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• Strict adherence to the AICPA's rules of professional conduct, which specifically require maintaining the <br />confidentiality of client records and information. Privacy and trust are implicit in the accounting <br />profession, and CLA strives to act in a way that will honor the public trust. <br />• A requirement that all single audit engagements be reviewed by a designated single audit reviewer, <br />thereby confirming we are in compliance with the standards set forth in OMB Uniform Guidance. <br />t.� Cherry Bekaert— <br />CPAs 6 Advisors <br />Report on the Firm's System of Quality Control <br />November 21, 2019 <br />To the Principals of OlftonLarsonAllen LLP <br />and the National Peer Review Committee <br />We have reviewed the system of quality control for the accounting and auditing practice of CiiflonLarsonAllen LLP <br />(the trm) applicable to engagements not subject to PCAOB permanent inspection in effect for the year ended May <br />31, 2019.Our 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 Accountants <br />(Standards). <br />A summary of the nature, objectives, scope, limitations of, and the procedures performed in a System Review as <br />described in the Standards may be found at www.aiepa.orglprsuminary. The summary also includes an <br />explanation of how engagements identified as not performed or reported in conformity with applicable professional <br />standards, if any, are evaluated by a peer reviewer to determine a peer review rating. <br />Fires Responsibility <br />The firm is 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 all <br />material respects. The firm is also responsible for evaluating actions to promptly remedlate engagements deemed <br />as not performed or reported in conformity with professional standards, when appropriate, and for remediating <br />weaknesses in its system ofquality control, if any, <br />Peer Reviewer's Responsibility <br />Our responsibility is to express an opinion on the design of the system of quality control and the firm's compliance <br />therewith based on our review - <br />Required Selections and Considerations <br />Engagements selected for review included engagements performed under Govemmenr Auditing Standards, <br />including compliance audits under the Single Audit Act; audits of employee benefft plans; audits performed under <br />FDlQI& audits of broker -dealers; and examinations of service organizations [BOG 1 and SOC 2 ongagementsj. <br />As a part of our peer review, we considered reviews by regulatory entities as communicated by the firm, if <br />applicable, in delemtining the nature and extent of our procedures. <br />opinion <br />In our opinion, the system of quality control for the accounting and auditing practice of CliftonLarsonAllen LLP <br />applicable to engagements not subject to PCAOB permanent inspection in effect for the year ended May 31, 2019, <br />has been suitably 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 receive a rating of <br />pass, pass with deficlency(ies) or fail, CliftonLarsonAVen LLP has received a peer review rating or pass. <br />� � LJ <br />Cherry Bekaert LLP <br />