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I .... I 1l@@!liJIJilU@&1[J flJ[j@[fJ@@&11J (Continued) I Specific Audit Approach (Continued) I Tasks to be performed in Phase II include the following: I · Perform substantive tests of account balances and transactions. Samples will be drawn of major transaction systems, including cash expenditures and procurement. · Perform tests of compliance with laws, regulations, contracts, bonds, and grants. Analytical procedures are applied in this phase to corroborate the specific account balances. Review test results and preliminary conclusions. I I Year-end field work will begin in November 15 or as soon as the City's accounting records are closed for the year and the schedules are ready and will be substantially completed by December 31 of each year. I Phase 111 - Completion and Deliverv (Reoortina Staae) I In this phase of the audit, we will complete the tasks related to the closing of year-end balances and financial reporting. This will include final testing in the areas of compliance, balance sheet accounts, revenue and expenditures, among others. All reports will be reviewed with management before issuance, and the partners will be available to meet with the City Council to discuss our report and address any questions they may have. I I A draft and recommendation to Management will be submitted to the City by January 15, of each year. We will discuss all significant findings with the appropriate City's personnel. An exit conference will be held with the Finance Director, key Finance Department personnel and the City Manager before the final report is issued. The final report will be prepared as soon as the draft report has been reviewed by Management and will be submitted by January 30, of each year. We will attend the next City Council meeting to discuss the report and make a final presentation. I I I Year Round Involvement I We will provide period reports throughout the year assessing the impact of any significant regulatory changes; Le. accounting or reporting developments proposed and/or adopted by Government Accounting Standards Boards/ Financial Accounting Standards Board or any other significant financial/accounting matters that may affect the City. I I I \. ) GLSC ~,S~~:~;~~~,,~~~~ - I Communications We emphasize a continuous, year-round dialogue between the City and our management team. We will schedule periodic progress meetings in addition to the entrance, interim and exit conference. During these meetings, City personnel may inform us of their concerns, and we can draw upon our extensive experience with local government operations to offer the appropriate advice and counsel. We believe this continuous, open communication is critical to serving your needs. In addition, we will be involved through the entire year, at no extra cost, to communicate new developments and changes occurring in the governmental sector. LEVEL OF STAFF To achieve the proper balance between the ability to recognize problems and the cost in performing the services, a significant portion of the engagement will be performed by our Management Team. We emphasize utilizing our highest experienced personnel because of their experience, training and education and corresponding abilities to recognize problems and deal with them expediently. .... .... Ql Ql CI .... c: cu .51 == ... c: c: .... cu cu cu Ql ... ll.. :E en en % in number of hours per segment Phase I - Risk Assessment 40% 40% 20% Phase II - Perform Audit Plan 10% 20% 40% 30% Phase III - Report and Delivery 30% 50% 20% 12