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Cc). I D -5 CITY OF REDWOOD CITY Specific Audit Approach Audit Approach Our approach to performing audit services to the City is based on a thorough understanding of its business. Additionally, our governmental and non - profit audit knowledge assists us in performing the required work with minimum interruption to your office operations. We will concentrate on important matters rather than become bogged down in minor details, thus assuring that your audit is performed efficiently, effectively, and in the least amount of time and disruption. We will also review procedures and controls over the accounting process, evaluate the accuracy of recorded transactions, and perform other tests and investigative steps as considered appropriate to render an opinion on the financial statements of the City. Our audit approach will adhere to generally accepted auditing standards of the AICPA, the U.S. General Accounting Office, and the California State Controller. Assuming the City's financial records are in adequate condition and no unusual issues are discovered during the audit process, we will issue the first draft of the reports for all City reporting entities and compliance requirements will be finalized along with Single Audit Reports and Management Letter comments. Drafts of the various financial statements and reports will be provided to City Management for review no later than the published time frames as noted in the request for proposal. Final reports will be issued and delivered to the Finance Director within five (5) working days after approval is granted by the City. Members of the Firm will be available for routine consultation whenever City staff considers it necessary. We will review all financial reports and any findings, observations, etc. with key members of the City's management. We will be available to present the financial report, if desired by the City's management. II