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CITY OF REDWOOD CITY EXHIBIT~ · Specific Audit Approach The specific audit approach has been designed to efficiently and effectively address the audit requirements of the City, to perform the audit of the City's financial records in a timely manner with minimal disruptions to office operations, and to meet the City's timeline. We will conduct the necessary audit steps to adequately perform: Planning of the engagement. Evaluation of the existing internal contro! structure. Determination of degree of compliance with laws, regulations, grant provisions, and City approved policies. Validation of account balances. Determination of competency of finance department staff. Verification of reasonableness of management estimates. Objectives of Our Services The basic objective of our audit of the City is to conduct an examination of the financial statements in accordance with generally accepted auditing standards and to express our opinion on the fairness of presentation of such financial statements in conformity with generally accepted accounting principles. Additionally, we believe that another real value of our audit lies in meeting other objectives at no additional cost. The following are other objectives of our services that have important benefits to the City: To offer substantive observations and recommendations relating to accounting and operating control policies and procedures. To identify opportunities for operating efficiencies and isolate candidate activities for cost reduction opportunities. To perform a professional audit in an efficient and effective way to minimize disruption to the office operations. To offer ongoing advisory services to assist in the running of the operation and implementation of improved operating procedures. The engagement will be conducted within the framework of the Firm's quality control program which includes the use of audit programs, careful planning, use of computerized audit software and internal control evaluation & documentation software, and objective review procedures. On-site staff will use Firm supplied portable IBM compatible computers and printers.