Peer Review

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September 28, 2011
System Review Report
To the Partners of Mason & Rich, Professional Association
and the Peer Review Committee of New England Peer Review

 

We have reviewed the system of quality control for the accounting and auditing practice of Mason & Rich, Professional Association (the Firm) in effect for the year ended May 31, 2011. Our peer 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 with reasonable assurance of performing and reporting in conformity with applicable 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, limitations of, and the procedures performed in a System Review are described in the standards at www.aicpa.org/prsummary.

 

As required by the standards, engagements selected for review included engagements performed under Government Auditing Standards.

 

In performing our review, we obtained an understanding of the system of quality control for the firm’s accounting and auditing practice. In addition, we tested compliance with the firm’s quality control policies and procedures to the extent we considered appropriate. These tests covered the application of the firm’s policies and procedures on selected engagements. Our review was based on selected tests, therefore it would not necessarily detect all weaknesses in the system of quality control or all instances of noncompliance with it. There are inherent limitations in the effectiveness of any system of quality control and therefore noncompliance with the system of quality control may occur and not be detected. Projection of any evaluation of a system of quality control to future periods is subject to the risk that the system of quality control may become inadequate because of changes in conditions, or because the degree of compliance with the policies or procedures may deteriorate.

 

In our opinion, the system of quality control for the accounting and auditing practice of Mason & Rich, Professional Association in effect for the year ended May 31, 2011 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 or fail. Mason & Rich, Professional Association has received a rating of pass.

 

Sullivan Bille, PC