Press Release, 02/11/02:

VLS Has Successful Peer Review

Vicenti, Lloyd & Stutzman LLP (VLS) is pleased to announce the successful completion of an independent peer review of our accounting and auditing practice. This review was undertaken as a condition of membership in the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPAs.

In 1988, the members of the AICPA overwhelmingly approved a proposal to require members in public practice to participate in a practice-monitoring program. With the adoption of this proposal, the AICPA implemented a peer review program of unprecedented scope in the CPA profession or any other. Our participation in the peer review demonstrates our firm's desire to measure up to the profession's high standards of professionalism and our commitment to maintaining and improving the quality of our practice.

Our peer review was conducted by Campbell, Benn & Taylor, a CPA firm based in Sacramento, California. The reviewers first determined that we have an adequate quality control system, and then checked to see that professional standards were followed in a representative sample of our accounting and auditing engagements.

After thorough study of our policies and procedures, the reviewers concluded that Vicenti, Lloyd & Stutzman LLP complies with the stringent quality control standards established by the AICPA. Our firm is committed to periodic peer reviews to foster quality performance. Access our 2001 and 1998 Peer Reviews.

Bankers, bonding agents, investors, suppliers, legal advisors, and others use the financial statements that we audit, review, or compile. We think those people, our clients, and our own staff deserve independent quality assurance that VLS provides quality services.

Since its founding in 1953, VLS has prided itself on becoming trusted advisors to our diverse mix of clients. We serve commercial businesses, individuals, not-for-profit organizations, school districts, and community colleges throughout Southern California. We provide a full range of audit, accounting, tax, and consulting services and have many specialty areas, which include charter schools, college foundations, construction, distribution, entertainment, estates and trusts, government agencies, Internet/e-commerce, K-12 public school districts, manufacturing, private schools & universities, professional service firms, retail, retirement communities, transportation, water districts, and more.