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Exit conference • Audit findings or recommendations are explained in detail, <br />and an open dialog is held to ensure that the facts and <br />circumstances are properly understood by all parties. <br />• Any open items are summarized in written format and <br />reviewed with the client. <br />• The timeline for engagement completion and issuance <br />(initially agreed-upon as part of the planning meeting) is <br />reviewed for reasonableness and updated as needed. <br />Any questions or issues that arise through the technical standards review are discussed between the <br />audit team and management If changes have been made to the initial drafts, management is provided <br />with a final draft for its review and approval. We then provide management with a draft <br />representation letter. This is a document that puts into writing the assertions made by management <br />to the auditors throughout the audit process. We ask that this letter be printed on the County's <br />letterhead and signed by two individuals (generally the equivalents of the CEO and CFO). We <br />consider the signed representation letter to be management's assertion that drafts have been reviewed <br />and our authorization for processing of final reports. <br />Phase 4: Conclusion and issuance procedures <br />Management will be provided with a final PDF of all reports produced in the audit. The County is <br />free to add this document to the CAFR for distribution to grantor agencies and related parties, <br />upload to the County's website, or to produce additional printed copies. <br />While this concludes the formal process of the annual audit, your engagement team will be available <br />for questions throughout the year. We will provide management with information on relevant <br />upcoming changes in accounting standards and opportunities to participate in training events or <br />webinars. We will also check in at times throughout the year to say hello and provide an opportunity <br />for management to ask any questions or provide updates on the County's operations. <br />We are confident that our audit process maximizes efficiency while still providing the highest level of <br />audit assurance. Our County auditing team has a deep understanding of accounting and financial <br />reporting as it relates to local units of government. Our auditors also understand that you are busy <br />and have priorities and responsibilities in addition to the annual audit With this in mind, your audit <br />team will make as many requests ahead of time as possible, coordinate information requests and <br />questions, and strive to keep the audit process as quick as possible. <br />r P\ehmann <br />