Every three years, Thaney & Associates undergoes a review of the system of quality control for our accounting and auditing practice. A system of quality control includes the firm's organizational structure and the policies and procedures established to provide it with reasonable assurance of conforming to professional standards set forth by the American Institute of Certified Public Accountants (AICPA).

During the review, required representations were read, firm personnel interviews were conducted, and engagements and administrative files were selected to test for conformity with professional standards. The tests covered the application of the firm's policies and procedures on selected engagements that represented a reasonable cross-section of the firm's accounting and auditing practice.

According to the standards of the Peer Review Board of the AICPA, it was determined that the system of quality control for the accounting and auditing practice of Thaney & Associates for the year ended June 30, 2005, has been designed to meet the requirements of quality control standards, and was complied with during the year then ended to provide the firm with reasonable assurance of conforming with professional standards.