25D - AGMT - FINANCIAL AUDIT SRVS

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SECTION 4: SPECIFIC AUDIT APPROACH AND METHODOLOGY. for Iron, not us. We will provide an audit plan that is complete, dear and descriptive and realistic, thus forming thehasishy which audit progress canhe measured. Our objective for each of the audit components as defined in the RFP is to provide an audit plan that is both realistic and mutually acceptable, thus forming the basis by which audit progress can be measured. Frequent communication is required for the audit plan to be an effective management tool. We will meet with the appropriate. management personnel on a regular basis to report the progress of our audits, and any preliminary findings. We expect the City to communicate any foreseeable delays in the delivery of accounting records, financial statements, and/or other documents needed to complete our work. We propose to address all key accounting and reporting issues that could potentially affect our audit opinion up front. Proper planning, timely communications, and the prompt resolution of reporting issues will lead to a smooth transition to the issuance of our reports and timely completion of the engagement. This approach will result in a positive working relationship between our auditors and the City. In the event that circumstances warrant more extensive and detailed services beyond those in the contractual agreement, we shall provide in writing and in advance the reasons for the additional services together with our estimate of costs. No additional work will be performed without advance approval by the city. If selected, MGO will perform the following auditing services beginning with the fiscal year ending June 30, 2012. ScopeotSetrvices MGO will provide the following auditing services beginning with the fiscal year ending June 30, 2012: Annual Audit of the City's Financial Statements: We will perform a review of the City's financial audit in accordance with auditing standards generally accepted in the United States of America (GAAS) as promulgated by the American Institute of Certified Public Accountants (AICPA) and the standards applicable to financial audits contained In Government Auditing Standards, issued by the Comptroller General of the United States for the purpose of expressing opinions on , the fair presentation of the City's basic financial statements, in conformity with accounting principles generally accepted in the United States of America (GAAP). GAAP provides for certain required supplementary information (RSI), such as management's discussion and analysis (MD&A), to accompany the City's basic financial statements. As part of our engagement, we will apply certain limited procedures to the City's RSI. These limited procedures will consist principally of Inquiries of management regarding methods of measurement and presentation. The following RSI is required (allowed) by GAAP and will be subjected to certain limited procedures, but will not be audited: • Management's Discussion and Analysis • Schedule of Funding Progress for Pension Benefits Budgetary Comparison Schedules Supplementary information other than RSI, also accompanies the City's basic financial statements. We will subject certain supplementary information to auditing procedures applied In our audit, which we will provide an opinion on the basic financial statements. We understand that the City we will be responsible for preparing the CAFR, including related note disclosures, RSI and supplemental information. As your auditors, we will review the CAFR in its entirety to ensure that the CAFR continues to satisfy the requirements for submission to the Government Finance Officers Association (GFOA) for consideration for the Certificate of Achievement for Excellence in Financial Reporting. _: P MdT D91t9ri=AccoW=W 2 014 UT B 23