FULL AGENDA PACKET_2021-05-04 - Laserfiche WebLink

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Methodology. Our audit is performed based on a risk-bosed approach. We conduct our audits under the concept of "understanding the entity." This concept is based fundamentally on the fact that the City is unique. By understanding the City, we gain the necessary perspective for performing an effective audit. Our audit approach places particular emphasis on the planning phase to determine maximum efficiency and effectiveness. When performing an audit, we are sensitive and understanding of the fact that we report to those charged with governance. We maintain objectivity and independence in order to be able to issue our audit opinions. We will act within our philosophy of total client service, maintain the professional relationship refined with management, and fulfill our responsibilities with the utmost professionalism. Yearlong support: We encourage your staff to take advantage of our accessibility throughout the year for questions that may arise. Our people, working with you and your staff, can provide proactive advice on new accounting or GAAP pronouncements and their potential impact; help with immediate problems including answers to brief routine questions, and share insights and best practices to assist you in planning for your future success. The assessment phase of an engagement starts when an engagement letter is issued. Upon notice of contract award, we will prepare a contract and engagement letter. We will communicate our plan to start the work and to discuss the audit process. These discussions are intended to accomplish the following: • Identify Icey management and staff involved in the audit • Identify primary audit liaisons • Introduce our audit team and identify key CLA contact personnel • Discuss the timetable • Explain our means and ways of communication • Inquire about any issues, which we may need to be aware of • Discuss logistics and administrative matters • Complete a preliminary assessment of risk based on a review of prior year workpapers and knowledge of your organization Through all phases of the audit, we think it is important to have regular communications with the City's management to discuss the status of the engagement. We will provide timely communication of any critical issues, concerns, and potential findings with the person primarily responsible for the area and our audit liaisons. We will be available to meet with key management prior to issuance of the final audit report. This meeting will highlight some of the results of the audit, any outstanding items, and reporting and issuing processes. The main objective of the planning phase is to identify significant areas and design efficient audit procedures. We will accomplish our planning by following the methodology below: Conduct an entrance meeting with the City's personnel to mutually agree on an outline of responsibilities and timeframes. The agenda will include but not be limited to the following: - Establish audit approach and timing schedule - Assistance to be provided by the City's personnel - Application of generally accepted accounting principles