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- II II il I, I .1 I, 'I I I I I I I :1 I, 'I I 'I II Gn ~ Gerstle, Rosen & Goldenberg, P.A. ; ""-\.J Certified Public Accountants to operate in an efficient, effective and economical manner. These experiences have been attained by either direct employment with government agencies or by providing independent CPA firm services in the areas of auditing and accounting, complementary financial management, and budgeting services to various government agencies and to various state and local governments and agencies including school districts, municipalities, hospitals, and not-for-profit entities receiving Federal aid. While these services, for the most part, were rendered by individuals of GRG prior to their employment with the firm, over the past 5 years, GRG has significantly increased it's representation of not-for-profit entities. As stated earlier, on May 18, 2010, the Federal government awarded GRG a multi-year, multi-million dollar contract to provide (a) financial audits, (b) performance audits, (c) complementary audit services, and (d) accounting services to ~ Federal government departments and agencies as well as state and local governments, and various OMB audit programs including single-audit programs. Among the criteria used in the Federal government's selecting GRG were GRG's: . plans for conducting audit and financial management services, . reputation for professionalism, quality control and client satisfaction, and . relevant government and project experience as well as the government auditing and accounting experience of its professional staff. 8. Specific Audit Approach a. Proposed Segmentation of the engagement GRG's audit methodology and approach for performing audits is consistent with those required in the GAO Financial Audit Manual, the GAO "Yellow Book", and such other laws and statutes that may be applicable to the municipality being audited. GRG's comprehensive plan consists of four phases: 1. Planning phase, 2. Internal Control phase, 3. Testing phase, and 4. Reporting phase. These steps may be used in whole or in part depending on the type of engagement that is being performed. At all times, GRG'S overall obiective is to provide assurance to our clients that the audits are performed in accordance with applicable qovernmental and professional standards. PHASE 1 - After the award of the service to be provided by GRG, an initial meeting will be held with client members responsible for areas to be audited or reviewed to confirm an understanding of the scope of the review, time-lines, tasks to be delivered, client contacts and introduction of team members. Also, the team will identify significant provisions of applicable laws and regulations, budget restrictions, and risk factors. From the information obtained at this entrance meeting, an engagement plan, including audit or review steps, is developed for conducting the engagement. PHASE 2 - In this phase, in order to understand the information systems, internal control is documented and reviewed considering agency objectives, procedures and systems. In 6