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<br />- <br /> <br /> <br />8. AUDIT APPROACH <br /> <br />Scope of Services <br />Based on our understanding of the expectations <br />and requirements of the City as set forth in the <br />request for proposal, the following is a summary of <br />the scope of our work. All work will be completed in <br />the timeframe specified in the request for proposal. <br /> <br />Audit of the City's Financial Statements <br />The Firm will perform an audit of the basic financial <br />statements of the City for the fiscal year ending <br />September 30, 2010, 2011 and 2012, with the City's <br />option of auditing its financial statements for each of <br />the two subsequent fiscal years. The objective of the <br />audit is the expression of an opinion that the financial <br />statements are fairly presented, in all material <br />respects, and in conformity with accounting principles <br />generally accepted in the United States. <br /> <br />The Firm will issue the following in accordance with <br />Government Auditing Standards: <br /> <br />· Report on the fair presentation of the basic <br />financial statements as a whole in conformity <br />with accounting principles generally accepted <br />in the United States. <br />· Report on internal control over financial <br />reporting and on compliance with laws and <br />regulations and other matters based on <br />an audit of financial statements performed <br />in accordance with Government <br />Auditing Standards. <br />· Management letter in accordance with the <br />Rules of the Auditor General. <br /> <br />If required, the Firm will perform a single audit in <br />accordance with generally accepted auditing standards, <br />Government Auditing Standards, the Single Audit Act <br /> <br />-~ <br /> <br />-~ <br /> <br />the provisions of OMB Circular A-133, Audits of State <br />and Local Governments, and the Rules of the Auditor <br />General of the State of Florida. <br /> <br />The following additional reports will be issued if <br />a single audit is required: <br /> <br />· Report on the Schedule of Expenditures of Federal <br />Awards and State Financial Assistance Projects. <br />· Report on compliance and internal control <br />over compliance applicable to each major <br />federal awards program and state financial <br />assistance project. <br />· Schedule of findings and questioned costs, <br />if applicable. <br /> <br />Certain limited procedures will be applied to the <br />required supplementary information and management's <br />discussion and analysis. <br />We will provide technical assistance to ensure the <br />City's Comprehensive Annual Financial Report meets <br />all the requirements of the GFOA's Certificate of <br />Achievement for Excellence in Financial Reporting. <br />We will review the financial report of the City filed <br />with the Department of Banking and Finance, State of <br />Florida, pursuant to Section 218.32, Florida Statutes <br />to verify that it is in agreement with the respective <br />financial statements. <br />As part of our audit, financial condition assessment <br />procedures will be used to assist in the detection of a <br />deteriorating financial condition as established under <br />Florida Statutes 218.503. <br />If required. upon the issuance of debt by the City, <br />the Firm will issue a "consent and citation of expertise" <br />as the auditor and any necessary comfort letters. <br />We will also assist the City in complying with <br />changes in any reporting requirement to remain in <br />conformity with generally accepted accounting principals. <br /> <br />MARCUM MarcumRachlin <br />Proposal for Professional Audit Services <br />RACH LI N <br />ACCOUNTANTS. AOV'SORS Page _ 7 <br />A DIVISion of Marcum LLP <br />