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PROPOSAL FOR <br />CITY OF SUNNY ISLES BEACH, FLORIDA <br /> <br />RFP NO. 22-02-01 27 <br />SECTION 4: APPROACH/METHODOLOGY <br />AUDIT APPROACH AND PHILOSOPHY <br />Through the audit, we strive to understand your vision, entity operations, financial performance, <br />accounting systems, and internal controls. While this process ultimately leads to an audit opinion <br />on your financial statements, our goal is to provide value beyond this assurance. <br /> <br />Our professionals will complement the City’s team with the right blend of technical, practical, and <br />personal insight to help you successfully deliver on all of your initiatives. <br />AUDIT METHODOLOGY <br />The audit will be conducted in four phases, as shown below. These phases are discussed in more <br />detail on the following pages. <br /> <br /> <br />Obtain an <br />Understanding of <br />the City’s Operations <br /> <br />Evaluate Internal <br />Controls <br /> <br />Information <br />Technology Review <br /> <br />Develop Audit Plan <br />and Strategies; <br />Risk Assessment <br />  <br />Prepare Audit <br />Programs <br />Perform Test of <br />Internal Controls <br />(as applicable) <br /> <br />Perform Tests of <br />Account Balances <br />  <br />Test Compliance with <br />Laws, Rules, <br />Regulators, and <br />Contracts <br /> <br />Documentation <br />Reviewed by Partner <br />and Quality Control <br />Department <br />  <br />Auditor’s Conclusions <br />Documented <br /> <br />Preliminary <br />Discussion with <br />Management <br />of Audit Findings <br /> <br />Prepare Auditor’s <br />Reports <br />  <br />Review the Draft <br />Financial Statements <br />  <br />Discuss Final Results <br />with Management in <br />Exit Conference <br />  <br />Presentation to the <br />City Commission <br />