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PROPOSAL FOR CITY OF SUNNY ISLES BEACH, FLORIDA RFP NO. 22-02-01 35 Extracting pre-determined sample items from reports for testing Merging files for the purposes of extracting information that meets predetermined criteria Sorting information and footing report Searching for anomalies Searching for related party transactions Searching disbursements for selected vendors Journal Entries Testing PHASE III: EVALUATION OF AUDIT RESULTS This phase includes a review of all audit documentation by the partners to ensure that testing and documentation support the conclusions reached. This phase also includes preliminary discussions with management of the audit findings. Marcum will accumulate misstatements identified during the audit, other than those that are clearly trivial and will determine whether the audit plan and strategy per audit area needs to be revised. PHASE IV: REPORTING In this phase of the audit, the engagement team will complete the tasks related to the closing of year-end balances and financial reporting. This will include final testing in areas including compliance, balance sheet accounts, revenues and expenditures. Upon receipt of the draft Annual Comprehensive Financial Report (ACFR), we will turn around the draft with our comments within seven to ten days. Final reports will be issued by the agreed upon date. The audit partner and/or audit manager will be available to present the audit report in person. EXIT CONFERENCE Upon completion of audit work, Marcum will hold a closing or exit conference with senior members of the City’s finance department. The exit conference assists Marcum in obtaining the views of responsible officials concerning the findings, conclusions, and recommendations, as well as planned corrective action, as required by Government Auditing Standards and OMB Uniform Guidance. This conference also provides the City with an advance opportunity to discuss whether planned corrective actions adequately address the auditor's recommendations and to initiate corrective action without waiting for a final audit report. Marcum will also consider having preliminary exit meetings with directors, department heads, and other operating personnel who have direct responsibility for financial management systems and/or the administration of federal awards.