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AUDIT SERVICES APPROACH (Continued) <br />Engagement Project Schedule <br />The following table summarizes our proposed engagement schedule. By utilizing strong oversight by your engagement <br />partner and the supervisory level staff assigned to your audit, we will ensure strict adherence to the schedule we have <br />outlined below. <br />Dates <br />Segment <br />September/October <br />Preliminary meeting with management and visit prior auditor <br />October/November <br />Audit planning <br />February <br />Audit fieldwork <br />March <br />Preliminary drafts and recommendations to be available to <br />management <br />March <br />Any requested exit meetings to be held <br />March <br />Final exit meeting with Council to be held <br />We understand that schedules can change from year to year and do our best to work closely with our clients to maintain <br />deadline requirements. We accomplish this through open communication with our clients to remain in touch as to <br />deadlines and scheduling needs. We have not experienced any issues related to client deadlines in the past three years <br />that were due to our firm. <br />Engagement Segmentation <br />Preliminary fieldwork and planning <br />The planning and preliminary fieldwork phase of the engagement typically consists of the following: <br />1) Audit client acceptance and reevaluation, <br />2) Obtain an understanding of services to be performed, <br />3) Obtain an understanding of the client and its environment, consisting of: <br />a. Obtaining an understanding of audit risk at the financial statement and assertion levels, <br />b. Consideration of fraud risk factors, <br />c. Utilizing preliminary analytical procedures to identify significant processes and activities, and <br />d. Obtaining an understanding of internal control through the following procedures: <br />i. Gathering documentation for significant processes identified via preliminary analytical <br />procedures, <br />ii. Discuss internal controls with our client, including inquiries of instances where internal <br />controls could potentially fail, <br />iii. Perform walk-throughs of our client's internal controls, and <br />iv. Evaluate our client's internal control design for the purpose of determining whether to test <br />and rely on controls, <br />e. Assessment of risks of material misstatement, <br />f. Development of overall audit strategy, and <br />g. Agreement with our client on timing and deliverables. <br />12 <br />