Grau & Assoc. - Laserfiche WebLink

Home Browse Search

I I I I I I il I I I I I i I I I I I I I VI~ PROPOSAL REQUIREMENTS B~PROPOSAL 8. SPECIFIC AUDIT APPROACH (Continued) i. Assistance to be provided in meeting the requirements of the "Certificate of Excellence in Financial Reporting" We are proud to have assisted our clients who participate in the GFOA Certificate of Achievement for Excellence in Financial Reporting Program (CAFR) to qualify for that award. This certificate program is recognized as the highest award in governmental financial reporting. The Certificate of Achievement has been awarded on all of the financial statements we have reported in the certificate program. j. Process to produce a meaningful "management letter." Include three recent "management letters" developed in connection with local government audits You should expect more from your accounting firm than a signature in your annual financial report. Our concept of truly responsive professional service emphasizes taking an active interest in the issues of concern to our clients and serving as an effective resource in dealing with those issues. In following this approach, we not only audit financial information with hindsight but also consider the foresight you apply in managing the operations of the City. Application of this approach in developing our management letter is particularly important given the increasing financial pressures and public scrutiny facing today's public officials. We will prepare the management letter at the completion of our final procedures. In preparing this management letter, we will initially review any draft comments or recommendations at the level within the City's government where direct management responsibility for the activity under question rests. Only after the initial communication, will we discuss pertinent issues with higher-level officials. In addition, we will inform the City on each of the following: · The auditor's responsibility under generally accepted auditing standards; · Significant accounting policies; · Management judgments and accounting estimates; · Significant audit adjustments; · Other information in documents containing audited financial statements; · Disagreements with management; · Management consultation with other accountants; · Major issues discussed with management prior to retention; and · Difficulties encountered in performing the audit. Any criticism of operations will be constructive, and whenever recommendations have been already identified by internal staff, the letter will so state. Our findings will contain a statement of condition describing the situation and the area that needs strengthening, what should be corrected and why. Our suggestions will withstand the basic tests of corrective action: 'rr;~r~'~if~d ~;~~~~,~,~:,s. 41