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1 MSLMOORE STEPHENS <br /> LOVELACE CPAs & ADVISORS <br /> MSL will provide a detailed listing of the assistance we require in advance of on-site procedures at both <br /> interim and at year-end. We generally do not expect that your management team would have to create <br /> specific schedules for the sole purposes of our audit. We will use existing account reconciliations and <br /> analysis that you generate as part of your normal monthly and year-end closing process. Moreover, we <br /> will use electronic file downloads from your system and electronic workpapers wherever possible. This <br /> process will reduce the amount of time you spend producing information for our audit procedures. <br /> We do not require information in a rigid or "firm standard" format. The information that you normally <br /> produce is generally sufficient for our purposes. As part of our evaluation of the collection models used <br /> on receivables, we will request data regarding cash collection and write-off histories that may not be <br /> part of the traditional close process. <br /> MSL will support the financial statement preparation by providing your management team with current <br /> information about new accounting standards and disclosure requirements. Our team members will <br /> gather information to verify financial disclosures simultaneously with the testing of the related balance <br /> sheet and income statement areas. Our engagement team and processing department are available to <br /> support and supplement this process. Additionally, MSL will provide updated information and examples <br /> on new accounting and guidance and disclosure checklists. <br /> Lastly, every MSL audit is unique in terms of management abilities and expectations. For some <br /> engagements, we receive a number of audit-specific workpapers; and in other engagements, we <br /> 1 generally rely on already prepared documentation. Generally, for first-year audits, we determine with <br /> management how to make the process smooth, while meeting our responsibility of ensuring that the <br /> financial statements are materially correct. <br /> While we pride ourselves in performing rigorous audits, we will not do so at the expense of inefficiency. <br /> 1 <br /> 1 <br /> 1 <br /> 1 <br /> n <br /> i <br /> _ ' 361 <br />