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MSLMOORE STEPHENS LOVELACE CPAs& ADVISORS AUDIT APPROACH Overview We have reviewed the City's RFP, including the scope of services, in preparing our proposed audit plan. Included in the preparation, we have reviewed source documents, such as: the 2013-14 City Budget, the City's prior Financial Statements, Organizational Charts, and other information that was available on the City's website or Municode.com. Scope of the Required Services Our audit plan will be prepared to accomplish both a financial and compliance audit of the City's basic financial statements, which includes the financial position and results of operations of all funds and operating activities of the City. Our plan will include all applicable reports to be in compliance with the requirements with the applicable standards and requirements listed below: The audit shall be performed in compliance with the requirements of the following: • Section 218.39, Florida Statutes, and any other applicable Florida Statutes. • Rules of the Florida Department of Financial Services. • Rules of the Auditor General, State of Florida,Chapter 10.550, Local Government Audits • Audits of State and Local Governmental Units (Revised)—issued by the AICPA. • Codification of Governmental Accounting and Financial Reporting Standards—Governmental Accounting Standards Board (GASB). • Government Auditing Standards, issued by the Comptroller General of the United States. • Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations, Office of Management and Budget (OMB). • Federal Single Audit Act Amendments of 1996. • Florida Single Audit Act; Section 215.97, Florida Statutes. a • Chapter 11.45, Florida Statutes. • State of Florida Department of Banking and Finance Regulations. • Generally accepted auditing standards (GAAS), as set forth by the American Institute of Certified QPublic Accountants. • Any other applicable federal,state, and local laws, regulations, or professional guidance not specifically listed above, as well as any additional requirements which may be adopted by these organizations in the future. MS1 understands the specifications stated in the City's RFP and will comply fully with those Dspecifications. The purpose of our audit is to provide us with a basis for expressing an opinion on whether the financial 1 statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles and to report on the fairness of any additional information, as applicable, when considered in relation to the financial statements taken as a whole. 1 The scope of our audit is directed primarily towards the expression of an opinion on the City's basic financial statements. If it becomes evident that an unmodified opinion cannot be rendered on your 1 financial statements, you will be promptly notified of the circumstances surrounding our findings. If, for any reason, we are unable to complete the audit or if we determine that we are unable to express an o ,F '133-� V CO; 211 1