Laserfiche WebLink
POST -FIELDWORK PHASE <br />The reporting phase will be completed by the Principal and Manager. During the reporting phase we will: <br />e Conduct an exit interview with management at the end of fieldwork. <br />e Prepare the City of Lauderdale's financial statements using the audited trial balance, review the financials for compliance with GAAP and <br />the City of Lauderdale financial statement policies. <br />• Provide drafts of financial statements and our audit management letter. <br />e Review financial statements, management letter and governance letter with management and make any adjustments/changes.Provide all <br />recommendations, revisions to the financial statements and/or accounting policies and procedures, and other suggestions for improvement <br />to the City of Lauderdale personnel. <br />• Present Power Point financial summary (management report) and historical financial activity to the Council for the City of Lauderdale. <br />AUDIT SAMPLES FOR PURPOSES OF TESTS OF COMPLIANCE <br />Since each client is different and may differ from year to year, we use a variety of statistical designs in our compliance testing. The size of the sample <br />considers many factors: size, maturity, complexity, level of oversight and prior audit findings. Ultimately, our professional judgement determines that <br />a representative number of transactions have been selected. <br />USE OF TECHNOLOGY <br />• Smith Schafer is a paperless firm and will prepare workpapers electronically. For workpapers and support prepared by the City of Lauderdale, <br />we generally request the items in electronic or scanned form. <br />e Smith Schafer offers a secure portal to audit clients to facilitate the exchange of financial information and schedules. <br />e Smith Schafer utilizes Computer Aided Auditing (data mining) software to supplement its audits and fraud related procedures and testing. <br />IDENTIFICATION OF ANTICIPATED POTENTIAL AUDIT PROBLEMS <br />At this time, we do not anticipate any potential audit problems. If problems do arise, Smith Schafer will work carefully with management to resolve <br />the matter. <br />TIMELINE <br />Fieldwork - February zoi8 <br />Drafts of Reports - March zoi8 <br />Final Reports - April 1/018 <br />9 <br />