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y . < 6.1.A. - Page 34 1 ,.,y of Redwood City Proposal Obiectives 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 computers and printers. 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. The audit will be conducted in accordance with: � 1) Generally accepted auditing standards established by the AICPA. 2) The standards contained in Government Auditing Standards issued by the GAO. 3) Provisions of the Single Audit Act and OMB Circular A -133. 4) Requirements issued by the California State Controller's office. 5) Other requirements as required. We will conduct the necessary audit steps to perform: • Planning of the engagement. • Evaluation of the existing internal control environment to determine degree of risk of material misstatement. • Determination of degree of compliance with laws, regulations, grant provisions, and City approved policies. • Assessment of potential fraudulent issues. • Validation of account balances. • Verification of reasonableness of management estimates. Caporied & Larson, CPAs 16 1s