08.04 - Audit Proposals - Laserfiche WebLink

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FIRM QUALIFICATIONS AND EXPERIENCE (CONTINUED) Quality Control Procedures (Continued) Internal Quality Control (Continued) More specifically, our policies on Engagement Performance and Monitoring directly ensure the quality of each audit and report issued. As such, our firm uses numerous checklists,work programs, report examples and other practice aids to implement its supervision of quality control steps. To monitor compliance with the firm's system of supervision of quality control steps, workpapers from a representative sample of engagements are reviewed each year as part of our annual internal inspection program. Corrective action or modification of our system if necessary is made based on the results of the internal inspection review. All financial statement workpaper files, financial statements, and accountant's and auditors reports are reviewed by the audit and accounting department prior to the release of each report. Additionally, our firm and each employee strictly adhere to the AICPA's rules of professional conduct, which specifically include the maintenance of client confidentiality. Privacy and trust are implicit in the accounting profession, and Larson, Allen, Weishair&Co., LLP strives to maintain the utmost level of trust and confidentiality. StaffEducation and Development Our people participate in continuing professional education and are actively involved in organizations such as the American Institute of Certified Public Accountants (AICPA), the Minnesota Society of Certified Public Accountants (MNCPA), Minnesota Government Finance Officers Association (MGFOA), and a host of other civic, trade,and professional associations. Government Auditing Standards, known as the "Yellow Book," require that "auditors responsible for planning, directing, conducting, or reporting on government audits should complete, every two years, at least eighty hours of continuing education and training which contributes to the auditors professional proficiency. At least twenty hours should be completed in any one year of the two-year period. Individuals responsible for planning, directing,conducting substantial portions of the field work, or reporting on the government audit, should complete at least twenty-four of the eighty hours of continuing education and training in subjects directly related to the government environment and to government auditing." Larson, Allen,Weishair & Co., LLP has established and implemented a program to ensure that its auditors meet the continuing education and training requirements stated in the prior paragraph. This program ensures that our auditors are proficient in the appropriate accounting principles and standards and in nonprofit and government auditing. Additionally, each auditor customizes a training program to be certain that it covers nonprofit and government training courses that specifically relate to the appropriate area of governmental expertise (i.e. nonprofit, school districts, cities, HUD programs, etc.). We maintain documentation of the education and training completed and ensure that we staff our nonprofit and government audits with only those auditors who have met education requirements relating to nonprofit and `. government audits. City ofPequot Lakes,Minnesota Page 5