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I <br /> I <br /> I4. Specific Audit Approach (Continued) <br /> Phase I—Risk Assessment(Interim and Phase II—Perform Audit Plan (Fieldwork <br /> Planning Stage (Continued)) Stage) <br /> I <br /> • Review major sources of information such The audit team will complete a major portion of <br /> as budgets, organization charts, transaction testing and audit requirements <br /> I procedures, manuals, financial systems, during this phase. The procedures performed <br /> and management information systems during this period will enable us to identify any <br /> matter that may impact the completion of our <br /> • Obtain and document an understanding of work or require the attention of management. <br /> I the design and implementation of the City's <br /> internal control. <br /> During this phase we will perform the <br /> I • Consider the methods that the City uses to following activities: <br /> process accounting information which <br /> influence the design of the internal control. • Perform substantive tests of account <br /> This understanding includes knowledge balances and transactions. Samples will <br /> I about the design of relevant policies, be drawn of major transaction systems, <br /> procedures, and records, and whether they including cash expenditures and <br /> have been placed in operation by the City. procurement. <br /> I • Assess risk. • Perform tests of compliance with laws, <br /> regulations, contracts, bonds, and grants. <br /> • Determine what controls we are to rely <br /> I upon, perform walkthrough documentation • procedures are applied in this <br /> and test the operating effectiveness of phase to corroborate the specific account <br /> controls if considered necessary. balances. <br /> I • Develop audit programs to incorporate the • Review test results and preliminary <br /> consideration of financial statement conclusions. <br /> assertions, specific audit objectives, and <br /> I appropriate audit procedures to achieve <br /> the specified objectives. Year-end field work will begin as soon as the <br /> City's accounting records are closed for the <br /> year and the schedules are ready and will be <br /> I • Identify and resolve accounting, auditing, completed by December 31 of each year. <br /> and reporting matters. <br /> A detailed audit plan and list of all schedules to <br /> I be prepared by the City will be provided by <br /> August 31 of each year, respectively. <br /> I <br /> I <br /> I <br /> IPROPOSAL <br /> GBC&COMPANY, PLC RFP # 15-12-01 <br /> I „I;Ie4 •«P.•,a,r. Page 10 <br />