Grau & Assoc. - Laserfiche WebLink

Home Browse Search

Identifying applicable laws and regulations is fundamental to fulfilling the responsibility of understanding 1 their effects. We will obtain this knowledge from various sources including: • Review of federal and state laws • Review of grant agreements 1 • Review of contracts • Review of debt covenants • Inquires of management and staff • Review of prior financial statements • Review of ordinances, resolutions and policies >Approach to be taken in drawing audit samples for purposes of tests of compliance Once significant laws and regulations that affect the City are identified, we will design compliance procedures to provide reasonable assurance that your financial statements are free of material II misstatements resulting from violations of these laws and regulations. We will work with City staff, as well as our analysis of the City's internal control structure, to ensure completeness of our population. Tests of compliance with laws and regulations will be incorporated with samples selected for tests of transactions and controls, when practical (please refer to Page 16 for more information on sampling). Additional samples are sometimes necessary to test specific laws and regulations as well as for testing federal and state awards. Approach to be provided in meeting the requirements of the "Certificate of Excellence" in Financial Reporting We are proud to have assisted our clients who participate in the GFOA Certificate of Achievement for Excellence in Financial Reporting Program (CAFR) to qualify for and maintain that award. Over the last five years, 100% of our clients that have applied have been awarded and have maintained the award. This certificate program is recognized as the highest award in governmental financial reporting and the Certificate of Achievement has been awarded on all of the financial statements we have reported in the certificate program, such as: • City of Cooper City • Town of Lauderdale By -The - Sea I • City of North Lauderdale • Village of Golf • Town of Lantana • Village of Wellington I Grau & Associates has the capability and experience to assist the City in obtaining the GFOA Certificate of Achievement for Excellence in Financial Reporting. In addition, we will support the City in ensuring throughout the engagement that the City remains current with any new accounting and reporting standards issued by the GASB. > Process to produce a meaningful "management letter." Include three recent "management U letters" developed in connection with local governments. Please refer to the Proposed Segmentation of Engagement, Phase 3, Step II above, Pages 14-16 for our process and the Supplemental Section, Page 27-34, for recent management letters developed in connection with local governments. > Internal quality control procedures and external quality control review Grau participates in an external quality review program requiring an on-site independent examination of our auditing practice. Grau has consistently received an unqualified opinion on the quality of our audit practice. During our firm's last external quality control review, eight audits were reviewed, including six government audits. A copy of the report on the firm's most recent quality review can be found on the following page. 20