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Phase 3: Financial Statement Review <br />Once the financial statements and related notes have been compiled, they will be processed through our <br />Technical Standards Review (TSR). Draft financial statements are given a detailed review by the audit <br />manager. Then the financial statements and other reports are reviewed for format, presentation and <br />compliance with all applicable professional guidance and technical pronouncements by the engagement <br />principal and quality control principal. Through the TSR process, we are able to assure our clients that <br />their financial statements have been subjected to the most stringent review of technical compliance and <br />reporting excellence available. In most cases, the first level of this process is completed while we are still <br />in the field, which allows for complete drafts (including any related audit findings and <br />recommendations) to be reviewed with management before the audit team leaves the field, when <br />information is still fresh and any issues are easily resolved. <br />Phase 4: Conclusion/Issuance Procedures <br />Our conclusion and issuance procedures vary, but may include following up on outstanding <br />confirmations, reviewing the minutes of board meetings held subsequent to our fieldwork, and obtaining <br />written representations from management concerning the completeness and fair presentation of the <br />financial statements. Once complete, we will produce final PDF versions of the financial statements and <br />related reports, and provide them to you via email. <br />Quality Control <br />In order to ensure that all our engagements meet our high quality standards, we have implemented a <br />firm -wide system of quality control, or Technical Standards Review. The significant components of this <br />system, as they relate to your audit, are as follows: <br />All workpapers and audit programs are reviewed by the associates' immediate supervisors, and <br />ultimately, the engagement principal. <br />Draft financial statements and other reports are given a detailed review by an associate not <br />connected with their preparation. <br />Finally, the financial statements and other reports are reviewed for format, presentation, and <br />compliance with all applicable professional guidance and technical pronouncements by the <br />engagement principal and two top-level executives independent of the engagement team. <br />