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PROPOSAL FOR CITY OF SUNNY ISLES BEACH, FLORIDA RFP NO. 22-02-01 3 QUALITY CONTROL AND PEER REVIEW The quality of our professional practice is of utmost importance to the Firm, our clients, and to the users of our reports. As such, we maintain a quality control program that ensures our internal policies are met and professional standards are exceeded on all of our engagements. To ensure that the Firm's performance is in conformity with our stated standards and those issued by the American Institute of Certified Public Accountants (AICPA), our quality control system encompasses the following: Professional Development. Marcum provides a minimum of 40 hours (five days) of continuing professional education (CPE) in-house to all professional staff. These seminars include sessions in accounting, auditing, financial reporting, and internal controls. In addition to the in-house training, our partners and professional staff attend various outside seminars. Internal Inspections. Annually the Firm selects a random sample of accounting, auditing, advisory and tax engagements and performs a review to ensure compliance with firm policies and professional standards. Centralized Financial Statement Review Process. The quality control department performs a review of our audit binders and financial statements prior to the release of the finished product. Their involvement includes participation in engagement planning to approve the audit approach, review of high risk and complex areas throughout fieldwork and a review of the financial statements and related information. Their involvement in the planning and fieldwork stages helps eliminate any last minute surprises and assures the high level of quality we demand from our professionals is maintained. PCAOB Inspections. Marcum is registered with the Public Company Accounting Oversight Board (PCAOB) and is required to undergo annual inspections due to our large SEC practice. The PCAOB inspects our work on public company filings. And the inspection is even more rigorous than the peer review process. The PCAOB reports are publicly available. Peer Review. The Firm participates in an external quality review program requiring an on-site independent examination of our Accounting and Auditing practice. The Firm has consistently received clean opinions (rating of “Pass”) on the quality of the Firm’s audit practice. This is the highest level of achievement and recognition in the peer review program. Please refer to Appendix A for a copy of our two (2) latest peer review reports which include our government engagements.