GLSC & COMPANYFOR
Contact
CITY
R THE FISC
BID OP
AT
Persons:
E
Y OF S
CAL YEAR
OPTION
PENING
BID O
TTENTION
Pablo R.
Manuel M
6303 Blue
Miami, F
Telephon
Fax
PROPOS
EXTERNAL
F
SOUTH
ENDING S
OF ADDIT
RFP #
DATE:
OPENING
: MARIA M
FEIN:
Llerena, CP
M. Garcia, C
e Lagoon Dr
Florida 3312
e: (305) 373
(305) 374
SAL TO PR
L AUDIT SE
FOR THE
H MIA
SEPTEMBE
TIONAL ON
# FN-201
WEDNE
G TIME:
M. MENDEZ
20-315
PA – llere
CPA – mmg
rive, Suite 2
26-6205
3-0123
4-4415
ROVIDE
ERVICES
AMI, F
ER 30, 2013
NE FISCAL
13-05
ESDAY,
10:00
Z, CMC, CIT
57326
na@glsccp
garcia@glsc
200
FLORI
3 AND 201
L YEAR
JUNE 5
A.M.
TY CLERK
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ccpa.com
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QUALITY C
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June 4, 2013
Maria M. Mendez, CMC
Office of the City Clerk
City of South Miami
6130 Sunset Drive
South Miami, Florida 33143
GLSC & Company, PLLC (“GLSC”) appreciates the opportunity to respond to the City of South Miami,
Florida (the "City") Request for Proposal (RFP) RFP#FN-2013-05 to conduct the City’s annual audit of its
financial statements for an initial two (2) years period beginning with the fiscal year ending September 30,
2013, with the option of auditing its financial statements for an additional one-year period of one (1) fiscal
year, for a total term including the option of three (3) years.
GLSC fully understands the scope of the professional services and work products requested in this RFP.
Our audit will follow auditing standards generally accepted in the U.S. of America as set forth by the
American institute of Certified Public Accountants, Generally Accepted Government Auditing Standards,
issued by the Comptroller General of the United States, provisions of the Federal Single Audit Act
Amendments of 1996, and the U.S. Office of Management and Budget (OMB) Circular A-133, Audits of
State and Local Governments, provisions of the Florida Single Audit Act, State of Florida Department of
Financial Services regulations, Rules of the Auditor General of the State of Florida, and any other
applicable federal, state or local laws or regulations. Our audit will include procedures to determine
whether the operations of the City are properly conducted in accordance with legal, regulatory, grant and
contractual requirements, including Florida Statutes, Federal Laws and the City Commission’s policies
and procedures. We will deliver our reports in accordance with those and your requirements.
GLSC is a medium-size South Florida professional Limited Liability Company licensed Certified Public
Accounting firm based in Miami and have provided auditing services in South Florida for the past 30
years.
Last year, GLSC performed approximately 40 audits under Governmental Auditing Standards, including
27 Single Audits in excess of 7,500 hours of services for our governmental and nonprofit clients.
GLSC can assure the highest professional qualifications of the staff we will utilize for this engagement. In
addition to our governmental focus, it is GLSC’s policy that all professional employees earn more than the
minimum CPE credits required for governmental audits.
6303 Blue Lagoon Drive ▪ Suite 200
Miami, Florida 33126-6025
(305) 373-0123 ▪ (800) 330-4728
Fax (305) 374-4415
www.glsccpa.com
1
2
3
4
General
GLSC a
your req
instructio
proposal
Indepen
GLSC’s
independ
as defin
accepted
the U.S
Governm
GLSC h
services
License
GLSC is
Florida
assigned
registere
Florida o
to perfor
I).
Firm Qu
GLSC is
professio
viding co
auditing,
managem
By focus
non-for
level of
consultin
Non-for-
Requiremen
grees to add
quest for pro
ons for prep
l.
ndence
partners a
dent of the C
ned by audi
d in the Unite
S. General
ment Auditing
has never pe
for the City o
to Practice
s a properly re
professional
d key profes
ed/licensed to
or other State
rm governme
ualifications a
s an accoun
onal Limited
omprehensive
, attestation,
ment consulti
sing our expe
profit entities
financial and
ng services t
Profit Sector
nts
dress all poin
oposal and a
aring and su
and its em
ity of South M
iting standar
ed States of
Accountab
Standards (G
erformed any
of South Miam
in Florida
egistered/lice
l association
ssional staff
o practice in
e agency and
ental audits (r
and Experien
nting firm (S
Liability Co
e financial an
, accounting
ing and tax se
rtise on gove
s, we provide
d compliance
to our Gover
Clients.
ts outlined in
adhere to the
ubmitting the
ployees are
Miami, Florida
rds generally
America and
bility office’s
GAS).
y professiona
mi.
nsed State of
n, and our
are properly
the State of
are qualified
ref. Appendix
nce
South Florida
ompany) pro-
d compliance
g and other
ervices.
ernmental and
e the highest
auditing and
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2
GLS
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We
pron
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prou
have
awar
The
6303
3312
year, GLSC
In excess of 7
Sector Clients
40 Audits
Standards (G
27 Single Aud
SC currently
wing municip
City of Pembr
City of Tamar
City of Marga
City of Wilton
Town of Miam
Village of Bis
help all our
nouncements
sent clients p
chievement fo
gram (CAFR)
ud to state tha
e reported in
rded with the
office of GLS
3 Blue Lagoo
26-6025.
80%
performed:
7,500 hours o
s
under Go
GAS)
dits
provides au
alities:
roke Pines
rac
ate
n Manors
mi Lakes
cayne Park
clients imple
and have as
participating in
for Excellence
) to qualify fo
at all of the f
the certifica
certificate.
SC performing
on Drive, Su
GOV
of services to
overnmental
uditing servic
ement any n
ssisted all ou
n the GFOA
e in Financial
or the award
financial state
ate program h
g the audit is
uite 200; Mia
20%
VERNMENTAL AUDITS
3
our Public
Auditing
ces to the
new GASB
r past and
Certificate
l Reporting
d. We are
ements we
have been
located at
ami Florida
OTHER AUDITS
(Continued)
4
4 Firm Qualifications and Experience
(Continued)
STAFF
GLSC has a total of 20 full-time employees, 17
professional staff, including 3 Partners and 14
professionals who specialize in providing auditing,
accounting and consulting services to the
Governmental and Non-for-Profit Sector.
GLSC will assign the following engagement team
members on a full time basis to the City’s audit:
1 Partner
1 Audit Manager
1 Supervisor/Senior Associate
2 Audit Associates
5 Total Engagement Team
A concurring review and advisory partner will assist
the Engagement Partner on as needed basis.
National Firm Resources With Local Firm
Personalized Service Philosophy
With the equally important goals of serving our
clients’ best interest while remaining locally owned
and autonomous, our firm has chosen to be affiliated
with BKR International. BKR International is an
association of independent CPA firms that provides a
worldwide network of accounting and business
advisors from 150 accounting firms in 70 countries.
This affiliation gives us access to 60 CPA firms in the
United States with expertise in governmental
accounting, auditing and information technology.
Quality Control and Review
GLSC participates in an external quality review
program requiring an on-site independent
examination of our accounting and auditing practice.
GLSC has consistently received an unqualified
opinion on the quality of our audit practice, including
our firm’s last external quality control review (for the
year ended June 30, 2010). See copy of the report
on the firm’s most recent quality review in Appendix
II. Note: our firm’s quality control review included a
review of specific governmental engagements.
In addition to scheduled Peer Reviews, our firm
continually monitors performance to ensure the
highest quality of services. Under the supervision of
the Audit Partners, an Audit Manager is responsible
for monitoring quality control of all appropriate
engagements.
Results of State and Federal Reviews
All state and federal reviews of the firm’s reports and
audit documentation have been accepted without
change or revision to issued reports.
GLSC, its partners and its employees, have an
impeccable reputation.
GLSC have never been involved in any litigation,
proceeding or disciplinary action or been charged
with or convicted of a public entity crime.
Compliance with Government Education
Requirements
In order to maintain our high level of technical
competence, we provide continuing professional
education programs for all partners and professional
staff members which exceed national and state
standards. All of the audit professionals of GLSC
exceed the education requirements as set forth in
Government Auditing Standards, published by
the Comptroller General of the United States.
Memberships
All of the firm’s CPA’s are properly licensed as CPA’s
and members in good standing of both the American
Institute of Certified Public Accountants and the
Florida Institute of Certified Public Accountants or
other State Society. In addition, certain firm
professionals are members of the following
professional groups:
Government Finance Officers Association
BKR International Committee on Governmental
and Non-Profit Accounting and Auditing
(Continued)
5
4 Firm Qualifications and Experience
(Continued)
Engagement Partner –
The engagement will be performed under the
direct supervision of an Engagement Partner.
The Engagement Partner has direct
responsibility for engagement policy,
direction, supervision, quality control, security
and communication with City personnel. The
Engagement Partner will be responsible for
the quality control, supervision and con-
fidentiality of information of the engagement
and will participate extensively during the
various stages of the engagement. He will
attend meetings, respond to telephone
calls and respond to specific inquiries on
a day-to-day basis as primary point of
contact.
He will also be involved in:
Coordinating all services to the City;
Directing the development of the overall
audit approach and plan.
Performing an overriding review of work
papers.
Resolving technical accounting and
reporting issues.
Reviewing, approving and signing
reports, management letters, and other
audit engagement products.
Supervising staff.
Ensuring the City is pleased with all
aspects of our engagement, such as
services and the personnel assigned;
Leading meetings and discussions with
key management personnel.
Meeting with governing board to present
audit reports.
PABLO R. LLERENA, CPA will be the
Engagement Partner. Mr. Llerena has
extensive experience in governmental audits,
and has performed governmental audits for
the last 32 years. He will devote a
substantial part of his time to the completion
of the work.
***************************************************
Audit Manager –
The Audit Manager will work closely with the
Engagement Partner. He will be responsible
for the overall review of the work and
compliance with the firm’s quality control
standards and regulatory compliance
requirements. He will ensure that the
financial statements and all other reports are
prepared in accordance with professional
standards and firm policy.
He will be responsible for all phases of the
fieldwork and he will be:
Supervising staff.
Planning the audit.
Preparing or modifying audit programs,
as needed.
Evaluating internal control and assessing
risk.
Reviewing audit documentation for
compliance with audit requirements and
completeness.
Communicating with the City and the
Engagement Partner the progress of the
audit.
Reviewing financial statements and all
reports issued by the firm for accuracy,
completeness and that they are prepared
in accordance with professional standards
and firm policy.
WILBERT SANTOS a CPA licensed by the
State of California will be the Audit Manager.
Mr. Santos was selected because of his
experience in governmental and local
government audit engagements. He will
devote a substantial part of his time to the
completion of the work. He has performed
public sector audits for 9 years.
******************************************************
(Continued)
6
4 Firm Qualifications and Experience
(Continued)
SUPERVISOR/SENIOR ACCOUNTANT
A Supervisor/Senior Accountant will be
assigned full-time to the engagement. The
Supervisor/Senior accountant will perform
complex audit procedures and assist the
Engagement Partner and Manager in the
actual performance of the engagement.
SHERRY WALKER, CPA will be the
Supervisor / Senior Accountant. Mrs. Walker
was selected because of her ability and
experience performing governmental audit.
She is well versed in the uniqueness of
Governmental audits and will devote 100% of
her time to the completion of the work.
******************************************************
Concurring Review and Advisory Partner
A Concurring Review and Advisory Partner will
assist the Engagement Partner and be
available as a sounding board to advice in
those areas where problems are encountered.
He will perform a second review of all reports
to be issued by GLSC, and will also be
available in those instances in which the
Engagement Partner is not available.
MANUEL M. GARCIA, CPA will be the
Concurring Review and Advisory Partner. Mr.
Garcia has been involved in performing
governmental audits for 39 years, and is the
Concurring Review and Advisory Partner of all
the governmental audits of the firm. He is
responsible for the firm-wide audit practice and
the allocation of firm resources to meet the
needs of clients.
GLSC’s AUDIT MANAGEMENT TEAM
MEMBERS’ YEARS OF
GOVERNMENTAL AUDITING
EXPERIENCE
PABLO LLERENA, CPA - (Engagement Partner):
32 YEARS OF TOTAL GOVERNMENTAL
AUDITING EXPERIENCE.
MANUEL M. GARCIA, CPA - (Concurring
Partner):
39 YEARS OF TOTAL GOVERNMENTAL
AUDITING EXPERIENCE.
WILBERT SANTOS (CPA Licensed by
the State of California) - (Audit Manager):
9 YEARS OF TOTAL GOVERNMENTAL
AUDITING EXPERIENCE AND A TOTAL
OF 14 YEARS AUDITING EXPERIENCE.
SHERRY WALKER, CPA -
(Supervisor/Senior Accountant)
6 YEARS OF TOTAL GOVERNMENTAL
AUDITING EXPERIENCE.
86 TOTAL YEARS, GOVERNMENTAL
AUDITING EXPERIENCE
4
Firm Qual
(Continu
these prof
present op
the highes
our clients
will devote
performing
Quality o
Engageme
The Engag
be designa
to the Cit
each year
event that
any of
Accountan
prior writte
the City’s
In addition
proposed
qualified p
the City’s n
lifications an
ued)
GLSC
work
a wa
broug
enga
our
our c
staff
fessional serv
perations, wh
st standards o
. The Manag
e a substan
g the City’s au
of the Staff
ent
gement Partn
ated “KEY”
ty they will b
r of the enga
it does beco
the Partner
nt, we will firs
en permission
right to accep
n to the eng
herein, we
professionals
needs, if requ
nd Experienc
C’s engagem
load is organ
ay that additio
ght about
agement will
current com
clients. We h
capacity
vices for the
hile continuing
of quality and
ger and Senio
tial part of
udit engagem
over the T
ner and Audit
MEMBERS.
be returned
agement. In
ome necessa
rs, Manager
t obtain the C
n to do so. W
pt or reject r
gagement tea
also have
who stand re
uired.
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ce
ment team’s
nized in such
onal activities
by this
not impact
mmitments to
ave sufficient
to integrate
City into our
g to maintain
time lines for
or Accountant
their time to
ent.
Term of the
Manager wil
We pledge
to the audit
n the unlikely
ary to replace
r or Senior
City’s express
We understand
replacements
am members
other, well-
eady to serve
Continued)
s
h
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GLS
qual
City
In ad
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audit
have
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SC can as
lifications of
’s engageme
ddition to ou
cy that all prof
minimum CP
ts. Further,
e an ongoing
e accountant
cess. When w
l, we select
tal accounting
sure the
f the staff w
ent.
ur governmen
fessional emp
PE credits req
because we
recruitment p
ts with a prov
we recruit at t
accountants
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we will utiliz
ntal focus, it
ployees earn
quired for gov
are a growin
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the senior and
s with prove
g experience
7
ofessional
ze for the
is GLSC’s
more than
vernmental
ng firm, we
seeks only
f academic
d manager
en govern-
.
(Continued)
8
4 Firm Qualifications and Experience
(Continued)
PABLO R. LLERENA, CPA
e-mail: llerena@glsccpa.com
Position
Engagement Partner
Education
Bachelor Degree, Business Administration, 1980
Florida International University
Professional History
CPA, in Florida since 1982, Certificate No. 10158
Partner of GLSC and predecessor firms since 1995
Audit manager, senior accountant and staff of
GLSC and predecessor firms from 1983 to 1995
Staff with local accounting firm, 1980 to 1982
Clients Served
Mr. Llerena is the lead partner for all the
governmental audits of the firm. A partial list of
governmental and non-for-profit audit clients served
follows:
City of Tamarac (10 years)
City of Margate (7 years)
City of Pembroke Pines (6 years)
City of Wilton Manors (3 years)
Village of Biscayne Park (2 years)
Town of Miami Lakes (9 years)
City of Oakland Park (5 years)
City of Dania Beach (2 years)
City of Lauderdale Lakes (3 years)
City of Lauderhill (5 years)
City of Miami Springs (2 years)
Town of Southwest Ranches (5 years)
City of South Miami (2 years)
City of Sweetwater (5 years)
City of West Miami (5 years)
North Broward Hospital District – Joint Venture
( 2 years)
Miami-Dade County School Board – Joint Venture
(10 years)
Miami-Dade County – Joint Venture (5 years)
Downtown Development Authority of the City of
Miami (9 years)
Housing Authority of the City of Miami Beach
(5 years)
Broward County School Board – Joint Venture
(2 years)
Broward County Housing Authority (4 years)
Hialeah Housing Authority (2 years)
Tampa Housing Authority (2 years)
Professional Education
Educational courses taken during the last three (3)
years:
Course Hours
Government Accounting and Auditing 112
Accounting and Auditing and other 24
136
Professional Associations
Member, American Institute of Certified
Public Accountants
Member, Florida Institute of Certified Public
Accountants
Member, Florida Government Finance
Officers Association
Member, Government Finance Officers
Association
Member, Cuban American Certified Public
Accountants Association
(Continued)
9
4 Firm Qualifications and Experience
(Continued)
MANUEL M. GARCIA, CPA
e-mail: mgarcia@glsccpa.com
Position
Concurring/Advisory Partner
Education
Bachelor of Science, Majoring in Accounting, 1970,
Florida Atlantic University
Professional History
CPA, in Florida since 1976, Certificate No. 5784
Partner of GLSC and predecessor firms since
1983
Owner of local practice, 1975 to 1982
Staff for national accounting firm, 1971 to 1974
Clients Served
Mr. Garcia is the client service / advisory partner on
several governmental audits. A partial list of
governmental and non-for-profit audit clients served
follows:
City of Tamarac (10 years)
City of Margate (7 years)
Town of Miami Lakes (7 years)
City of Miami Springs (2 years)
City of Lauderdale Lakes (3 years)
City of Oakland Park (5 years)
City of Dania Beach (2 years)
Miami-Dade County School Board – Joint Venture
(10 years)
Downtown Development Authority of the City of
Miami (9 years)
Housing Authority of the City of Miami Beach
(5 years)
Broward County Housing Authority (4 years)
Cuban American National Council (15 years)
Little Havana Activities and Nutrition Centers
(7 years)
Youth Co-Op (2 years)
Peninsula Housing Projects (10 years)
Broward County School Board – Joint Venture
(2 years)
Professional Education
Educational courses taken during the last three (3)
years:
Course Hours
Government Accounting and Auditing 104
Accounting and Auditing and other 30
134
Professional Associations
Member, American Institute of Certified Public
Accountants
Member, Florida Institute of Certified Public
Accountants
Member, Cuban American Certified Public
Accountants Association
Member, Association of Certified Fraud Examiners
Ex-member and former Chairman of the Board of
Governors of the Florida Joint Underwriters
Association
Ex-member of the Audit Committee of Miami-Dade
County School Board
Ex-Chairman of the Audit Committee of the City of
Miami
(Continued)
10
4 Firm Qualifications and Experience
(Continued)
WILBERT SANTOS
e-mail: wsantos@glsccpa.com
Position
Audit Manager
Education
Bachelors of Science, Accounting, 1994, Angeles
University Foundation
Professional History
Passed the CPA exam and is licensed by the State of
California
Senior Accountant to Manager of GLSC since 2004
5-years experience from Staff to Senior Accountant
Pricewaterhouse Coopers
Clients Served
A partial list of governmental and non-for-profit audit
clients served follows:
City of Tamarac – (9 years)
City of Margate – (7 years)
City of Pembroke Pines – (3 years)
City of Wilton Manors – (3 years)
Village of Biscayne Park – (2 year)
Town of Miami Lakes – (7 years)
City of Lauderhill – (2 years)
City of Oakland Park – (1 year)
Cuban American National Council - (4 years)
Little Havana Activities and Nutrition Center –
(2 years)
Peninsula Housing Projects - (5 years)
Broward County School Board – Joint Venture
(5 years)
Continuing Professional Education
Educational courses taken during the last three (3)
years:
Course Hours
Accounting and Auditing and other 154
Professional and Business Affiliations
American Institute of Certificate Public
Accountant
Associate Member, Florida Institute of
Certificate Public Accountant
Member, Florida Government Finance
Officers Association
Member, Government Finance Officers
Association Special Review Committee
(Continued)
11
4 Firm Qualifications and Experience
(Continued)
SHERRY WALKER, CPA
e-mail: swalker@glsccpa.com
Position
Senior Accountant
Education
Masters Degree, Taxation, 2008
Florida International University
Bachelors Degree, Accounting, 2007
Barry University
Professional History
Certified Public Accountant, State of Florida
Senior Auditor at GLSC since 2010 to present
Staff Auditor at GLSC since 2007
Clients Served
A partial list of governmental and non-for-profit audit
clients served follows:
City of Margate (4 years)
City of Wilton Manors – (3 years)
City of Tamarac (3 years)
Town of Miami Lakes (2 years)
City of Pembroke Pines (2 years)
City of Oakland Park (4 years)
City of Pembroke Pines Charter
(4 Schools)(6 years)
Jose Maria Vargas University
Broward County Housing Authority – Joint
Venture (1 year)
School Board of Broward County – Joint
Venture (5 years)
Coral Bay Community Development District
(3 years)
Downtown Miami Charter School (4 years)
Youth Co-Op Charter School (1 year)
North Broward Hospital District – Joint Venture
(2 years)
Continuing Professional Education
Educational courses taken during the last three (3)
years:
Course Hours
Accounting, Auditing and others 125
Professional Associations
Member, Florida Institute of Certified Public
Accountants
Member, Florida Government Finance
Officers Assocaition
(Continued)
12
4 Firm Qualifications and Experience
(Continued)
JORGE ESPINOSA
e-mail: jespinosa@glsccpa.com
Position
Information Technology Manager
Education
Masters Degree, Information Technology, 2006
Barry University
Bachelor Degree, Information Technology, 2004
Barry University
Certifications
MCSE, MCP+I, MCDBA, MCSA: Messaging
A+, N+, Server+, Security +, CEH,
CCNA, CXE Xiotech SAN Engineer, As400
Operator/Security
Professional History
Mr. Espinosa has over 16 years of professional
experience in designing, administrating and
supporting complex integrated information system.
He has proven to have the ability to identify the
system’s key controls that needs to be evaluated and
finds opportunities to implement computer assisted
audit techniques. Mr. Espinosa has provided
consulting assistance to clients in almost every
industry.
Professional Staff Training
Partners - All of our Partners are CPA’s and have in
excess of 30 years of diversified public accounting
experience. They are responsible for overall engage-
ment performance, policy, direction and quality
control. They have far exceeded minimum CPE
requirements.
Managers - Our Managers are CPAs and have a
minimum of 10 years of diversified public
accounting experience. They have demonstrated
ability to plan audit engagements, supervise
personnel and maintain frequent contact with clients.
They continually upgrade their skills through the
firm’s continuing education programs and courses
sponsored by the AICPA, FICPA and GFOA. They
have far exceeded minimum CPE requirements.
Senior Accountants - All of our Senior Accountants
have a minimum of 4 years of diversified public
accounting experience. They perform audits,
evaluate staff, review findings and prepare audit
reports. They possess the potential for upward
mobility. They have far exceeded minimum CPE
requirements.
5 Prior Engagement with the City of
South Miami
GLSC has never performed any professional services
for the City of South Miami, Florida.
(Continued)
13
6 Similar Engagements with Government Entities
We have included below, ranked in total staff hours, five municipal audit engagements requiring
compliance with laws, regulations, contracts and grants; follow fund accounting requirements; some
of the municipalities have charter schools, capital projects, financing requirements, enterprise
funds, pension trusts and Single Audits which we believe are similar to the City of South Miami.
CLIENT INFORMATION
Y
e
a
r
s
S
e
r
v
e
d
A
u
d
i
t
H
o
u
r
s
City of Pembroke Pines
CAFR, Financial Audit, Governmental Audit, Charter Schools, Federal and State Single Audit,
Utility Audit, Pension Audit
Years Served: Since 2010; (2004-2009 Joint Venture)
Contact: Rene Gonzalez, Finance Director (954)-435-6525 rgonzalez@ppines.com
Partners: Pablo R. Llerena
Manuel Garcia
6 1,200
City of Tamarac
CAFR, Financial Audit, Governmental Audit, Federal and State Single Audit, Utility Audit,
Pension Audit
Years Served: Since 2002
Contact: Mark Mason, Finance Director (954) 597-3500 Mark.Mason@tamarac.org
Partners: Pablo R. Llerena
Manuel Garcia
10 1,000
City of Margate
CAFR, Financial Audit, Governmental Audit, Federal and State Single Audit, Component Units
Audit, Utility Audit, CRA Audit
Years Served: Since 2006
Contact: Gail Gargano, Finance Director (954) 935-5353 ggargano@margatefl.com
Partners: Pablo R. Llerena
Manuel Garcia
7 800
Town of Miami Lakes
Financial Audit, Governmental Audit, CAFR
Years Served: Since 2001
Contact: Amber Riviere, Finance Director (305) 364-6100 rivierea@miamilakes-fl.gov
Partners: Pablo R. Llerena
Manuel Garcia
11 300
City of Wilton Manors
CAFR, Financial Audit, Governmental Audit, Federal and State Single Audit, Utility Audit
Years Served: Since 2010
Contact: Bob Mays, Finance Director (954) 390 – 2144 bmay@wiltonmanors.com
Partners: Pablo R. Llerena
Manuel Garcia
3 350
(Continued)
14
7 Specific Audit Approach
SCOPE / WORK PRODUCTS / RESULTS
Understanding of Work Product / Scope of
Services:
We recognize the City of South Miami is an
important entity in Miami Dade County and its
responsibilities create a challenging and dynamic
organization. We are confident our firm is qualified
to meet the challenges of this engagement and
deliver quality audit services to the City. The City
of South Miami would be a valued client of our firm
and we pledge to commit all firm resources to
provide the level and quality of services (as
described below) which both fit the City’s needs
and exceed the City’s expectations.
GLSC will perform an audit of the government-wide
financial statements and related governmental
funds financial statements of the City for the fiscal
year ending September 30, 2013 and 2014, with
the option to renew for additional one (1) fiscal
year, in order to express an opinion on the fair
presentation of the City’s general purpose financial
statements in conformity with accounting principles
generally accepted in the United States of America.
We will also perform an audit of the City’s General
and Police Pension Plans, Police 185 Share Plan,
and the South Miami Community Redevelopment
Agency (CRA), collectively referred to as the
“Pension Plans and CRA” for the same period as
the City’s basic financial statements. Our audit will
be conducted under auditing standards generally
accepted in the United States of America and the
standards applicable to financial audits contained in
Government Auditing Standards, issued by the
Comptroller General of the United States; Rules of
the Florida Auditor General, the provisions of the
Federal Single Audit Act, the Florida Single Audit
Act, the provisions of the U.S. Office of
Management and Budget (OMB) Circular A-133,
Audit of State and Local Governments, State of
Florida Department of Financial Services and any
other applicable federal, state and local laws and
regulations. Our audit will include procedures to
determine whether the operations of the City are
properly conducted in accordance with legal,
regulatory, grant and contractual requirements,
including Florida Statutes, Federal Laws and the
City Commission’s policies and procedures.
We will provide an “in relation to” report on the
combining and individual fund financial statements
and the Schedule of Expenditure of Federal Awards
and State Financial Assistance based on the auditing
procedures applied during the audit of the general-
purpose financial statements, and perform certain
limited procedures involving required “Management’s
Discussion and Analysis” and supplementary
information required by the Governmental Accounting
Standards Board.
In addition, we will also:
Determine the financial report the City filed with
the Florida Department of Financial Services is in
agreement with the financial statements for each
fiscal year.
Assist the City in complying with the
requirements of the Florida Auditor General
regarding the City’s assessment of its financial
condition.
Prepare a management letter pursuant to the
requirements of the Auditor General of the State
of Florida.
Assist with the preparation of schedule of state
and federal awards.
Assist with the preparation and finalization of the
Comprehensive Annual Financial Report (CAFR).
Issue separate reports for each of the Pension
Plans and CRA and present to their respective
Boards.
Assist the City staff on implementation of current
and proposed GASB Statements. In addition, we
will provide an informal advice and consultation
throughout the year on matters relating to
accounting and financial reporting. This would
not necessarily include any tasks that entails
significant research or a formal report.
(Continued)
15
7 Specific Audit Approach (Continued)
The firm will comply with the time schedule
required by the City related to interim work,
audit plan, field work and drafting the report.
We will issue the following reports in
accordance with applicable rules and
standards:
Report on an audit of the financial
statements conducted in accordance with
auditing standards generally accepted in
the United States of America, and the
standards applicable to financial audits
contained in Government Auditing
Standards, issued by the Comptroller
General of the United States.
Report on Internal Control over Financial
Reporting and Compliance and Other
Matters based on an audit of Financial
Statements in Accordance with
Government Auditing Standards.
Report on Compliance and Internal
Control over Compliance Applicable to
each Major State and Federal Programs
in accordance with OMB Circular A-133
and Florida Single Audit Act, if applicable.
Management Letter required by Section
10.554(g) and Chapter 10.550 of the
Rules of the Auditor General of the State
of Florida.
Schedule of Findings and Questioned
Costs.
In the required reports on internal controls, the
auditor shall communicate any deficiencies
found during the audit. A deficiency in internal
control exist when design or operation of the
internal control structure, which does not allow
management or employee, in the normal
course of performing their assigned function, to
prevent or detect and correct misstatements on
a timely basis. A material weakness is a
deficiency, or combination of deficiencies, in
internal control, such that there is a reasonable
possibility that a material misstatement of the
entity’s financial statements will not be
prevented, or detected and corrected on a
timely basis.
A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is
less severe than a material weakness, yet important
enough to merit attention by those charged with
governance.
Nonreportable conditions discovered by the auditors
shall be reported in the management letter required
by Florida Statues which shall be referred to in the
report on compliance and on internal control.
Our approach to developing the report on our findings
is particularly important given the increasing financial
pressures and public scrutiny facing today’s public
officials. Our report will include pertinent findings,
cause, effect, recommendations for improvement,
and suggestions for recommended implementations,
as appropriate. It will also include written response
from management.
We will make suggestions to improve the City’s
performance, procedures, and controls.
Any recommendations for operational improvement
will be reasonable and constructive. If your
management has already identified a relevant issue,
our report will reflect this fact. To ensure full
agreement with the circumstances, we will fully
discuss each item with the appropriate City personnel
prior to the final exit conference. We will discuss
pertinent issues only after preliminary communication
with the responsible City personnel. This policy
means there will be no “surprises” in the report and
fosters a professional, cooperative atmosphere.
Because we wish to assist you in identifying and
solving problems before they become critical, we will
provide feedback on more than just the items
identified in the report. Our report will communicate
significant deficiencies or other instances of non-
compliance and will also recommend suggestions for
improving operational efficiency including decreasing
costs, improving management information effective-
ness, protecting assets, etc.
We will immediately report all irregularities and illegal
acts or indication of illegal acts to the Finance
Director, CRA Director, Pension Board Members,
City Manager, Mayor and City Commission as
appropriate.
(Continued)
16
7 Specific Audit Approach (Continued)
AUDIT APPROACH/SEGMENTATION OF
ENGAGEMENT
Our approach to the audit engagement integrates the
best of traditional auditing techniques and a total
systems concept. We will consider the methods used
by the City to process accounting information when
planning our audit, since they influence the design of
the internal control. The audit will be conducted in
three phases, which are as follows:
Phase I – Risk Assessment
(Planning/Interim Stage)
A thorough understanding of your organization,
service objectives and its operating environment is
essential for the development of an audit plan and for
an efficient, cost-effective audit. During this phase,
we will meet with appropriate personnel to obtain and
document our understanding of your operations and
service objectives and, at the same time, give you the
opportunity to express your expectations with respect
to the services that we will provide. Our work effort
will be coordinated so that there will be minimal
disruption to your staff.
During this phase we will perform the following
activities:
Review the regulatory, statutory and compliance
requirements within which the City operates.
This will include a review of applicable laws,
grant requirements, state statutes, resolutions,
debt instruments, contracts, other agreements,
and minutes of meetings of the City Commission.
Review audit documentation of prior year auditor.
Review major sources of information such as
budgets, organization charts, procedures,
manuals, financial systems, and management
information systems.
Obtain and document an understanding of the
design and implementation of the City’s internal
control.
Consider the methods that the City uses to
process accounting information which influence
the design of the internal control. This
understanding includes knowledge about the
design of relevant policies, procedures, and
records, and whether they have been placed in
operation by the City.
Assess risk.
Determine what controls we are to rely upon,
perform walkthrough documentation and test the
operating effectiveness of controls if considered
necessary.
Develop audit programs to incorporate the
consideration of financial statement assertions,
specific audit objectives, and appropriate audit
procedures to achieve the specified objectives.
Identify and resolve accounting, auditing, and
reporting matters.
Inquiries of the program administrator of the
governmental entities that provided grants about
restrictions, limitations, terms and conditions
under which such grants were provided including
review of the OMB Circular A-133 Compliance
Supplement and the Florida Single Audit Act, if
applicable.
Review ordinances and resolutions pertaining to
general and police pension. Assess compliance
with federal tax laws, State and local investment
guidelines, and City’s ordinance, resolution,
policies and procedures that are applicable to the
Pension Plans.
A detailed audit plan and list of all schedules to be
prepared by the City will be provided by July 31st and
interim work will be completed by September 13th for
each yearly audit.
7
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17
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(Continued)
18
7 Specific Audit Approach (Continued)
LEVEL OF STAFF
To achieve the proper balance between the
ability to recognize problems and the cost in
performing the services, a significant portion of
the engagement will be performed by our
Management Team. We emphasize utilizing
our highest experienced personnel because of
their experience, training and education and
corresponding abilities to recognize problems
and deal with them expediently.
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r
Se
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r
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a
f
f
% in number of hours per
segment
Phase I – Risk
Assessment
20%
50%
30%
Phase II – Perform
Audit Plan
10%
30%
30%
30%
Phase III – Report
and Delivery
30%
50%
20%
SAMPLE SIZE AND STATISTICAL SAMPLING
Our professionals will utilize sampling
methodologies designed to ensure effective
audit procedures are applied in the most
efficient manner.
Sampling Techniques
We will utilize representative audit sampling
procedures with respect to tests of transactions
and tests of controls, where a sample of
documentation is to be tested as the principal
evidence of a control. During tests of controls,
the tests will generally consist of a combination
of corroborative inquiry and either observation,
examination of documents or re-performance.
We will use attribute sampling to test
documentary evidence as documentation will
be the prime corroborative evidence of
identified controls.
Statistical and Non-statistical Sampling
Tests of transactions and tests of controls can be
performed using either statistically or non-statistically
based techniques. Statistical approaches will be
based on our calculation of risk factors. If a non-
statistical approach is deemed appropriate, we will
design our procedures to obtain levels of assurance
that we judge to be equivalent to those required when
using statistically based techniques.
Sample Sizes
For tests of controls, sample size will be based on the
planned or supported assessed level of control risk
and the number of planned or actual deviations
expected. For transactions test work, sample size
will be a function of population, materiality, and risk
factors.
USE OF EDP SOFTWARE IN THE PROJECT
We are actively committed to using computer-based
audit techniques. Our knowledge of information
systems (IS) and the use of personal computers yield
significant savings in the time required to complete
an audit.
Today’s marketplace provides firms, large and small,
national and local, with sophisticated computer-aided
audit tools necessary to perform data analysis and
report generation. Software products, such as Audit
Command Language (ACL) for Windows, are used to
analyze data and produce reports.
A client’s IS environment influences the nature,
timing, and extent of planned auditing procedures.
Because most of our clients utilize computerized
accounting systems, our professional team is
experienced with various IS systems. As computers
have become more integral to the financial
management system, we have met the challenge by
incorporating new audit techniques into the audit
process. Staff members are trained on new software
and are skilled in a wide variety of computerized
applications.
(Continued)
19
7 Specific Audit Approach (Continued)
USE OF EDP SOFTWARE IN THE PROJECT
(Continued)
Each member possesses their own laptop
computer equipped with pertinent audit-related
software. We will utilize Prosystem FX for
Windows, ACL for Windows, database
programs and spreadsheet applications for
auditing purposes.
An important component of our audit is the
review of IS general controls. We understand
that the effectiveness of many client control
procedures is dependent on reliable computer-
generated data which result from proper IS
general controls. Therefore, we will analyze
these controls to determine the adequacy of
the internal control environment.
Our IS expertise, combined with extensive
auditing and consulting experience means that
we understand the technical intricacies of
complex information systems in the context of
real-world application.
Utilizing this expertise we will be able to:
Evaluate IS general controls within the
computer environment.
Document critical transaction processing
systems.
Identify key processes and controls within
these transaction processing systems;
Evaluate the effectiveness of identified
controls.
Advise the audit team on results of the
evaluation and effect on planned audit
procedures.
Design, develop and execute computer-
assisted audit techniques using computer
audit software packages.
Assess the internal controls.
Document and evaluate computer
environment and assess internal controls
of the Information Technology Department
that are significant to financial reporting
process.
ANALYTICAL PROCEDURES
Statement of Auditing Standards on Analytical
Procedures provides guidance on the use and extent
of analytical procedures in all audits. Analytical
procedures are required in the planning and overall
review stages of the audit, and are used in the
following areas:
Audit Planning
Analytical procedures can provide great insight in
planning an audit. These analyses can enhance our
understanding of the City's transactions and events
that may have occurred during the year under audit.
We compare the current balances to the prior year
and to the current budget. Isolating significant
differences can identify areas that may require
additional attention during the field work. For
example, such a review could identify a new revenue
source for which we would need to obtain
documentation supporting the authority for collecting
such monies.
Substantive Tests
Analytical procedures can be used as effective
substantive tests in certain circumstances, for
example, testing certain payroll related expenditures,
such as payroll taxes, which are a specific percent of
wages.
Overall Review
Analytical procedures used at the conclusion of the
audit are designed to assess the conclusions
reached and evaluate the overall financial statement
presentation.
(Continued)
20
7 Specific Audit Approach (Continued)
INTERNAL CONTROLS
The internal control segment is the foundation
for the entire audit and involves an extensive
understanding and evaluation of the City’s
operating and management information
systems and all related internal controls. The
results of this evaluation will influence the
nature, timing and extent of our substantive
audit procedures. This approach ensures that
we achieve maximum efficiency and provides
valuable feedback to management regarding
the effectiveness of controls being relied upon
throughout the year.
A thorough understanding of the internal
control structure of an organization is critical in
planning our audit procedures and providing
useful comments and recommendations to the
City. GLSC utilizes a standardized control
overview document which assists us in
identifying key elements within internal control,
such as the entity’s risk assessment process,
the control environment, information and
communication systems, and general
monitoring and control activities.
Our evaluation of internal control includes
considering the individual components noted
above and then considering the effectiveness
of internal control as a whole. We will obtain
our understanding of each of the elements
through the following procedures:
Meeting with the City personnel to
discuss operations.
Reviewing internal assessment of
internal control.
The control overview document helps to ensure
that all elements of internal control are
considered.
Subsequently, for significant internal control structure
categories, we will obtain an understanding of the
design of relevant policies and procedures, determine
whether such procedures have been placed in
operation and assess control risk. This review begins
by holding interviews with data processing and
accounting personnel and evaluating your internal
system and accounting documentation. We will then
prepare documentation of the major systems. To the
extent it is available; we will also use internal control
documentation currently available. This review is
organized into major accounting cycles.
We have found through our experience that there are
two primary methods to test controls.
Documented controls – Tested by reviewing a
sample of transactions for evidence that the
control was being performed.
Undocumented controls – Tested through
inquiry and observation procedures with
appropriate department personnel.
LAWS AND REGULATIONS
Statement on Auditing Standards from the American
Institute of Certified Public Accountants, establishes
standards for testing and reporting on compliance
with laws and regulations. In all financial statement
audits, the auditor must consider laws and
regulations that have a direct and material effect on
the financial statements. Further, the auditor designs
audit procedures to provide reasonable assurance
that the financial statements are free of material
misstatements resulting from violations of these laws
and regulations that have a direct and material
impact on the financial statements. For
governmental entities, this requirement is even more
important given the variety of legal and contractual
considerations typical of the government
environment.
(Continued)
21
7 Specific Audit Approach (Continued)
LAWS AND REGULATIONS
(Continued)
Identifying applicable laws and regulations is
fundamental to fulfilling the responsibility of
understanding their effects. We will obtain this
knowledge through the following sources:
Discussion of compliance requirements
with the City officials, including legal
counsel.
Identification of compliance matters in
statutes, financial ordinances, City policies,
contracts, grants and debt agreements.
Review of City Commission meeting
minutes.
Our existing knowledge of federal and state
laws.
AUDIT SAMPLES FOR
TEST OF COMPLIANCE
Tests of compliance with laws and regulations
are included with the tests of transactions and
controls, when practical. Additional samples
are sometimes necessary to test specific laws
and regulations. Sample sizes for compliance
testing are determined based on the number of
transactions and the significance of the
requirement.
APPROACH TO BE TAKEN IN COMPLETING THE
SINGLE AUDIT
Our objective in this area is to perform a single
audit which meets the needs of the grantor
agencies, the requirements of OMB A-133 and
the Florida Single Audit Act. In order to
achieve this objective, we follow the following
techniques:
Planning and Supervision
Inquiry of management regarding
identification of the grants subject to single
audit
Review of grant documents
Review of OMB Circular A-133 and State
Single Audit Act Compliance Supplement
Review of Federal or state legislation for the
enacted laws and regulations
Consideration of the effect of computer
processing on the nature, timing and extent
of auditing procedures
Assessment of Risks
Perform an assessment of engagement risk
by considering the level of federal and State
financial assistance and the nature of the
various programs; corresponding
consideration of the external environments,
internal factors, irregularities, illegal acts,
fraud and other noncompliance matters.
Determination of major programs based on
risk based analysis as provided by the
Federal and State Single Audit Act.
Schedule of Expenditures of Federal and
State Awards
Perform procedures to determine the
Schedule of Federal and State Awards are
presented fairly in all material respects in
relation to the City’s financial statements
taken as a whole.
Determine the City was able to reconcile the
amounts presented in the schedule to
amounts in the financial statements.
Assess the appropriateness and
completeness of the City’s identification of
Federal and State programs included in the
schedule.
Determine the City properly disclosed the
basis of accounting and the significant
accounting policies used in preparing the
schedule.
(Continued)
22
7 Specific Audit Approach (Continued)
APPROACH TO BE TAKEN IN COMPLETING THE
SINGLE AUDIT
(Continued)
Materiality
Determine materiality based on the major
program
Internal Control over Major Programs
For each of the 14 types of compliance
requirements (listed in the Compliance
Supplement) which are applicable and material to
each major program, document an understanding
of the 5 components of internal control (Control
Environment / Risk Assessment / Control
Activities / Information and Communication /
Monitoring) sufficient to plan the audit to support
a low level of control risk. Our audit will cover
detailed testing the City’s internal control over
compliance and test of compliance requirements
based on provisions of laws, regulations,
contracts, or grants agreements that have
significant and direct effect on each of the major
Federal or State programs.
8 Identification of Anticipated Potential
Audit Problems
We are aware of the uniqueness of the City
and will anticipate any issues by addressing
them at their early stages.
We do not know of any potential audit
problems. If requested, GLSC can be involved
throughout the entire year, at no extra cost, by
providing assistance in current and new
evolving issues.
Smooth Transition
GLSC’s transition will be smooth, with minimal
disruption of the City’s staff and operations.
We can make this assurance because we are
experienced in transitioning a number of
governmental engagements. Our transition
process assures the City that:
Only staff with directly relevant experience
and genuine interest in serving the City will
be assigned.
All of our staff will be thoroughly oriented to
the City, its activities, organization and
management.
Our staff, at all levels, will familiarize
themselves with the City’s responsible staff
and the areas in which they operate, and
ensuring our staff will be immediately
available to serve the City.
The City realizes benefits right from the start
including a fresh look at the City’s control and
systems.
Working Paper Retention and Access to Working
Papers
All working papers will be retained in
accordance with requirements and procedures
set forth by the General Records Schedule for
Local Governmental Agencies as promulgated
by the Division of Archives, History and
Records Management (a division of the Florida
Department of State) at GLSC’s expense.
Furthermore, working papers will be available
for review, upon request, to the following
parties or their designees:
City of South Miami
U.S. Government Accountability Office
(GAO)
Cognizant Agency
Parties designated by the federal or state
governments or by the City of South Miami
as part of an audit quality review process.
Auditors of entities of which the City is a sub
recipient of grant funds
Successor auditors
(Continued)
23
8 Identification of Anticipated Potential
Audit Problems (Continued)
Impact of New GASB Statements
GASB Statement 60, Accounting and Financial
Reporting for Service Concession Arrangements,
addresses how to account for and report service
concession arrangements (SCAs), a type of
public-private or public partnership that state and
local governments are increasingly entering into.
The requirements of GASB 60 are effective in
fiscal year 2013. We will assist the City in
implementing this new statement by reviewing all
existing service concession arrangement, if any,
and provide assistance in reporting and
disclosing all information as required by the
Statement.
GASB Statement 61, The Financial Reporting
Entity: Omnibus, amends GASB 14 and GASB
34 to modify certain requirements for inclusion of
component units in the financial reporting entity,
to amend the criteria for reporting component
units as if they were part of the primary
government (i.e. blending) in certain
circumstances, and clarifies the reporting of
equity interests in legally separate organizations.
The requirements of GASB 61 are effective in
fiscal year 2013. We do not anticipate any
significant audit implication as a result of this new
statement.
GASB Statement 62, Codification of Accounting
and Financial Reporting Guidance Contained in
Pre-November 30, 1989 FASB and AICPA
Pronouncements incorporates into GASB’s
authoritative literature, certain accounting and
financial reporting guidance that is included in
pronouncements issued on or before November
30, 1989, which does not conflict with or
contradict GASB pronouncements. The
requirements of GASB 62 are effective for fiscal
year 2013. We do not anticipate any significant
audit implication as a result of this new statement
GASB Statement 63, Financial Reporting of
Deferred Outflows of Resources, Deferred
Inflows of Resources, and Net Position was
issued to provide guidance for reporting deferred
outflows of resources, deferred inflows of
resources, and net position in a statement of
financial position and related disclosures. The
requirements of GASB 63 are effective for fiscal
year 2013. We will assist the City in implementing
this new statement, when requested, and we do
not anticipate any significant audit implications.
GASB Statement No. 65, Items Previously
Reported as Assets and Liabilities establishes
accounting and financial reporting standards that
reclassify, as deferred outflows of resources or
deferred inflows of resources, certain items that
were previously reported as assets and liabilities
and recognizes, as outflows of resources or
inflows of resources, certain items that were
previously reported as assets and liabilities. The
requirements of GASB 65 are effective for fiscal
year 2014. We do not anticipate any significant
audit implication as a result of this new
statement.
GASB Statement No 66, Technical Corrections—
2012—an amendment of GASB Statements No.
10 and No. 62 improves accounting and financial
reporting for a governmental financial reporting
entity by resolving conflicting guidance that
resulted from the issuance of two
pronouncements, Statements No. 54, Fund
Balance Reporting and Governmental Fund Type
Definitions, and No. 62, Codification of
Accounting and Financial Reporting Guidance
Contained in Pre-November 30, 1989 FASB and
AICPA Pronouncements. The requirements of
GASB 66 are effective for fiscal year 2014. We
do not anticipate any significant audit implication
as a result of this new statement.
(Continued)
24
8 Identification of Anticipated Potential
Audit Problems (Continued)
Impact of New GASB Statements
GASB Statement No. 67 Financial Reporting for
Pension Plans—an amendment of GASB
Statement No. 25. resulted from a
comprehensive review of the effectiveness of
existing standards of accounting and financial
reporting for pensions with regard to providing
decision-useful information, supporting
assessments of accountability and inter-period
equity, and creating additional transparency. This
Statement replaces the requirements of
Statements No. 25, Financial Reporting for
Defined Benefit Pension Plans and Note
Disclosures for Defined Contribution Plans, and
No. 50, Pension Disclosures, as they relate to
pension plans that are administered through
trusts or equivalent arrangements (hereafter
jointly referred to as trusts) that meet certain
criteria. The requirements of Statements 25 and
50 remain applicable to pension plans that are
not administered through trusts covered by the
scope of this Statement and to defined
contribution plans that provide postemployment
benefits other than pensions. The requirements
of GASB 67 are effective for fiscal year 2015.
The provisions of this statement are expected to
have a material effect on the City’s Financial
Statements. We will provide assistance with the
implementation of this new Statement based on
guidelines provided by GASB.
GASB Statement No. 68, Accounting and
Financial Reporting for Pensions—an
amendment of GASB Statement No. 27.
Statement No. 68, establishes accounting and
financial reporting requirements related to
pensions for governments whose employees are
provided with pensions through pension plans
that are covered by the scope of this Statement,
as well as for non-employer governments that
have a legal obligation to contribute to those
plans. The requirements of GASB 68 are
effective for fiscal year 2014. The provisions of
this statement are expected to have a material
effect on the City’s Financial Statements and
City’s Pension Plans Statements. We will
provide assistance with the implementation of
this new Statement based on guidelines as
provided by GASB.
GASB Statement No. 69 - Government
Combinations and Disposals of Government
Operations establish accounting and financial
reporting standards related to government
combinations and disposals of government
operations. This Statement requires disclosures
to be made about government combinations and
disposals of government operations to enable
financial statement users to evaluate the nature
and financial effects of those transactions. The
requirements of this Statement are effective for
government combinations and disposals of
government operations occurring in financial
reporting periods beginning fiscal year 2015, and
should be applied on a prospective basis. Earlier
application is encouraged. We do not anticipate
any significant audit implication as a result of this
new statement.
GASB Statement No. 70 - Accounting and
Financial Reporting for Nonexchange Financial
Guarantees improves accounting and financial
reporting by state and local governments that
extend and receive non-exchange financial
guarantees some governments extend financial
guarantees for the obligations of another
government, a not-for-profit entity, or a private
entity without directly receiving equal or
approximately equal value in exchange (a
nonexchange transaction). We will assist the
City in implementing this new statement, when
requested, and we do not anticipate any audit
implications. The provisions of this Statement are
effective for fiscal year 2015. Earlier application is
encouraged. We will provide assistance to the
City in evaluating any existing nonfinancial
guarantees the City may have extended and
determine proper accounting and/or adequate
disclosure as required based on the provisions of
the Statement.
(Continued)
25
8 Identification of Anticipated Potential
Audit Problems (Continued)
Additional Services
We agree to provide additional services based
upon a written request from the Finance
Director as approved by the City Commission.
Our hourly rates to perform other services are
outlined below:
Partner
$220
Manager 140
Senior 100
Staff 80
27
ATTACHMENT B - REFERENCES
28
ATTACHMENT B - REFERENCES
29
ATTACHMENT B - REFERENCES
30
ATTACHMENT C – PROOF OF PROFESSIONAL LIABILITY INSURANCE
x
31
ATTACHMENT C – PROOF OF PROFESSIONAL LIABILITY INSURANCE
32
ATTACHMENT D – AFFIDAVITS AND SUBMISSION FORMS
33
ATTACHMENT D – AFFIDAVITS AND SUBMISSION FORMS
39
ATTACHMENT D – AFFIDAVITS AND SUBMISSION FORMS
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APPENDIX I – LICENSE TO PRACTICE IN FLORIDA
APPENDIX II – QU
UALITY CONT
TROL REVIEEW