31,2000, has been designed to meet the requirements <br />of the quatity control standards for an accounting and auditing practice established by the AICPA and was <br />complied with during the year then ended to provide the firm with i'easonable assurance of complying with <br />professional standards. <br /> <br />August 30, 2000 <br /> <br /> (903) 793-5695 fAX (903) 794-2112 <br /> 3424 Texas Boulevard · Texarkana, Texas 75503 <br />MEMI~ERS OF THE AMERICAN INSTITUTE C~ CERTIFIED PUBLIC ACCO~JNTANT$ <br /> <br /> <br />