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Cherry Bekaert <br />System Review Report <br />To the Principals of CliftonLarsonAllen LLP <br />and the AICPA National Peer Review Committee <br />We have reviewed the system of quality control for the accounting and auditing practice of CliftonLarsonAllen <br />LLP (the "firm") applicable to engagements not subject to PCAOB permanent inspection in effect for the year <br />ended July 31, 2016. Our peer review was conducted in accordance with the Standards for Performing and <br />Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public <br />Accountants. As a part of our peer review, we considered reviews by regulatory entities, if applicable, in <br />determining the 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 reporting in <br />conformity with applicable professional standards in all material respects. Our responsibility is to express an <br />opinion on the design of the system of quality control and the firm's compliance therewith based on our review. <br />The nature, objectives, scope, limitations of, and the procedures performed in a System Review are described in <br />the standards at www.aicpa.org/prsummary. <br />As required by the standards, engagements selected for review included engagements performed under <br />Government Auditing Standards, audits of employee benefit plans, audits performed under FDICIA, and <br />examinations of service organizations [Service Organizations Control (SOC) 1 and SOC 2 engagements]. <br />In our opinion, the system of quality control for the accounting and auditing practice of CliftonLarsonAllen LLP <br />applicable to engagements not subject to PCAOB permanent inspection in effect for the year ended July 31, <br />2016, has been suitably designed and complied with to provide the firm with reasonable assurance of <br />performing and reporting in conformity with applicable professional standards in all material respects. Firms can <br />receive a rating of pass, pass with deficiency(ies) or fail. CliftonLarsonAllen LLP has received a peer review <br />rating of pass. <br />Cherry Bekaert LLP <br />November 21, 2016 <br />2017 CliftonLarsonAllefl LLP <br />WEALTH ADVISORY <br />1 OUTSOURCING <br />