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MALLOY, MONTAGUE, KARNOWSKI, & CO., P.A. QUALIFICATIONS AND EXPERIENCE (continued) The following lists those professionals by classification and years of experience who have substantial governmental experience: Principals Senior Managers and Senior Consultants Managers Senior Associates and Associates Staff Accountants 6 4 3 8 7 6 Up to 35 years 3 Upto35years 3 Upto1Oyears 7 Upto8years — Upto3years One principal, one senior manager, and one senior associate will be used on this engagementon a full-time basis. Additional professional staff will be used on an as -needed basis. C. Continuing Professional Education (CPE) MMKR's mostimportant resource is our people. The primary g�goaloftraining and developmentof our staff professional ° is to enable principals and professionals to provide unsurpassed services tothe �nn'aclients. We achieve this by a continuing processof setting and maintaining the highest standards of competence for our principals and professionals. While nothing is more valuable to this development than on-the-job experience working inepropedyaupen/inedenvinonment. there are a number of other ways in which MMKR professionals receive training. We believe that all training must be responsive to two needs: 1) the firm's standards of performance, and 2) the growth and development of the firm's personnel. Generally, in the early years of a professional's career, the�mnaaaumaamuohoftherempona\bUWith more experienoe, the individual assumes more of the initiative in determining his or her own training needs and objectives.' - The responsibility in public 0000unting, therefore, is shared. The firm's continuing education approach supplements on-the-job experience with a variety of formal training.This training encompasses avvide range of learning opportunities, including seminars taught by professional trainers or sponsored by relevant professional organizations, internal seminars, web -based training, and self -study courses on technical topics which individuals in the firm use to expand their professional development. Professional regulations require a 40'hour average annual CPE minimum requirement for each principal and professional. Past experience has shown that the 40 -hour average is not sufficient to meet today's fast -changing educational demands. Accordingly, most MMKR professionals routinely exceed this requirement. Individuals who work on audits and attestation engagements subject to Government Auditing Standards, including planning,direoting, performing f\e\dwmrk, or reporting, complete at least 24 hours of CPE every two^~years that directly relates to government auditing, the government environment, or the �~ specific orunique en»ironmom/nvhiohtheaud\tedentityoperates In addition, auditors uditonevhodoanyamount of planningdirecting, or reporting on Yellow Book assignments and auditors who are not involved in those activities but charge at least 20 percent of their time annually to Yellow Book assignments are required to also obtain at least another 56 hours (for a total of 80 hours) of CPE that enhances their professional proficiency to perform audits or accounting engagements. A significant portion of the CPE that our governmental audit team members receive centers on various technical aspects of governmental accounting and auditing. Many of these individuals also serve as instructors for both internal and� em�\ seminars. These seminars include those sponsored by the -- Minnesota Society of CPAs (MNCPA), Minnesota Association of School Business Officials (MASBO),