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C. Auditor's responsibilities <br />o We are responsible for conducting the audit in accordance with generally accepted <br />auditing standards. <br />• The audit includes obtaining an understanding of internal control sufficient to plan the <br />audit and to determine the nature, timing, and extent of audit procedures to be performed. <br />D. Limitations on the engagement <br />o Standards require that the auditor obtain reasonable rather than absolute assurance about <br />whether the financial statements are free of material misstatement, whether caused by <br />error or fraud. Accordingly, a material misstatement may remain undetected. Also, an <br />audit is not designed to detect error or fraud that is immaterial to the financial statements. <br />• If, for any reason, the auditor is unable to complete the audit or is unable to form or has <br />not formed an opinion, he or she may decline to express an opinion or decline to issue a <br />report as a result of the engagement. <br />• An audit is not designed to provide assurance on internal control or to identify reportable <br />conditions. However, the auditor is responsible for ensuring that the audit committee is <br />aware of any significant deficiencies and material weaknesses that come to our attention. <br />2. Engagement Letter <br />Refer to previously signed copy of engagement letter <br />3. Quality review report <br />Transmittal of the auditor's most recent quality control review report is required when performing <br />a financial audit under the Governmental Auditing Standards. <br />4. Fees for services <br />Refer to request for proposal for providing auditing services <br />5. Timing <br />A. Interim work -the week of January 14, 2008 <br />B. Detailed audit plan <br />We have provided the City with a list of all schedules and confirmations to be prepared. <br />C. Field work <br />We expect to complete fieldwork prior to April 4s', 2008 <br />D. Exit conference <br />An exit conference will be held with the Finance Department to summarize the results of <br />the fieldwork and review significant findings by May 2"d, 2008 <br />E. Draft reports <br />We shall have draft reports available for review by the city council by May 7`n, 2008. <br />F. Report presentation <br />A presentation at a City Council meeting will be made on May 12th, 2008 <br />