Our most recent peer review report issued in September 2010 by independent peer reviewers reads as follows:

September 23, 2010
 
To the Shareholders of
Piercy Bowler Taylor & Kern
CPAs and Business Advisors
and the National Peer Review Committee of the AICPA

We have reviewed the system of quality control for the accounting and auditing practice of Piercy Bowler Taylor & Kern CPAs and Business Advisors (the firm) applicable to non-SEC issuers in effect for the year ended June 30, 2010. Our review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public Accountants. The firm is responsible for designing a system of quality control and complying with it to provide the firm reasonable assurance of performing and reporting in conformity with professional standards in all material respects. Our responsibility is to express an opinion on the design of the system of quality control and the firm's compliance therewith based on our review. The nature, objectives, scope, limitation of and the procedures performed in a System Review are described in the standards at http://www.aicpa.org/prsummary.

As required by the standards, engagements selected for review included engagements performed under the Government Auditing Standards; and audits of employee benefit plans.

In our opinion, the system of quality control for the accounting and auditing practice of Piercy Bowler Taylor & Kern CPAs and Business Advisors applicable to non-SEC issuers in effect for the year ended June 30, 2010, has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Firms can receive a rating of pass, pass with deficiency(ies) or fail. Piercy Bowler Taylor & Kern has received a peer review rating of pass.