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i. uI-1lirications to Pro -vide. ,\nni-1 ai isiil: and 'Financial Report S r.'ice La Porte Redevelopment Authority control reviews as required by the U.S. Generally Accepted Auditing Standards and Government Auditing Standards. Our quality control and review process utilizes the experience of the senior members of the audit team, knowledge of the requirements of the audit and related accounting and auditing standards, the overall experience of the firm in the nonprofit industry and with similar clients to ensure a successful completion of the engagement. Our process also includes the use of certain tools such as audit planning checklists, audit completion checklists, financial statement disclosure checklists, audit quality control checklists, and audit supervision and approval checklist, to ensure that the entire audit process complies with all the applicable auditing standards, and that the financial statements and footnote disclosures are fairly presented. The checklists also enable us to ensure that our workpaper documentation meets the requirements of the auditing standards and conform to the firm's audit documentation policies. Representation Letters We will request a management representation letter to be signed by the appropriate officials of the Authority. We may, if necessary, request and obtain an attorney representation letter relating to contingencies concerning the Authority for the audit period and the subsequent period through the date of our report. Reports and Recommendations At the completion of the audit, we will submit the audited financial statements and related footnotes with our audit opinion to management and the Board of Directors. If during the course of our audit we become aware of instances where improvements are necessary in internal controls, we will document these instances along with our recommendations for improvement in a management letter to the Authority. Our philosophy regarding management letters is that the letter should not be punitive and should provide the Authority with practical, value-added and long-term solutions and recommendations on improving the design and efficiency of its systems. fvit Conference and Audit Report Presentation An exit conference will be arranged with management to discuss the draft report and other matters that might need clarification or discussion. Upon the approval of the draft report by management, we will make a detailed presentation of our audit report on the financial statements prepared in accordance with generally accepted accounting principles, as well and any management letter recommendations to the President and to Board of Directors. After the Board of Directors has approved the draft reports, we will issue the signed report. MCCONNELL. & JONES LL.P I