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I I I I I SECTION VI.S - REQUIREMENTS OF THE TECHNICAL PROPOSAL (Co/lti/lued) 8. SPECIFIC AUDIT APPROACH (Col//il/lled) SEGMENTATION OF THE PROJECT (Continued) After obtaining an understanding of your controls, service objectives, deliverables and your expectations, we will identify specific areas of risks and develop pertinent audit programs to perform required test work. I I I I The activities are as follows: y Assess risk y Determine the appropriate testing procedures and develop corresponding audit programs , Identify and resolve pertinent auditing issues Phase /I - Perform Audit Plan The audit team will complete a major portion of testing during this phase. The procedures performed will enable us to identify matters that may affect our work or require the attention of your management. During this phase we will perform the following activities: I , Perform tests of controls and performance test work. Appropriate test work will encompass all major transaction cycles, including cash receipts, revenues, cash expenditures, procurement, and payroll , Perform tests of compliance with laws, regulations, contracts and the City's policies , Perform analytical procedures Review test results and preliminary conclusions. I I I I I Phase 11/ - Completion and Delivery 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 Management, and the City Commission to discuss our report and address any questions they may have. We enhance our presentations to the Board by preparing financial highlights analysis. This brochure makes extensive use of graphs and charts to communicate some of the more important trends and activities occurring in the financial area. Our report will include the requirements of Government Auditing Standards and will include the following: I I y Audit objectives, scope and methodology ., Audit findings containing the elements of criteria, condition, effect and cause Recommendations for actions to correct problems and to improve operations , Audit was made in accordance with generally accepted auditing standards and Government Auditing Standards ., All significant instances of non-compliance, abuse and illegal acts , Our work on management and data processing controls and significant weaknesses found , Management response to our findings and recommendations ") ~KR~~.:~ - 31 I I