02-02-12 LPRDA/TIRZ - Laserfiche WebLink

Browse Search

A,U uses the':ates to ei'SLife ;a.. aL;Ljitisi✓ '7niiil=C2 7"- U:r.`lt_'Fj ?lid ei Qui lificat;ons to Pro i"Je Annu+ i \udit and Financial Report Services, La Porte Redevelopment Authority Technical Support and Use of Technology ProSystem FX EngagementT"', our paperless audit software helps us customize and track each engagement and set up tailored master engagements for different client types and entities. In addition, it enables our staff to perform work from remote locations and allow managers to review the work papers online ensuring timely completion of the engagement. The use of technology allows us to increase the quality and productivity of our audits. The integration of electronic files, schedules, and documents from the client into our paperless audit system makes the flow of information seamless and reduces file set-up time in current and subsequent years, thereby reducing costs. To facilitate the smooth transmission of documents and files between MJ and our clients, especially large documents that cannot be easily emailed between servers, we use a secured web - based Share Point software application which our clients can access and use to download or upload documents and files. In addition, MJ uses several research tools such as RIA Checkpoint® and PPC, which are massive up-to-date reference libraries for accounting, auditing, internal control, compliance and financial reporting information. These research tools are available for us to use in providing you with needed technical support. The extensive use of communication technology and an online reference library provides the audit team instant access to technical support 24 hours a day. Our technical library includes all up- to-date issues of FASB and AICPA accounting and auditing guides as well as specialized modules such as Audit Reports, Preparing Financial Statements of organizations in different sectors including nonprofit organizations, Fraud Risk Assessments and other specialized technical reference modules. The engagement Partner, Manager, and other in-house industry specialists in the audit and consulting divisions are available for technical consultations on relatively short notice. MJ ensures that all relevant technical literature, including industry news, is kept current in the firm libraries. Audit Sampling MJ uses a variety of sampling techniques including systematic sampling for sequentially numbered data, judgment sampling, and random numbers generators for large populations that maintain any form of structure. The sampling method to be applied will depend on the nature of the data to be tested. We will consider the requirements of government auditing standards when determining sample sizes. Confirmations We will confirm bank balances, account receivables and other account balances as we may consider necessary in order to achieve our audit objective. Quality Control Our audit working papers will be subject to an in-depth quality control review process by engagement management. MJ quality assurance controls are designed to increase the probability that actual project performance will exceed expected project performance in terms of timeliness and quality of audits submitted. We have purposely assigned seasoned professionals to this engagement because of their relevant experience and professional maturity in dealing with nonprofit sector engagements similar to the proposed audit. The MJ client service partner and engagement manager will spend a significant portion of their effort in reviewing and directing the staff's assigned responsibilities. In addition, all of our assurance work is subject to outside quality MCCONNC'LL & JONES LLP �n