External Peer Review


Flaherty Salmin LLP Certified Public Accountants
2300 Buffalo Road, Building 200
Rochester, NY 14624-1365
Office: 585-279-0120
Fax: 585-279-0166
www.fs-cpa.com

The Owners
Reed & Associates, CPAs, Inc.
and the Peer Review Program of the
Virginia Society of Certified Public Accountants

We have reviewed the system of quality control for the accounting and auditing practice of Reed & Associates, CPAs, Inc. (the firm) in effect for the year ending January 31, 2015. 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. As a part of our peer review, we considered reviews by regulatory entities, if applicable, in determining the nature and extent of our procedures. 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 an engagement performed under the Government Auditing Standards and an examination of a service organization [Service Organizations Control (SOC) 1 engagement].

In our opinion the system of quality control for the accounting and auditing practice of Reed & Associates, CPAs, Inc. in effect for the year ended January 31, 2015 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. Reed & Associates, CPAs, Inc. has received a peer review rating of pass.

Yezhev4 Sainthr

Flaherty Salmin LLP

Rochester, New York

July 1, 2015

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