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SECTION I.S(C) TECHNICAL PROPOSAL 8: SPECIFIC AUDIT APPROACH (Continued) Proposed segmentation of the engagement (Continued) Phase II - Execution of Audit Plan The audit team will complete a major portion of transaction testing and audit requirements during this phase. The procedures performed during this period will enable us to identify any matter that may impact the completion of our work or require the attention of management. Tasks to be performed in Phase II include, but are not limited to the following: · Apply analytical procedures to further assist in the determination of the nature, timing, and extent of auditing procedures used to obtain evidential matter for specific account balances or classes of transactions. · Perform tests of account balances and transactions through sampling, vouching, confirmation and other analytical procedures. · Perform tests of compliance. Phase III - Completion and Deliverv In this phase of the audit, we will complete the tasks related to year-end balances and financial reporting. All reports will be reviewed with management before issuance, and the partners will be available to meet and discuss our report and address any questions. Tasks to be performed in Phase III include, but are not limited to the following: · Perform final analytical procedures. · Review information and make inquiries for subsequent events. · Meeting with Management to discuss preparation of draft financial statements and any potential findings or recommendations. You should expect more from your accounting firm than a signature in your annual financial report. Our concept of truly responsive professional service emphasizes taking an active interest in the issues of concern to our clients and serving as an effective resource in dealing with those issues. In following this approach, we not only audit financial information with hindsight but also consider the foresight you apply in managing operations. Application of this approach in developing our management letter is particularly important given the increasing financial pressures and public scrutiny facing today's public officials. We will prepare the management letter at the completion of our final procedures. In preparing this management letter, we will initially review any draft comments or recommendations with management where direct responsibility for the activity under question rests. Only after the initial communication, will we discuss pertinent issues with higher-level officials. We will discuss with Management each of the following: · The auditor's responsibility under generally accepted auditing standards; · Significant accounting policies; · Management judgments and accounting estimates; · Significant audit adjustments; · Other information in documents containing audited financial statements; · Disagreements with management; 'Tr;~r~~}::J ~~~~~~~!,~,~ 11