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CONEJO RECREATION AND PARK DISTRICT AND THE MOUNTAINS RECREATIONAND CONSERVATION AUTHORITY PROPOSAL FOR PROFESSIONAL AUDITING SERVICES Specific audit approach (continued) • Document and review with management, any findings noted during the testing of internal controls and provide a preliminary management letter that will include our recommendations for improving any weaknesses in operations. The letter will also include suggestions for improving the efficiency of the District's operations. This phase of the engagement for the audit will be performed by the audit senior and two to three staff accountants with direct supervision by the audit manager and partner. Segment 2 - Year end testing - substantive testing During this phase of the audit, our principal objectives will be to assess the risk of material misstatement at the financial statement level and specific assertions, design overall responses to assessed risks and further audit procedures, perform substantive tests, as needed, and complete the audit and evaluate audit findings, if applicable. In order to achieve the desired objectives of this phase of the audit, we will: • Determine whether our testing supports the assessed level of risk initially assigned at the financial statement level and at the assertion level. • Identify significant risks. • Develop a detailed audit plan. • Design substantive tests of account balances, designed and modified specifically for the District's operations and assessed level of risk. This phase of the engagement for the audit will be performed by the senior accountant and two to three staff accountants with direct supervision by the audit manager and partner. Segment 3 - Reporting - report preparation/audit conclusion (workpaper review) During this phase of the audit, our principal objectives will be to evaluate whether the financial statements, taken as a whole, are free from material misstatement and form an opinion(s) and issue our report. In order to achieve the desired objectives of this phase of the audit, we will • Determine whether, based on our substantive testing and other procedures, the financial statements, taken as a whole, are free of material misstatement. This will provide the basis for our opinion(s). • Review all audit workpapers to ensure that the audit was performed in accordance with the required standards (GAAS, GAGAS, etc.). • Prepare drafts of all required reports by the agreed-upon dates. • Conduct an independent review of the financial statement draft by the engagement's quality control partner. • Issue all reports by the agreed-upon dates. This phase of the engagement will be performed by the audit senior and one staff accountant with direct supervision by the audit manager and partner. In addition, the engagement's quality control partner will perform a detailed quality control review of the financial statements. Y� AICPA GAQC Member -18-