Report on the Firm’s System of Quality Control
To the Shareholders of Councilor and the Maryland Peer Review Committee:
We have reviewed the system of quality control for the accounting and auditing practice of Councilor (the firm) in effect for the year ended May 31, 2023. 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 (Standards).
A summary of the nature, objectives, scope, limitations of, and the procedures performed in a system review as described in the Standards may be found at www.aicpa.org/prsummary. The summary also includes an explanation of how engagements identified as not performed or reported on in conformity with applicable professional standards, if any, are evaluated by a peer reviewer to determine a peer review rating.
Firm’s Responsibility
Councilor is responsible for designing and complying with a system of quality control to provide the firm with reasonable assurance of performing and reporting in conformity with the requirements of applicable professional standards in all material respects. Councilor is also responsible for evaluating actions to promptly remediate engagements deemed as not performed or reported in conformity with the requirements of applicable professional standards, when appropriate, and for remediating weaknesses in its system of quality control, if any.
Peer Reviewer’s Responsibility
Our responsibility is to express an opinion on the design of and compliance with the firm’s system of quality control based on our review.
Required Selections and Considerations
Engagements selected for review included engagements performed under Government Auditing Standards, including a compliance audit under the Single Audit Act; audits of employee benefit plans; and an examination of a service organization (SOC 1® engagement).
As a part of our peer review, we considered reviews by regulatory entities as communicated by the firm, if applicable, in determining the nature and extent of our procedures.
Opinion
In our opinion, the system of quality control for the accounting and auditing practice of Councilor in effect for the year ended May 31, 2023, 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. Councilor has received a peer review rating of pass.
Hagerstown, Maryland, October 19, 2023
Councilor Wealth Compliance Documents
Councilor Wealth, LLC is a registered investment advisor. Councilor Wealth does not provide tax or legal advice and is not an attorney. The information provided is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought.
The following documents are available for your review. Please click any link below to access or download.
Award Disclosures
The following disclosures relate to awards and recognition received by Councilor Wealth. Please review these documents for important information regarding the criteria and methodology behind each designation.
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