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PROPOSAL FOR <br />CITY OF SUNNY ISLES BEACH, FLORIDA <br /> <br />RFP NO. 22-02-01 29 <br /> Accounts that have traditionally required significant adjustments; and <br /> Account with complex calculations, judgement, and accounting issues that have a high <br />assessed level of inherent risk. <br />Based on these considerations, we assess the inherent risk and control risk to determine the <br />overall audit risk. Once this assessment is completed, the audit procedures to be used are <br />determined. By redirecting our efforts through a risk-based approach, audits are significantly <br />enhanced, which provide greater value to our clients. <br /> <br />We will use several approaches to conduct the audit engagement. These approaches include <br />traditional audit techniques and strategies, and an evaluation of the systems utilized by the City. <br /> <br /> <br />ENTERPRISE FUNDS INCLUDING UTILITIES <br />Marcum has a specialization in auditing business-type activities including: <br /> <br />Suggesed basic procedures for enterprise funds, subjet to change based on the auditors risk <br />assessment: <br /> <br /> Compare the balance in receivables with the balance for prior years or other expectations. <br /> Compute the ratio of the receivables balance to related revenue for the current period and <br />compare with the ratios for prior years or other expectations. <br /> Compute the number of days revenue in accounts receivable (net accounts receivable <br />divided by average net revenue per day) and compare to the ratio for prior years or other <br />expectations. <br /> Select a sample of customer billing statements and perform the following procedures: <br />o Compare rates used to the authorized rate schedule, and consider the <br />reasonableness of usage. <br /> Water <br /> Sewer <br /> Stormwater <br /> Solid Waste <br /> Toll Bridges <br /> Electric <br /> Parking <br /> Gas <br /> Golf Courses <br /> Marinas