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City of Redwood City <br />6.1.A. - Page 35 <br />r r vNv ,5c11 <br />Audit Schedule <br />Period Audit Tasks <br />Award of Contract <br />Interim Audit Procedures: <br />- Planning and Administration <br />Review and obtain copies of key work papers of prior audit firm. <br />Entrance conference with City Management to discuss audit approach, timing, <br />assistance, and issues <br />' Review and evaluate the City's accounting and financial reporting. Prepare an <br />overall memo of recommendations, potential issues, and suggestions for <br />improvements. <br />' Prepare overall memo to City confirming audit procedures, timing, and <br />assistance. <br />' Prepare detailed audit work plan and audit programs, audit budget and staffing <br />schedule, and list of schedules to be prepared by City staff, and provide it to City <br />Management. <br />April/May _ Internal Control Evaluation <br />' Meeting with key Finance Division personnel. <br />Obtain and document understanding of key internal control systems through walk - <br />throughs, interviews of staff, and review of supporting documentation: <br />Gernaraf ledger system. <br />Budgeting system. <br />Revenue, utitity billing, accounts receivable, and cash collections. <br />Purchasing, expenditures, accounts payable, and cash disbursements. <br />Payroll. <br />Federal Financial Assistance. <br />Other systems. <br />' Identify control risks. <br />' Evaluate IT control environment. <br />' <br />Perform statistical testing of the internal control system and evaluate the <br />effectiveness of the City's systems. Select large dollar and random samples of <br />transactions in key operating systems. Sample size to meet required level for <br />determined degree of risk. Review supporting documentation of selected <br />transactions, evaluate adequacy of support and approvals, and conclude on <br />degree of adherence to accuracy and compliance with City policies. <br />' Conduct fraud assessment procedures. <br />Assess degree of risk for material misstatement. <br />Provide to the City's management a memo concerning management fetter points <br />and identify issues, if any. <br />Caporicci Y- Larson, CPAs <br />17 <br />