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¡. : ':"~! ':,H ... .'- T,H'.~.:(íÎj)l1r~t({p)WÞ'~~~IJ)¡-:r~{'(J~~/'-f,,~(O)~~,:!((rt.)ln¡i1~~Õ}-;::-,'~--:'-~ :.-'=:~.-": ~-.-:--¡ Timing We understand the City plans to maintain approximately the same audit schedule we have followed for the last several years, completing your closing by late September. Our fmal audit can commence as early as the last week in September when we will collect our Annual Closing Checklist and related data from you and bring it back to our office. We will review your draft financial statements and the Checklist infonnation and prepare our leadsheets prior to our beginning the audit in your offices one week later. We will provide you with final adjusting journal entries, final draft Component Unit and other reports on the last day of our fieldwork, and final bound reports within a week of your approval. We will continue to collaborate with you on the final preparation of the CAFR, reviewing your final draft, including the transmittal letter and statistics, subjecting the CAFR to an in-house GFOA CAFR review, subjecting the CAFR to an in-house technical review by Scott and providing you with our Independent Auditor's Opinion when the report is complete. Or audit of the Port would follow a slightly different time schedule than they have followed in the past. We would divide the Port's audit into an interim and a final phase. The interim would coincide with the City's audit, however the year end audit would be perfonned independent of the City in mid-August. We will meet with you to detennine a final audit schedule and we can adjust our schedule if either closing is delayed. Our proposed Time Line follows: March, 1998: Award audit contract Prepare interim audit checklists April or May 1998: (Last year's City Interim took place the weeks of May 12 & 19) Perform interim audit tests Mail confinnation requests Prepare financial statement fomlats and disclosures Prepare Annual Closing Checklist Prepare Accounting Issues Memorandum Interim exit conference August 3, 1998, Port of Redwood City: Visit the Port's offices to collect Annual Closing Checklist infonnation August 3-7,1998 (in our officc), Port of Rcdwood City: Review and reconcile Annual Closing Checklist infonnation Input fmancial statement amounts from Port trial balance Perfonn Principal Level Analytical Review of financial statements August 10-14, 1998, Port of Rcdwood City: Final phase entrance conference Start of year-end fieldwork in the Port's office Discuss results of Analytical Review Complete year-end audit tests Finalize all draft financial statements and recommendations August 14, 1998, Port ofRcdwood City: Completion of fieldwork and year-end exit conference Issue final draft reports and management letter 18 r- "".r-H --- T