Laserfiche WebLink
1 <br /> 4. Specific Audit Approach (Continued) <br /> Laws and Regulations Audit Samples for Tests of Compliance <br /> Auditing Standards from the American Institute Tests of compliance with laws and regulations are <br /> 1 of Certified Public Accountants, establish included with the tests of transactions and controls, <br /> standards for testing and reporting on when practical. Additional samples are sometimes <br /> compliance with laws and regulations. In all necessary to test specific laws and regulations. <br /> financial statement audits, the auditor must Sample sizes for compliance testing are <br /> consider laws and regulations that have a determined based on the number of transactions <br /> direct and material effect on the financial and the significance of the requirement. <br /> statements. Further, the auditor designs audit <br /> procedures to provide reasonable assurance Projected use of City Staff <br /> that the financial statements are free of <br /> material misstatements resulting from We request the City staff prepare all confirmation <br /> violations of these laws and regulations that letters and locate supporting information for testing. <br /> ' have a direct and material impact on the In addition, we will prepare a list of schedules and <br /> financial statements. For governmental reports needed for the completion of the audit. We <br /> entities, this requirement is even more will provide this request list to the City prior to the <br /> important given the variety of legal and start of fieldwork each year. <br /> contractual considerations typical of the <br /> government environment. Prior Engagement with the City of Sunny Isles <br /> Beach <br /> Identifying applicable laws and regulations is <br /> fundamental to fulfilling the responsibility of GLSC has never been engaged with the City of <br /> understanding their effects. We will obtain this Sunny Isles Beach. <br /> knowledge through the following sources: <br /> • Discussion of compliance requirements <br /> with the City officials, including legal <br /> counsel. <br /> • Identification of compliance matters in <br /> statutes, financial ordinances, City <br /> policies, contracts, grants and debt <br /> agreements. <br /> • Review of City Council meeting minutes. <br /> • Inquiries of the program administrator of <br /> the governmental entities that provided <br /> grants about restrictions, limitations, <br /> terms and conditions under which such <br /> grants were provided including review of <br /> the OMB Compliance Supplement and <br /> the Florida Single Audit Act, if applicable. <br /> 1 • Our existing knowledge of federal and <br /> state laws. <br /> 1 <br /> PROPOSAL <br /> ( GLSC&COM PA NY, PLLC RFP # 15-12-01 <br /> c retailed p bnc arc awa',,, Page 14 <br />