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Financial statement work plan <br />Phase i <br />Planning and strategy <br />Phase 1: Planning and strategy <br />Phase 2 Phase 3 <br />Systems evaluation Testing and analysis <br />Phase 4 <br />Reporting <br />and follow up <br />The main objective of the planning phase is to identify significant areas and design efficient audit procedures. <br />Conduct an entrance meeting. Kassie Radermacher and staff will meet with the City personnel to agree on <br />an outline of responsibilities and time frames <br />o Establish audit approach and timing schedule <br />o Determine assistance to be provided by the City personnel <br />o Discuss application of generally accepted accounting principles <br />o Address initial audit concerns <br />o Establish report parameters and timetables <br />o Progress reporting process <br />o Establish principal contacts <br />• Gain an understanding of your operations, including any changes in organization, management style, and <br />internal and external factors influencing the operating environment <br />• Identify significant accounts and accounting applications, critical audit areas, significant provisions of laws <br />and regulations, and relevant controls over operations <br />• Determine the likelihood of effective Information Systems (IS) - related controls <br />• Perform a preliminary overall risk assessment <br />• Confirm protocol for meeting with and requesting information from relevant staff <br />• Establish a timetable for the fieldwork phase of the audit <br />• Determine a protocol for using TeamMate Analytics and Expert Analyzer (TeamMate), our data extraction <br />and analysis software, to facilitate timely receipt and analysis of reports from management <br />• Compile an initial comprehensive list of items to be prepared by the City, and establish deadlines <br />We will document our planning through: <br />Entity profile — This profile will help us understand the City's activities, organizational structure, services, <br />management, key employees, and regulatory requirements. <br />Preliminary analytical procedures — These procedures will assist in planning the nature, timing, and extent <br />of auditing procedures that will be used to obtain evidential matter. They will focus on enhancing our <br />understanding of the financial results and will be used to identify any significant transactions and events <br />that have occurred since the last audit date, as well as to identify any areas that may represent specific risks <br />relevant to the audit. <br />City of Santa Ana RFP No. 24-009 Page 32 of 63 <br />