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II 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 (Col/tilll/ed) 8. SPECIFIC AUDIT APPROACH (Col/til/I/ed) CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING We will assist the City in obtaining the Certificate of Achievement for Excellence in Financial Reporting to the full extent possible that will not comprise our independence based on the guidance provided by GAAS and GAGAS. We will help you in drafting the components of the basic financial statements and will review the City's Comprehensive Annual Financial Report (CAFR) using the most recent GFOA review committee checklist to ensure that all applicable requirements were satisfactorily covered. In addition, we will ensure compliance with the submission deadline of no later than six (6) months after the end of fiscal year by completing the CAFR and submitting all required audit reports before February 28, 2008 for fiscal year 2007 and every January 31 of the succeeding fiscal year. MANAGEMENT LETTER As an integral part of the our audit, we will prepare a report on all matters which come to our attention where improvements could be made with respect to the internal accounting structure and management controls and operating and administrative efficiency. These matters will be discussed with the affected departmental representatives, City Manager and Finance Director to obtain their views and observations. These reports can help protect assets and provide meaningful information to guide management decisions. This approach enables us to provide recommendations to our clients who are practical and relevant to their operations. The types of recommendations and observations we would include in our report are as follows" y Recommendations arising from current evaluation of the internal control structure. y Recommendations made during previous audits not implemented which warrant considerations. y Exceptions to policy directives, rules and regulations. y Accounting performance suggestions where we believe accounting performance could be improved. y Other matters which we believe should be brought to the attention of the Commission. y Our experienced team will be alert to areas operation, where revenues can be increased, cost reduced. Or controls improved. Although the City is a governmental entity, its responsibilities and objectives are comparable to those of a business enterprise. Because of our "businessman's approach" to auditing and our interest on your business, we are not only able to meet your audit needs but also to provide you with valuable ideas for your assistance in increasing the efficiency of your operations, developing more useful management information, and improving the use of your resources. We will issue suggestions on these and other matters that will receive your prompt attention. Our recommendations will be made on an informal basis during the audit and also in a letter report accompanying the audit report after the audit's completion. ,j !R~~.:~ 37