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Audit Approach
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Rachlin uses several approaches in audit engagements.
These include traditional audit techniques
and strategies, as well as an evaluation of the systems
of our clients. The audit will be conducted in the following four phases:
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A thorough understanding of the organization and its operating
environment is essential for the development of an audit
plan for an efficient, cost effective audit. Rachlin will
meet with appropriate personnel to update our understanding
of the organization's operations and, at the same time,
listen to the expectations with respect to the services
that Rachlin will provide.
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The audit team will complete a major portion of
transaction testing and audit requirements during this
phase. The procedures performed during this period
will enable the team to identify any matter that may
impact the completion of audit work or require the
attention of management.
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This phase includes a review of all audit workpapers
by the partners to ensure that testing and
documentation support the conclusions reached.
This phase also includes preliminary discussion with
management of the audit findings.
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In this phase of the audit, the engagement partner will
complete the tasks related to the closing
of year-end balances and financial reporting. This
will include final testing in the areas of compliance,
balance sheet accounts, revenue and expenditures,
among others. The engagement partner will be available
to meet with officials, as requested, to discuss the report
and address any questions that arise.
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