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• Postlethwaite <br /> & Netterville <br /> 4 srolrn.an9 A4-w+n+q:.w�nanc. <br /> Aswkabd O*m n PnndrW r+res a}1+.Um*d 5m*, <br /> WWw.;)ncpo coo <br /> System Review Report <br /> To the Shareholders of Ellion Davis, LLC <br /> and the National Peer Review Committee <br /> We have reviewed the system of quality control for the accounting and auditing practice of <br /> Elliott Davis, LLC (the firm) applicable to engagements not subject to PCAOB permanent <br /> inspection in effect for the year ended May 31, 2014. Our peer review was conducted in <br /> accordance with the Standards for Performing and Deporting on Peer Reviews established by the <br /> Peer Review Board of the American Institute of Certified Public Accountants. As a part of our <br /> peer review, we considered reviews by regulatory entities, if applicable, in determining the <br /> nature and extent of our procedures. The Firm is responsible for designing a system of quality <br /> control and complying with it to provide the firm with reasonable assurance of performing and <br /> reporting in conformity with applicable professional standards in all material respects. Our <br /> responsibility is to express an opinion on the design of the system of quality control and the <br /> firm's compliance therewith based on our rcview, The nature, objectives, scope, limitations of, <br /> and the procedures performed in a System Review are described in the standards at <br /> w-%sr.v,aicpa.org'prsummary,. <br /> As required by the standards,engagements selected for rcvic%v included(engagements performed <br /> under Government Auditing Standards; audits of employee benefit plans, audits performed under <br /> I,'DICI A,and examinations of Service Organizations Control(SOC) 1 engagements. <br /> In our opinion, the system of quality control for the accounting and auditing practice of Elliott <br /> Davis, LLC applicable to engagements not subject to PCAOB permanent inspection in clTect for <br /> the year ended May 31. 2014. has been suitably designed and complied with to provide the firm <br /> with reasonable assurance of performing and reporting in conformity with applicable <br /> professional standards in all material respects. Firms can receive a rating of pass, pass with <br /> deTciency(Jes) or jail. Elliott Davis, LLC has receives[a peer review rating of puss. <br /> Baton Rouge, Louisiana <br /> November G,2014 <br /> ov el I iotk davis <br /> decosimo <br /> 17 <br /> Attachment number 1 \n <br /> F-4 Page 81 <br />