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N11i is knot% iT for superio uaornr service, in eiTSIire t^.ui'tean esPon dS t(, you needs in a,n c'T'iilent , lit 4rr";el', rn annc:'.,'7c:riticin a 11, 0-I' orl�oing coinin-, n.; ation t' ;th tilt .4:; iio:';ty r nelp id;--ntiT 15aues and �scl'• e issues as then arise. b7 t. :- Audit �i�. . l�ii�Tii#iC:itltkiiS to i'F) Eci+:' `�tE21Tt.:1 �(!C E �7nt1 i"i; ��TCi,3. i{ci_S{.T7T, 5i:'.1'11C(_'ri La Porte Redevelopment Authority PROPOSED WORK PLAN DETAILED AUDITPLAN At M), we recognize that the most important aspect of an engagement is demonstrating to management that we have a proven track record of meeting the objectives of the engagement. With the involvement of upper -level management in the overall planning on the front end of the engagement, we can establish performance -monitoring systems that are tailored to the objectives of the engagement. The following is an overview of the advantages of Mj's audit approach, which we believe are particularly important for this engagement. • Continuing communications with management throughout the engagement in order to identify and resolve accounting and reporting issues as they arise. • Understanding the objectives of the audit, laws and regulations that have a material impact on the financial statements, to ensure focused effort on significant risk areas. • Coordinating the timing of our audit activities to the timing of the Authority's staff in order to avoid conflict with their activities. • Controlling audit costs and inconveniences by eliminating unnecessary or duplicative questions and procedures. M) routinely has developed a project management plan to control the quality and timing of audit engagements to insure client deadlines are met. Our audit work plan for conducting the audit of the Authority will be conducted in four general phases: • Planning and Risk Assessment Phase -- The various activities we perform in this phase, including defining for the entire engagement team the scope of the required work and related risks, enable us to develop an overall strategy and approach for the engagement. • Audit Plan Development Phase -- This phase enables us to develop a detailed work plan for every aspect of the work and the related risks and deliverables. All members of the engagement team, from the partner to the staff auditors, are directly involved in the development of the work plan. • Field Work Phase - This phase is where we implement the detailed work plan to meet the engagement objectives. We conduct audit tests on transactions, balances, documents, records, and reports to gather sufficient evidence of compliance with policies, standards, guidelines, contracts, laws, rules, and regulations. This phase also includes on -going collaboration and communication with the Authority's management. • Auditor's Reports - We develop reports based on the evidence gathered from the fieldwork, and in accordance with applicable audit reporting standards. We also develop communication letters to management, describing recommendations for improvements and greater efficiency when applicable. MCCONNIELL & JONES LLP 7