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Agenda - 05-16-2006-5i
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Agenda - 05-16-2006-5i
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Last modified
9/1/2008 10:41:04 PM
Creation date
8/29/2008 9:27:31 AM
Metadata
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Template:
BOCC
Date
5/16/2006
Document Type
Agenda
Agenda Item
5i
Document Relationships
2006 S Finance - Audit Contract for the June 30, 2006 Fiscal Year
(Linked From)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2000's\2006
Minutes - 20060516
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2006
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I(v <br />Planning the Review for the Firm's Accounting and Auditing Practice Applicable to Non- <br />SECIssuers <br />To plan the review of Cherry Bekaert & Holland L.L,P., we obtained an understanding of (1) the <br />nature and extent of the firm's accounting and auditing practice, and (2) the design of the firm's <br />system of quality control sufficient to assess the inherent and control risks implicit in its practice. <br />Inherent risks were assessed by obtaining an understanding of the firm's practice, such as the <br />industries of its clients and other factors of complexity in serving those clients, and the <br />organization of the firm's personnel into practice units, Control risks were assessed by obtaining <br />an understanding of the design of the fine's system of quality control, including its audit <br />methodology, azid monitoring procedures. Assessing contro] risk is the process of evaluating the <br />effectiveness of the reviewed Firm's system of qua]ty control in preventing the performance of <br />engagements drat do not comply with professional standards. <br />Performing the Review for the Firm's accounting and Auditing Practice Applicable to Non- <br />SEC Issuers <br />Based on our assessment of the combined level of inherent and control risks, we identified <br />practice units and selected engagements within those units to test for compliance with the firm's <br />system of quality control. The engagements selected far review included engagements <br />performed under the Government Auditing Standards, multi-office audits, and audits of <br />Employee Benefit Plans. The engagements selected for review represented across-section of the <br />firm's accounting and auditing practce with emphasis on higher-risk engagements. The <br />engagement reviews included examining working paper files and reports and interviewing <br />engagement personnel, <br />The scope of the peer review also included examining selected administrative and personnel files <br />to determine compliance with the firm's policies and procedures for the elements of quality <br />control pertaining to independence, integrity, and objectivity; personnel management; and <br />acceptance and continuance of clients and engagements, Prior to concluding the review, we <br />reassessed the adequacy of scope and conducted a meeting with firm management to discuss our <br />findings and recommendations. <br />
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