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PROPOSAL FOR <br />CITY OF SUNNY ISLES BEACH, FLORIDA <br /> <br />RFP NO. 22-02-01 31 <br />SPECIFIC FRAUD INVESTIGATIVE TECHNIQUES <br />Professional Auditing Standards imposes on auditors the additional responsibility to “plan and <br />perform the audit to obtain reasonable assurance about whether the financial statements are free <br />of material misstatements due to fraud.” By redirecting our efforts through a risk-based approach <br />and additional fraud inquiry techniques, audits are significantly enhanced. <br />PHASE II: EXECUTION OF AUDIT PLAN <br />The audit team will complete a major portion of transaction testing and audit requirements during <br />this phase. The procedures performed during this period will enable us to identify any matters that <br />may impact the completion of our audit work or require the attention of management. Tasks to be <br />performed in Phase II include, but are not limited to: <br /> Apply analytical procedures to assist in planning the nature, timing and extent of auditing <br />procedures used to obtain evidential matter for specific account balances or transaction <br />classes. Analytical procedures are utilized in almost every audit area tested. <br /> Perform substantive account balance and transaction tests. Samples will be drawn from <br />major transaction systems, including cash disbursements, cash receipts, accounts <br />payable, and payroll. The size of the samples will be determined after the review of the <br />internal control system. <br />PROPOSED SEGMENTATION BY LEVEL OF STAFF <br /> <br />Note: In the first year of an engagement, additional hours are required to transition the audit to a <br />new audit Firm. Our extensive experience with transitioning new clients has led to a streamlined <br />process that is respectful of your time and resources. As a result, the City will receive the benefit <br />of a new team with significant government experience as well as a fresh look at your systems, <br />with minimal disruption. The above schedule does not include the first year “transition <br />hours” which we intend to absorb. <br />PHASE <br />Audit <br />Partner <br />& <br />Quality <br />Control <br />Director <br />Manager <br />& <br />IT Risk <br />Audit <br />Director <br />Audit <br />SUPERVISO <br />R <br />Staff TOTAL <br />Phase 1: Strategic Planning 15 20 40 40 115 <br />Phase 2: Execution of Audit Plan 10 20 40 70 140 <br />Phase 3: Evaluation of Audit Results 10 30 40 15 95 <br />Phase 4: Reporting 15 10 15 5 45 <br />Total Hours 50 80 135 130 395