4.5. SR 10-04-2021 - Laserfiche WebLink

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PROPOSAL PREPARED ESPECIALLY FOR CITY OF ELK RIVER, MINNESOTA AUDIT APPROACH AND TIMELINE (CONTINUED) Our audits are designed to focus our energy and our audit tests on the areas of your operations that contain the most risk. This equates to a better product for the City. PHASE ONE - INITIAL PLANNING AND PROGRAM DEVELOPMENT Our main objective is to get to know the City as a resident or employee would. We want to understand not only your finances, but also your operational goals and objectives. What makes you City unique? How can that knowledge help us perform the best audit possible? When those questions are answered, we know we achieved our goal for Phase One. During this phase, we gather the information we need to create an effective audit program and make preliminary judgments of materiality. Highlights include: • Reviewing your internal control documents and interviewing your key employees and representatives to gain operational information. • Discussing your goals, objectives, and the current challenges facing your operations; those are then shared across your BerganKDV team and incorporated into our audit plan. • Obtaining population sizes ranging from 25-60 for certain transactions -based finance systems and selecting which transactions we will test for internal control and compliance testing. Selections will be based on our data analysis results, analyzing transactions on a risk -based level. • Obtaining your current financial reports and budgets and perform overall analytical review procedures. • Obtaining applicable City organizational charts, policies, bond documents, leases, and other legal contracts. • Reviewing with your staff our audit documentation requests. We audit and request information that is used internally by your staff to manage operations, we do not require specific templates to be used. We will work with the management team to determine the preferred means of communication, whether phone or email. In addition, we utilize Suralink, a workflow management software that improves efficiency by streamlining our audit request process. The simple interface includes team assignments and deadlines, so there are no misunderstandings on expectations. Our audit process incorporates automated audit tools (Knowledge Coach) and work papers to provide our clients with timely information and effective and efficient audits. In addition, we use CCH's TeamMate Analytics, an Excel add -on used to extract and analyze data quickly and efficiently. We also subscribe to various benchmarking and data analysis providers. Hours: Partner — 4, Manager — 7, Supervisory Staff — 15, Staff — 15 Hours in each section include Single Audit. Your Expected Role: Provide BerganKDV with policies, internal control documents and a preliminary trial balance, provide contact information for all board members and staff so we may set up appointments/interviews with selected representatives, begin to gather documentation for fieldwork. 17 1 PAGE BERGANKDV, LTD, I BERGANKDV COM I DO MORE.