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4. Audit approach Otvrall _Approach Our methodology has been developed to comply with generally accepted auditing standards promulgated by the AICPA's Auditing Standards Board (U.S. GAAS) and, when applicable, Generally Accepted Government Auditing Standards (GALAS). These auditing standards establish the overall objectives of the independent auditor and explain the nature and scope of an audit, and also are designed to enable the independent auditor to meet those objectives. The auditing standards stipulate the general responsibilities of the auditor, as well as the auditor's further considerations relevant to the application of those responsibilities to specific topics. Additionally, as significant federal and state grant expenditures are anticipated to continue at your organization, your audit also is subject to OMB Uniform Grant Guidance, Audits of States, Local Governments, and Non -Profit Organizations, as well as the Florida Single Audit Act. Lean Culture James Moore has adopted a Lean culture, developing Gold Standards that require we provide the best service possible. We implemented Gold Standards for each phase of the audit process. As we go through each phase of the audit, we ask ourselves: Does this provide value to our client? Does this provide value to James Moore? Does this meet a regulatory standard? If a procedure or task does not meet one of these requirements, we do not spend our time on it and instead refocus our efforts to something that is of value. Much of that focus ensures frequent communication throughout the year, which helps us to develop a robust risk assessment tailored to your organization, as well as serve as trusted advisors while business decisions are being made. We have found there are fewer surprises and work loops later in the process as a result of effective planning. Proposed Segmentation Our audit process is divided into three segments: 1. Planning 2. Fieldwork 3. Reporting Details of each segment are presented on the following pages. Level of Staff and Number of Hours The table below provides estimated hours for the engagement and the staff level assigned: RISK \SSfSS31[ REPORTING FIELDWORK Partner, Director 200 10 10 10 10 10 230 Senior Manager/Manager 200 15 10 15 10 15 265 Supervisor 200 40 20 60 20 30 370 Senior Associate Accountant 400 40 10 40 10 20 520 IT Specialist 20 10 5 10 5 5 55 Administrative 10 2 2 2 2 2 20 Total 1,010 117 57 137 57 82 1,480 ��XXXX"X/.. ��i �XXXXX////................. . ........................... .. A PROPOSAL TO INDIAN RIVER COUNTY 25