The successful auditing firm will be required to: ▪ Provide a preliminary Management Letter indicating findings and recommendations to the PBC’s staff in advance of the finalization of the audit. The final letter should be included with the ACFR submission. ▪ Conduct initial, progress, status, and exit meetings with the PBC staff during each Fiscal Year’s Audit. ➢ Initial ▪ Discuss prior audit issues and establish audit plan with appropriate timetables for current Fiscal Year. ➢ Progress ▪ Summarize results of preliminary review and identify internal controls for implementation. Discuss other matters that may be analyzed or tested. ➢ Status ▪ Weekly updates during the audit period regarding testing, requests for data, or documents necessary to complete fieldwork. ➢ Exit ▪ Summarize results of fieldwork and review all significant findings that have been discovered through the audit. ▪ Provide regular updates/reports to PBC staff during the audit period as necessary/requested by PBC.
