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RFP No. 22-02-01 32 www.KMCcpa.com 954.771.0896 support@KMCcpa.com 6550 N. Federal Highway 4th Floor Fort Lauderdale, FL 33308 In summary, development of the specific audit plan is accomplished through:  Meeting with City management to obtain an understanding of your business concerns and challenges.  Thoroughly understanding and documenting the financial management and information systems.  Evaluating economic and industry factors affecting operations.  Identifying major areas of audit risk.  Coordinating the audit process with the accounting and finance personnel.  Performing testing on interim balances to minimize the amount of year-end testing. Our audit approach is conducted in three segments and involves communication throughout: Segment 1 - Strategic Planning and Risk Assessment - Completed in November Planning is the most critical segment to a successful audit. This segment will commence with a joint meeting between Keefe McCullough, City Management, and its Finance Department. This meeting is important to ensure a coordinated audit and will cover our preliminary plan for conducting the audit to meet the City’s timing requirements and reporting issues. During this segment, we will obtain a thorough understanding of your organization and its operations. We will document your systems and perform tests of controls to evaluate their effectiveness. We will obtain certain documents for our permanent files. Confirmation requests will be selected, and we will work with the City’s personnel to determine the timing of the final audit fieldwork. We will also perform the risk assessments required to determine our audit approach and procedures. After this segment is completed, we will provide the City and accountants with a list of items needed for the year-end work and meet with management to provide a status update. Segment 2 - Comprehensive Testing and Analysis - Completed in December This segment will occur when the City’s Finance Department have prepared a trial balance of its year-end general ledger accounts and completed the working papers agreed upon during planning. This phase includes substantive audit procedures that involve obtaining or examining evidence to verify the propriety of such balances. Throughout audit fieldwork, we will meet with members of the management team to discuss the results of the audit. Segment 3 - Report Delivery and Follow Up - Completed in February The final segment involves the independent partner quality control review of your financial statements and completion of the report on internal control and other required reports. All draft reports will be reviewed with City Management before issuance. We will adhere to the report timelines you have outlined in your request for proposal. All partners will be available to present final audit report to City Board. Segments of our audit approach: The following section gives an overview of the procedures we anticipate will be implemented during the audit. It does not include every step of the audit, but indicates our understanding of the intricacies of governmental entities. Audit procedures are continually evaluated throughout the audit process and adjustments made based on the City’s operations, internal controls, and any significant issues that are identified.