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City of Redwood City <br />Our continued participation in periodic quality reviews, our voluntary membership in the AICPA and <br />California Society of CPAs, and our membership in the AICPA's Governmental Audit Quality <br />Center support the Firm's commitment to quality and our high standards for client service. <br />The reviewer's repo follows: <br />y�qr r E <br />Eerl €Ilod 9u #li[4iwualantt das€ise ss farsulianh <br />6A .A. - Page 23 <br />-. - _- <br />I'1` -`n) 131[ •,4':s1li -t I�� <br />llii;!, 'mil �tl €�Eksl`.t I'� <br />A. Vxl \I 1Iit K".t P1 <br />i kvtin �-ult!!.t 1'1 <br />'1'o the Partners <br />CaporicK a Larrmon <br />rrvine. California <br />Wr; have rev ietlpd the system of quality control for tK <br />accounting and auditing practice of Caporicc'i t Larson, <br />C'eKified Public Accr:unt =n[s ft -hw €i.rtnl in efi c[ tar the yca: <br />ended Docemher 31, 2007. A system of tpla lity control <br />encompasses the firm's Organizational structure, the policies <br />adopeed and procedures estahlimhed to provide it, k•:ith reasonable <br />assurance of conforming wit'•h professional standards,. The <br />elements of quality control are described in t. ito state€ce,:ts CJ,, <br />Quality Control. St.andard,s ise;uerl by the Amcrican f:s:;tituL'e of <br />Certified Public Accountants IAICPAl - The f i r m in ren,ns, ble <br />for de: igning a sye <teist of quality control and _mp yLng with it <br />La provide the °irm reasonable assurance vE conforming whin <br />professional standards in all material rrspects_ Chi <br />responsibility iia to express ar; rpInion on u jc. de:ri._Ir€ of the <br />system of quality control and LIM firm's compliance with its <br />system of quality control basud an our review. <br />Our review Was conducted in accordance With .standards <br />e by tho Peer keviaw Board , the A C_A. During} Our <br />review, we re d reVi representations from we firm, <br />interviewed firm personnel and obtained an undersea €ding of tire? <br />nature of the ilrws accounting and auditinq pr,r.)ct: ice, and the <br />dOS;ign of the firtts's sy "ml of quality concr•cl %Ifficict[e to <br />a:uns the risks implicit in its prat lcc. rased an ou <br />assessttierttrs, we selected ungagenWnts and administrative rrleu to <br />test for conformity witli professional _,Gandards and. compliance <br />wi.tli the l i niv s system of duality control . The engagements <br />3elecCed represented a reasonable rros <,- se'tior. of the firm'rt <br />acEountinq and auditing practice with empha_;is on higher -ri k- <br />engagements. The engagements selected included among others, an <br />audit of an Employee seneHt Dian a nd Gngle€!tents performed <br />under GOVern7€enL inAiting Standards, Prior to concluding die <br />revieW, We rea.ssessecd the ado ±quacy of r:lzc gc - ope of th(7* heft' <br />review 13r0c0dures a met with firm meanar}entent to discuss t'-he= <br />results or our review, We believe that the procedural we <br />performed provide a reascnable basis for our opinion, <br />re€ perfortnijig out review, we €bLained an undersEand.ing of the <br />system of qual"Y cOntrcl for the firm's accounting and atudRing <br />pracHr[:. In addition, ;f tested cocui�liauce :dith [tie Fire:'.. <br />Caporicci 8t Larson, CPA,5 <br />5 <br />