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• • • Clty Of "1 \\�rd � • Sunny DsDes Beach %• • • Phase IV: Reporting In this phase of the audit, the engagement team • will complete the tasks related to the closing of year-end • balances and financial reporting. This will include final • testing in areas including compliance, balance sheet accounts, revenues and expenditures. • Upon receipt of the draft of the MD&A, statical • section, and transmittal letter, we will turn around a draft of the CAFR with our comments within seven to ten days. • Final reports will be issued by the agreed upon date. • The audit partner and/or audit senior manager will be • available to attend the City Commission meeting to present the audit report. • • MANAGEMENT LETTER/FINDINGS The Firm will prepare a management letter for • the City to identify systemic deficiencies observed. The • letter also may offer recommendations for changes in • accounting and other procedures in order to improve operations. • As each potential management letter point is • identified in the audit process, the engagement team will document the condition, our recommendation, and the ® benefits of the recommended action. All potential • comments will be reviewed with key staff members • before issuance. The Firm's policy is to prepare this report as • a vehicle for suggesting improvements to enhance • efficiency, management effectiveness, and the degree • of internal control. Findings (material weaknesses and significant • deficiencies and material instances of noncompliance) • are required to be reported in writing and will be included in the schedule of findings and questioned costs. • See Appendix B for 3 samples of management • letters/findings that Marcum issued for clients audited • for fiscal year ended September 30, 2014. • • • • • • • ® n n Q p�l Inn Proposal for Professional Auditing Services ACCOUNTANTS •• ADVISORS wwW.marcumllp.com Page 35 • 1215079F •