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<br /> '(:" I'ï <br /> l.2.4 Evaluate computer controls, general controls and applications <br /> controls. <br /> 1. 2.5 Document, review and walk through major systems, e.g. <br /> - <br /> billings and receivables, purchasing, capital projects, cash and <br /> investments, debt compliance and payrolls. <br /> 1. 2.6 Perform audit risk assessments. <br /> 1. 2.7 Meet with CITY staff to finalize the audi t plan, including <br /> schedules to be prepared by the CITY, to plan CITY staff's'assistance, <br /> and to consider the AUDITOR's plan for testing records and procedures <br /> using statistical sampling and computer auditing where appropriate, the <br /> method for evaluating internal control and the audit procedures to be <br /> utilized prior to performing detailed audit work. <br /> 1. 2.8 Prepare audit program and final time budgets. <br /> 1.3 AUDIT PHASE <br /> The AUDITOR will: <br /> 1. 3.1 Hold periodic progress meetings with appropriate City staff <br /> to discuss at mutually convenient times the status of the audit work. <br /> 1.3.2 Perform a detailed interim and final audit of the following: <br /> (1) The CITY's general purpose (combined) financial <br /> statements. Upon completion of this audit an audit <br /> report which conforms with the current AICPA standards <br /> will be issued to the CITY. <br /> (2) Federal financial assistance programs to the CITY in <br /> accordance with the SAA and OMB Circular A-128, "Audits <br /> of State and Local Governments". This audit will result <br /> in the issuance to the CITY, by the AUDITOR, of all <br /> reports on the schedule of federal financial assistance, <br /> internal control structure, and compliance with laws and <br /> regulations as required by the SAA and Circular A-128. <br /> These reports will conform to pronouncements of the <br /> AICPA. <br /> 1.3.3 In performing the interim audit the AUDITOR will: <br /> (1) Perform tests of relevant controls, e.g. billings and <br /> receivables, purchasing, capital projects, payrolls, <br /> cash receipts, disbursements, and compliance with laws <br /> and regulations. <br /> (2) Develop permanent files. <br /> (3) Complete final evaluation of controls. <br /> (4) Perform substantive tests, including analytical reviews <br /> of selected account balances, e.g. maJor capital <br /> projects, payroll expenses and utility sales. <br /> (5) Review status of pension plans, commitments, <br /> contingencies and litigation for potential effects at <br /> year end. <br /> -2- <br />