Laserfiche WebLink
1 <br /> 1 <br /> • Post-fieldwork Tasks(Estimated at 40 hours) <br /> • Extent and Use of EDP software in the engagement <br /> ' Information management has become a vital process in both public and private entities. Our audit <br /> software will be used to analyze data for integrity in input, processing and output, and interfacing. <br /> We use complementary tools for results comparison when necessary. HCT's information <br /> technology auditors perform data analysis to verify the accuracy of client data, whether text or <br /> numerical. They manipulate client data to create randomly generated samples so they can identify <br /> potential errors and minimize risk. We have staff with experienced data mining skills including the <br /> ' use of complex data mining software such as ACL and IDEA. <br /> HCT utilizes auditing software and paperless working paper documentation and up-to-date <br /> t technology to ensure the most efficient and effective performance of the audit engagement and to <br /> offer the best service for the City. <br /> t We perform analytical procedures as required as a part of the overall planning process during our <br /> substantive testing and at the end of our fieldwork as a part of our overall Partner and Concurring <br /> Partner reviews. During planning, we analyze the major transaction cycles and the types of <br /> transactions comprising those cycles in order to determine testing procedures. During substantive <br /> work, we analyze line item amounts using trend analysis, percentage of total, and percentage <br /> change between years, on a fund-by-fund basis. Prior to analysis, we develop expectations based <br /> on discussions with the client, questionnaires, risk assessment analysis, examination of the budgets, <br /> minutes and through other methods. Additionally, depending on the results of tests of controls, we <br /> often utilize analytics in conjunction with detailed testing of account balances. <br /> To gain an understanding on document control procedures and management information system <br /> processes; HCT will assess preliminary Control Risk, Detection Risk, and Inherent Risk in order to <br /> evaluate overall Control Risk and to determine what controls can be relied upon to minimize our <br /> substantive work performed. Based on this assessment, we will develop programs to test identified <br /> and documented controls and select samples (utilizing statistical sampling) to provide for a <br /> confidence rate of at least 90 percent. We will also utilize dual purpose testing during our single <br /> audit procedures to test the overall disbursement controls within the City. <br /> HCT will perform walkthroughs for all key areas of controls based upon source documentations <br /> selection. Additionally, we will interview heads of departments to gain an understanding for the <br /> narrative processes for all of the areas of the City that receive and disburse cash, including payroll. <br /> We have an internal control and compliance specialist on staff who will perform these tests for the <br /> City. Once HCT has documented its understanding of all key controls, we will perform a final <br /> assessment of Control Risk based on results of test work. (See above for detailed explanation <br /> regarding HCT's sample selection process). <br /> !ACT's approach in determining laws and regulations that will be subject to audit testwork involves <br /> research of applicable State and Federal Statutes, local ordinances, the Auditor General etc. We <br /> monitor new laws and maintain up-to-date training to ensure we have timely knowledge of any <br /> changes that affect our industry or our clients. Information is obtained through examination of the <br /> 9 <br /> I <br />