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2161 KerberRose <br />Certified Public Accountants <br />System Review Report <br />To the Principals of Malloy, Montague, Karnowski, Radosevich and Co., P.A. and the <br />Peer Review Committee of the Minnesota Society of CPAs <br />We have reviewed the system of quality control for the accounting and auditing practice of <br />Malloy, Montague, Karnowski, Radosevich and Co., P.A. (the firm) in effect for the year ended <br />May 31, 2016. Our peer review was conducted in accordance with the Standards for Performing <br />and Reporting on Peer Reviews established by the Peer Review Board of the American Institute <br />of Certified Public Accountants. As part of our peer review, we considered reviews by regulatory <br />entities, if applicable, in determining the nature and extent of our procedures. The firm is <br />responsible for designing a system of quality control and complying with it to provide the firm <br />with reasonable assurance of performing and reporting in conformity with applicable <br />professional standards in all material respects. Our responsibility is to express an opinion on <br />the design of the system of quality control and the firm's compliance therewith based on our <br />review. The nature, objectives, scope, limitations of, and the procedures performed in a System <br />Review are described in the standards at www.aicpa.org/prsummary. <br />As required by the standards, engagements selected for review included engagements <br />performed under Government Auditing Standards and an audit of an employee benefit plan. <br />In our opinion, the system of quality control for the accounting and auditing practice of Malloy, <br />Montague, Karnowski, Radosevich and Co., P.A. in effect for the year ended May 31, 2016 has <br />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 <br />respects. Firms can receive a rating of pass, pass with deficiency(ies) or fail. Malloy, Montague, <br />Karnowski, Radosevich and Co., P.A. has received a peer review rating of pass. <br />KerberRose SC <br />September 15, 2016 <br />4211 N. Lightning Drive, Suite A Appleton, VVI 54913 PrimeGlobai <br />P:920-993-0105 F:920-993-0116 An Assodgtion o/ <br />www.kerbeirose.com Independent Accounting Firms <br />