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I ~ ~ ~ ~ . . . ~ ~ . . oSUNNY clSLES u BEACH COBIT Framework [ HOW IT WORKS (~:.\ \ ~tr.'.g, ~) ". ... --.. / , ( I.,,''''''.,) \ AIlalysis ~.- Monitoring Policies & Procedures (~.~ ,,='7 .-- (.:i'::' ) --- Continuous Improvement /_. ...... ! ~,,,.. ,;.) ~I'.'.'.' - Using the COBIT framework, the firm identifies key areas of potential computer risk as part of the audit. These areas include system planning, systems development/acquisition, systems operations/maintenance (i.e., asset tracking), data management, electronic commerce, external threat protection (i.e., viruses, hackers) and software licensing. We believe this capability sets Rachlin apart from others. It also gives our clients a sense of security with respect to their IT systems. Risk-Based Audit Techniques Rachlin employs a risk assessment approach early in the audit process. We believe that with our leadership in the governmental audit area, we have developed a wide understanding of how and where things can go wrong. Most of the time, these problem areas are not in the finance department but in other departments. Therefore, a portion of the audit budget is devoted to procedures outside of the finance department. Rachlin~~ Accountants . Advisors We also consider how the overall risk identified in the general risk analysis affects specific account balances, including: . Relative significance of the account to the financial statements as a whole · Volume of transactions . Susceptibility of the account to fraud . Accounts that have traditionally required significant adjustments . Accounts with complex calculations, judgment and accounting issues that have a high-assessed level of inherent risk Specific Fraud Investigative Techniques Statement of Auditing Standards No. 99 (SAS No. 99) imposes on auditors the additional responsibility to "plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements due to fraud." At Rachlin, we believe that by redirecting our efforts through a risk-based approach and additional fraud inquiry techniques, we significantly enhance the audit process and provide greater value to our clients. Rachlin Cohen & Holtz LLP Proposal for Independent Auditing Services Page - 24