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I I I I I I I I I I I I I I I I I I I VI" PROPOSAL REQUIREMENTS B"PROPOSAL 8. SPECIFIC AUDIT APPROACH SCOPE I WORK PRODUCTS I RESULTS Grau's Understanding of Work Product / Scope of Services: We recognize the City is an important entity and its responsibilities create a challenging and dynamic organization. We are confident our firm is eminently qualified to meet the challenges of this engagement and deliver quality audit services to the City. City of Sunny Isles Beach would be a valued client of our firm and we pledge to commit all firm resources to provide the level and quality of services (as described below) which both fit the City's needs and exceed the City's expectations. Grau & Associates fully understands the scope of professional services and work products requested in this RFP. Our audit will follow the Generally Accepted Auditing Standards of the AICPA, Government Auditing Standards, issued by the Comptroller General of the United States, and the Rules of the Auditor General of the State of Florida and any other applicable Federal, State or local regulations. We will deliver our reports in accordance with your requirements. a. Proposed segmentation of the engagement Our approach to the audit engagement is a risk-based approach which integrates the best of traditional auditing techniques and a total systems concept to enable the team to conduct a more efficient and effective audit. The audit will be conducted in three phases, which are as follows: Phase I - Preliminarv PlanninQ A thorough understanding of your organization, service objectives and operating environment is essential for the development of an audit plan and for an efficient, cost-effective audit. During this phase, we will meet with appropriate personnel to obtain and document our understanding of your operations and service objectives and, at the same time, give you the opportunity to express your expectations with respect to the services that we will provide. Our work effort will be coordinated so that there will be minimal disruption to your staff. During this phase we will perform the following activities: · Review the regulatory, statutory and compliance requirements within which the City operates. This will include a review of applicable federal and state statutes, resolutions, bond covenants, contracts, and other agreements. · Read minutes of meetings of the City Council and various committees. · Obtain the prior year trial balance and import into our paperless audit system. · Review major sources of information such as budgets, organization charts, procedures, manuals, financial systems, and management information systems. 'T'~r~~if~d ~~~~~~?,!:~ 34