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021 <br />Koonce, Wooten & Haywood, LLP <br />SYSTEM REVIEW REPORT <br />May 22, 2012 <br />Martin, Starnes & Associates, CPAs, PA and the <br />Peer Review Committee, North Carolina Association <br />of Certified Public Accountants <br />We have reviewed the system of quality control for the accounting and auditing practice of Martin, <br />Starnes & Associates, CPAs, PA (the firm) in effect for the year ended December 31, 2011. Our <br />peer review was conducted in accordance with the Standards for Performing and Reporting on Peer <br />Reviews established by the Peer Review Board of the American Institute of Certified Public <br />Accountants. The firm is responsible for designing a system of quality control and complying with <br />it to provide the firm with reasonable assurance of performing and reporting in conformity with <br />applicable professional standards in all material respects. Our responsibility is to express an opinion <br />on the design of the system of quality control and the firm's compliance therewith based on our <br />review. The nature, objectives, scope, limitations of, and the procedures performed in a System <br />Review are described in the standards at www.aicpa.orJprsummary <br />As required by the standards, engagements selected for review included engagements performed <br />under the Goveniment Auditing Standards and audits of employee benefit plans. <br />In our opinion, the system of quality control for the accounting and auditing practice of Martin, <br />Starnes & Associates, CPAs, PA, in effect for the year ended December 31, 2011, has been suitably <br />designed and complied with to provide the firm with reasonable assurance of performing and <br />reporting in conformity with applicable professional standards in all material respects. Firms can <br />receive a rating of pass, pass with defnciency(ies) or fail. Martin, Starnes & Associates, CPAs, PA <br />has received a peer review rating of pass. <br />Koonce, Wooten & Haywood, LLP <br />Raleigh <br />4040 Rrrre:t C• .e <br />F': I 0ffce F ^( 173( <br />F i -i6• , `north C wr -r X7 1 <br />Durham <br />3.11 Star n F J <br />S t_ 1( J <br />,rt -. C oiir. 2.'. <br />Pittsboro <br />1C Sa. ^ford F;:3d <br />Pcst Cff;ce Box 1353 <br />F,tt North Caro'in.: 27312 <br />'49 7'2 •1= -54 Z5E4 _1 . � 6C00 <br />919 753 8'"3, F' t i" 4: ) 21_: f ' , 91 542 57C4 FAX <br />