mitted under the rules and regulations concerning auditor independence promulgated by the SEC to implement the Sarbanes—Oxley Act of 2002, as well as the American Institute of Certified Public Accountants. The Audit Committee has adopted a policy that requires advance approval of all audit services as well as non-audit services to the extent required

. Auditors from the accounting firm conducted their examination (over a period of 12 weeks) in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA). Auditor's procedures included testing the operating effectiveness of the required controls to provide reasonable assurance that the applica

s as defined in Statement on Auditing Standards No. 112 (AU Section 325), Communicating Internal Control Related Matters Identified in an Audit, of the American Institute of Certified Public Accountants ("AIC PA") Professional Standards and shown below. Control deficiency - exists when the design or operation of a control does not allow management

Document 102 Filed 02/27/09 Page 92 of 347 companies and has delegated that authority to the Financial Accounting Standards Board (the "FASB") and the American Institute of Certified Public Accountants ("AICPA"). 327. GAAP consists of a hierarchy of authoritative literature. The highest authority is the FASB Statements of Financial Accounting Sta

represent the significant variances between net income (loss) and cash flow from operations and were classified as operating activities pursuant to the American Institute of Certified Public Accountants, or "A1CPA.- Audit and Accounting Guide. Investment Companies. or "Investment Company Guide." The increasing capital needs reflect the growth of our

December 31, 2006 to 2011 (the “Projections"}. The Projections were not prepared with a view toward compliance with published guidelines of the SEC, the American Institute of Certified Public Accountants, or any regulatory or professional agency or body or generally accepted accounting principles of the U.S. or any other country. In addition, neither

ia Business School and received a B.A. in Accounting and Information Systems from Queens College. He is a certified public accountant and a member of the American Institute of Certified Public Accountants. INDUSTRY ADVISORS The Fund Managers work closely with industry professionals who are experts in New Leaf’s fields of interest and are willing to w