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I I I I ,I II II I il II I I I I I II II I I I 1l@@/JiJI]i1il~&JJJ [fJfl@[fJ@@&10 (Continued) Specific Audit Approach SCOPE I WORK PRODUCTS I RESULTS Understanding of Work Product / Scope of Services: We recognize the City of Sunny Isles Beach is an important entity in Miami-Dade County and its responsibilities create a challenging and dynamic organization. We are confident our firm is qualified to meet the challenges of this engagement and deliver quality audit services to the City. The City of Sunny Isles Beach would be a valued client of our firm and we pledge to commit all firm resources to provide the level and quality of services (as described below) which both fit the City's needs and exceed the City's expectations. GLSC will perform an audit of the government-wide financial statements and related governmental funds financial statements for the fiscal year ending September 30, 2010, in order to express an opinion on the fair presentation of the City's general purpose financial statements in conformity with accounting principles generally accepted in the United States of America. Our audit will be conducted under auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550 Rules of the Auditor General. Our audit will include procedures to determine whether the operations of the City are properly conducted in accordance with legal, regulatory, grant and contractual requirements, including Florida Statutes, Federal Laws and the City Commission's policies and procedures. Special Considerations: In addition, we will : Determine if the financial report the City filed with the Florida Department of Financial Services and banking is in agreement with the financial statements for each fiscal year. Assist the City in complying with the requirements of the Auditor General regarding the City's assessment of its financial condition. Prepare a management letter pursuant to the requirements of the Auditor General of the State of Florida. Assist with the preparation of schedule of state and federal awards. Assist with the preparation of the Comprehensive Annual Financial Report (CAFR). _ ) ~SC ~SZ~:~,~~;.~~~~ Assist with the preparation of the official statements in connection with the sale of debt securities. Will issue a "consent and citation of expertise" as the Auditor. Assist in complying with changes in any reporting requirement to remain in conformity with GAAP. The firm will issue the following reports in accordance with applicable rules and standards: Report on an audit of the financial statements conducted in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Report on Internal Control over Financial Reporting and Compliance and Other Matters based on an audit of Financial Statements in Accordance with Government Auditing Standards. Report on Compliance and Internal Control over Compliance Applicable to each Major State and Federal Programs in accordance with OMB Circular A- 133, if applicable. Management Letter required by Section 10.554(g) of the Rules of the Auditor General of the State of Florida Our approach to developing the report on our findings is particularly important given the increasing financial pressures and public scrutiny facing today's public officials. Our report will include pertinent findings, cause, effect, recommendations for improvement, and suggestions for recommendation implementation, as appropriate. It will also include written response from management. We will make suggestions to improve the City's performance, procedures, and controls. 10