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MALLOY, MONTAGUE, KARNOWSKI, RADOSEVICH& CO., P.A. QUALIFICATIONS AND EXPERIENCE (continued) F. Malloy, N0ontaQue, Karnowski, Radosevich & Co., P.A. Quality Control MMKR is a member of the Governmental Audit Quality Center of the AICPA and as such is subjected to a peer review in accordance with the membership requirements of the center. MMKR is committed to providing our clients with professional services of the highest quality. In order to satisfy this commitment, we have developed a quality control program which we believe is unsurpassed in our profession. Our program is based on two fundamental principles adopted by our firm. First, in order to provide quality service, a�mnmust e�nsct retain, and develop highly competent staif members. 8eoond, it must have an organizationa|mtruotureand " roperating policies that will facilitate the execution of an effective quality control program. We believe the information that follows demonstrates our commitment to these principles. An effective quality control program begins with quality personnel and we believe that our staff recruitment and professional development programs are among the finest in the country. This is evidenced by the fact that: • We annually recruit graduates from the top colleges and universities in the upper Midwest. All professional staff members must have a four-year college degree. • It is our firm policy that all audit staff members at the manager level or above must be licensed CPAs. • Our professional principals and staif members are required to participate in an average of 40 or more hours of formal instruction each year • Our firm strongly supports and encourages the participation by staff members in professional and civic organizations in their communities. We believe that such participation enhances our staff members' professional growth and sense of public responsibility. � Our formal professional development program includes semiannual reviews of staff members' perfomnanoe, incorporating feedback from each engagement during the period of more than one week's duration and formal career counseling. Additionally,ouris structured and our operating policies designed to ensure the highest possible standards of firm practice. This is evidenced by the fact that our firm policies require the following review procedures be employed for every engagement: • All audit planning must be completed prior to the start of every audit. Planning documentation must address such topics as audit scope and timing, etaff\ng, potential audit \oauem, assessments of audit and fraud riskand significant economic or other external factors that may affect the client's operotionm.p|anning ' must be reviewed and approved by the audit engagement principal during the initial stages of the audit. • All audit programs and time budgets must be opproved, in vvhting, by the audit engagement principal prior to the start of the fieldwork. • Specialized audit programs are used for specific industrim. including city, school diytricta, charter schools, and other governments. Such programs are updated annually to reflect changes in audit and accounting standards. • Each working paper must be signed and dated by the preparer