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SPECIFIC AUDIT APPROACH (continued) <br />A. Proposed Segmentation of the Engagement and Level of Staff and Number of Hours to be <br />Assigned to Each Proposed Segment of the Engagement <br />Entrance Conferences <br />Introduction, planning, and <br />organization meeting with city <br />management, to include principal <br />and supervisory staff in charge of <br />audit. A list of all schedules to be <br />prepared by the City will be <br />provided. <br />Preliminary Fieldwork <br />At this time, we would complete our <br />documentation and review of the <br />City's internal controls, along with <br />any other preliminary or interim <br />work deemed necessary. <br />1 <br />4 <br />3 <br />12 16 4 36 <br />Final Fieldwork <br />At this time we would complete all <br />phases of audit testing and conduct <br />our review of the financial <br />statements. This portion comprises <br />the majority of the total audit work. 32 34 31 34 16 147 <br />Exit Conference <br />Summarizes results of fieldwork <br />and reviews financial statement <br />draft and significant findings. 1 1 1 3 <br />Delivery of final reports <br />Presentation at Council meeting <br />Total hours <br />1 <br />35 40 45 50 20 190 <br />B. Sample Sizes and the Extent to Which Statistical Sampling is to be Used in the Engagement <br />MMKR uses audit sampling techniques testing compliance with Minnesota laws and regulations, internal <br />control and compliance testing related to federal Single Audits, and substantive testing in various areas of <br />the audit. The sample size selected depends on the nature of the item to be tested, audit and sampling risk <br />factors, and the amount of tolerable error. The sample is then selected randomly from the population of <br />transactions being tested, typically after the population of transactions has been sorted and stratified in a <br />database. <br />-15- <br />