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SECTION I.S(C) TECHNICAL PROPOSAL 8: SPECIFIC AUDIT APPROACH Grau's Understanding of Work Product / Scope of Services: We recognize the City is an important entity and its responsibilities create a challenging and dynamic organization. We are confident our firm is eminently qualified to meet the challenges of this engagement and deliver quality audit services. You 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 not only meet the requirements set forth in the RFP but will exceed those eXfJectations. Grau & Associates fully understands the scope of professional services and work products requested. Our audit will follow the Auditing Standards of the AICPA, Generally Accepted Government Auditing Standards, issued by the comptroller General of the United States, and the Rules of the Auditor General of the State of Florida and any other applicable Federal, State of Local regulations. We will deliver our reports in accordance with your requirements. a. Proposed segmentation of the engagement Our approach to the audit engagement integrates the best of traditional auditing techniques and a total systems concept to enable the team to conduct a more efficient and effective audit. The audit will be conducted in three phases, which are as follows: Phase I - Preliminarv Planninq A thorough understanding of your organization, service objectives and operating environment is essential for the development of an audit plan and for an efficient, cost-effective audit. During this phase, we will meet with appropriate personnel to obtain and document our understanding of your operations and service objectives and, at the same time, give you the opportunity to express your expectations with respect to the services that we will provide. Our work effort will be coordinated so that there will be minimal disruption to your staff. During this phase we will perform the following activities: · Review the regulatory, statutory and compliance requirements. This will include a review of applicable federal and state statutes, resolutions, contracts, and other agreements. · Read minutes of meetings. · Review major sources of information such as budgets, organization charts, procedures, manuals, financial systems, and management information systems. · Obtain an understanding of fraud detection and prevention systems. · Obtain and document an understanding of internal control. Consider the methods that are used to process accounting information which influence the design of the internal control. This understanding includes knowledge about the design of relevant policies, procedures, and records, and whether they have been placed in operation. · Assess risk and determine what controls we are to rely upon and what tests we are going to perform. Perform test of controls. · Develop audit programs to incorporate the consideration of financial statement assertions, specific audit objectives, and appropriate audit procedures to achieve the specified objectives. · Discuss and resolve any accounting, auditing and reporting matters which have been identified. 'r'~r?~if~d ~~~~~?~:~ 10