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BK 00026 PG <br />Koonce, Wooten & Haywood, LLP <br />CERTWIEU PLGLiC ACCCA A?ANTS <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.org /prsummary <br />As required by the standards, engagements selected for review included engagements performed <br />under 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 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 deficierncv(ies) or fail. Martin, Starnes & Associates, CPAs, PA <br />has received a peer review rating of pass. <br />4�r {C.Q� �&c?oow G /� <br />Koonce, Wooten & Haywood, LLP <br />Raleigh <br />4060 Barret', Drive <br />Post Office Box 17806 <br />Raleigh, North Caronra 27619 <br />Durham <br />3511 Shannon Road <br />Suite 100 <br />Durham. North Carolina 2770, <br />Pittsboro <br />10 Sanford Road <br />Post Office Box 1399 <br />Pittsboro, North Carolina 27312 <br />919 7 829265 919 354 2584 919 542 6000 <br />919 783 8.937 FAX 919 4898183 FAX 919 542 5764 FAX <br />