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<br /> <br />LTD. <br /> <br />CONSULTANTS AND UKHl"u:JJPUBUCACCOUNIANTS <br /> <br />September 16,' 2005 <br /> <br />DEanR.~CPA <br />Thomas ~ Sykes. CPA <br />Micbael5.!Jtman. CPA <br />Ddxrahj MfdliD.CPA <br />". Da-daR. BeDolE, ~ <br />RoDald~PetersoD.CPA <br />ThomasJ EliD& CPA <br />William Gme11e. CPA<< Counsel <br /> <br />To the Partners . <br />AbelO, Eiel<.& Meyers, LLP <br /> <br />'We have reviewed the system of quality control fOr: the accounting and auditing practice of <br />Abelo, Eiel< & Meyers, LLP In effect for the year ended May 31, 2005. A system of quarlty control <br />enCompasses the firm's organizational structure and the policies adopted and procedures estabfished to <br />provide it with reasonable assurance of conforming with professional standards. The elements of quality <br />control are described in the Statements on Quality Control 'Standards Issued by the Amencan Institute of <br />Certified Public ~ccountants (AI CPA). The firm is responsible fot d~igning a system of quality control <br />and complying'with it to provide the firm reasonable assurance of COnforming with professional standards <br />in all material respects, Our reSponsibility is to express an' opinion -on the design of the system of quality <br />control and the firm's compfiance with its sysfem of quality control based" on our review. <br /> <br />Our review was conducted In accordance with standards estabflShed by the Peer Review Board of the <br />A1CPA. During our review, we read required representations from the firm, interviewed firm personnel <br />and obtained an understanding of the nature of the firm's accounting and auditing practice, and the <br />design of the firm's system of quality control sufficient to assess the risks Implicit in its practice. Based <br />on our assessments, we selected engagements and adniinlstrative files to test for conformity with. <br />prOfessional standards and compUance with the fimJ's system of quality control. The engagements <br />selected represented a reasonable cross-section of the firm's accounting and auditing practice with <br />emphasis on h1gh-rlsk engagements. The engagem~ts selected included, among others, audits of <br />Employee Benefit Plans an~ engagemerits performed tinder Government AUditing standards. Prior to <br />concluding the review, we reassessed the adequaCy of the scope of the peer review procedures and met <br />with the firm management to discuss the results of our' revievJ. We beneve that the procedures we <br />performed provide a reasonable basis for our opinion. <br /> <br />In performingo.ur review, We obtained an understanding of the systen\ of quality control for the firm's <br />accounting and al$Dting practice. In addition, we tested compDance with the firm's quality control poUcles <br />and procedures to the extent we'Consldered apProprIate. These tests covei'ed the application of the <br />fifm's PQllcIes and procedures on seleCted engagements. OUr review was. based on selected tests; <br />tI1ereforelt~uld nOt necessarily detect aD weaknesSes In the system of qual"lty control or a111~ances of <br />noncompDance with It. There are Inhe.renl IImItatlor\S In the effectiVen~ of anY. system of quality control <br />and therefore noncompJIance with the system of quality "control may oc:cuf and not be detected. <br />Projection of any evaluation of a system of quality control to future periods Is subject to the risk that the <br />system of quality control may become Inadequate because of changes In Conditions, or because the <br />degree of compiiance With the poUcles.of procedures may deteriorate. <br /> <br />tiOQ'We1JsFargoCenter. 230West5uperiorStreet . Dulutb.MN 55802-1953. Phone218'72M705 . Fax218'722.8589 <br />f1JlCloquetAvenue' CJoquet.MN 55720-l677 . Phone218.879.J;;03 . Fax218.879-6240 <br />www.eikill.com <br /> <br />If <br />