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CONEjO RECREATIONAND PARK DISTRICT AND THE MOUNTAINS RECREATION AND CONSERVATION AUTHORITY PROPOSAL FOR PROFESSIONAL AUDITING SERVICES Specific audit approach (continued) All working papers and reports will be retained (at our expense) for a minimum of seven (7) years, unless we are notified by the District of the need to extend that retention period. Engagement approach Our engagement approach for your audit will be developed using established goals which will enable measurement of the audit process by the engagement partner and supervisor. Our approach involves frequent communication between the partner and the engagement team to ensure that all audit objectives are achieved in accordance with the established goals and that any issues which may arise are communicated and dealt with on a timely basis. Our overall knowledge and expertise in governmental accounting and auditing has allowed us to identify key audit and accounting risks in the government environment. More importantly, the approach provides for a complete reassessment of the management and control environment in each year's audit and thus is capable of responding to changes and will ensure that deadlines are met in issuing the annual financial statements. Our engagement approach has been developed and refined over many years. The backbone of our approach revolves around the following six constants: • Knowledge and experience. We have been auditing governmental entities like the District, both large and small, for over 71 years. This experience has allowed us to gain in-depth knowledge of the governmental environment which in turn allows us to perform a more efficient and effective audit and enables us to perform detailed risk assessment procedures. These risk assessment procedures allow us to identify significant audit risk areas within the District. • Oversight. Professional judgment is not developed overnight. Our partners, managers and supervisors have been deeply involved in governmental audits on a continuous basis for most of their professional careers. By having direct partner and manager oversight, we are able to design audit strategies that result in effective and efficient audits. • Timeliness. Deadlines are not just "dates" to us, they are professional commitments. All required deadlines will be met. • Open communication. Open lines of communication with all parties (the engagement team members and District Management and staff) throughout the audit process helps to eliminate "surprises." Proper planning and proper use of experienced engagement personnel tend to provide for an effective and efficient audit process. Consequently, inefficiencies, disruptions, and lack of understanding are kept to a minimum. • Availability. All engagement team members are available throughout the year for any questions or additional consultation. • Cost effectiveness. Our customized audit approach and procedures and our experienced auditors help to reduce your overall audit costs. F01I AICPA GAQC Member -16-