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I I I I I I I I I I I I I I I I I I I SECTION VI.B - REQUIREMENTS OF THE TECHNICAL PROPOSAL ( COI//il/lIed) 8. SPECIFIC AUDIT APPROACH (Colltillued) LEVEL OF STAFF AND NUMBER OF HOURS To achieve the proper balance between the ability to recognize problems and the cost in performing the services, a significant portion of the engagement will be performed by our Management Team. We emphasize utilizing our highest experienced personnel because of their experience, training and education and corresponding abilities to recognize problems and deal with them expediently. SUBSEQUENT YEARS PROCEDURES ... Q) .c E Q) - Q. Q) en I - en ::::s Cl ::::s <t ... Q) .c E Q) u Q) o I ... Q) .c o - u o ~ III ::::s ... .c Q) u.. ~ III ::::s c: III ...., PRELIMINARY PLANNING Preliminary discussions - entrance meetings ,/ Obtain understanding of service objectives ,/ Perform Interim work / prepare audit planning memorandum ,/ Review minutes and other agreements ,/ Identify significant issues, review, evaluate and document internal controls ,/ Assess risk ,/ PERFORM AUDIT PLAN Develop detailed audit programs ,/ Test internal controls ,/ Test compliance with laws, regulations, contracts, grants and the Town's policies ,/ Substantive test of revenues, expenditures, procurement, payroll, etc. ,/ COMPLETION AND DELIVERY Complete review for subsequent events and obtain management representations ,/ Prepare reports ,/ Review draft of all reports for subsequent events and obtain management representations ,/ Issue report on findings and management letter ,/ Attend meetings with Management and Commission, as required ,/ Preliminary Planning: The Partners will complete approximately 40% of this segment The Managers will complete approximately 40% of this segment The Supervisor/Senior Accountant will complete approximately 20% of this segment )~~.~~ 32