Teams use Stepscale to conduct comprehensive expert-level reviews on documents and financial models to surface errors, discrepancies, miscommunications, and regulatory misalignment.
FOR REVIEWING & FINALIZING ACCURATE DOCUMENTS
Teams use Stepscale to conduct comprehensive expert-level reviews on documents and financial models to surface errors, discrepancies, miscommunications, and regulatory misalignment.
FOR REVIEWING & FINALIZING ACCURATE DOCUMENTS
October 22, 2024
Request for Proposal # 53-2024
Page 10 of 17
Page 10 of 17
- 4. The Auditor will be required to prepare the Deferred Revenue Continuity report as of March 31.
- 5. The Auditor will be required to prepare the Local Authorities Pension Plan (LAPP) Agreed - Upon Procedures Report as of December 31.
2.4 Project Deliverables
-
1.
The audit firm will be responsible for the provision of the following:
- a. A draft management letter outlining significant recommendations for improvement in internal control or procedures presented at the conclusion of the audit.
- b. A management letter, prepared in accordance with generally accepted auditing standards, at the completion of the Year End Audit in sufficient time for management's response prior to meeting with the Audit and Finance Committee. Auditors will be required to make an immediate, written report of all irregularities and illegal acts or indications of illegal acts of which they become aware to the Board (in camera).
- c. The preparation of the March 31 Year End Financial Statements and Notice to Reader
-
d.
The Final Report on the fair presentation of the following statements and accounts in conformity with generally accepted accounting principles:
- i.The Consolidated Financial Statements for the year ended March 31
- ii.The Audit Finding's Report
- e. The preparation of the Deferred Revenue Continuity Report at March 31st
-
f.
Meetings/presentations with EMRB administration and Committee/Board as follows (at minimum):
- i.Meeting with Chief Executive Officer and Operations Manager to discuss the approach and scope of the audit
- ii.If applicable, upon completion of interim audit, meeting with EMRB Administration to discuss audit results
- iii.Upon completion of the Final Audit, meeting with EMRB Management to discuss the audit results
- iv.Upon completion of the Statements and Management Letter, meeting with the Audit and Finance Committee to present/discuss results
- v.Following the meeting with the Audit and Finance Committee, meeting with the Board to formally present the results of the audit
-
g.
The following information to the Audit and Finance Committee and
- i.The auditor's responsibility for following auditing standards
Page
of 17
Results are ready in
the Assistant.
the Assistant.
Go to Assistant
Findings for:
RFP_53_2024_External_Audit_Services....
2
1
High
1
Medium
0
Low
0
Resolved
Export findings
Filter findings
Contradictory Engagement Report Requirements
High
Contradiction
Section 2.4.1.c requests a 'Notice to Reader' (no assurance), while the primary scope requests an 'Independent Auditor's Report' (high assurance). An auditor cannot issue both for the same financial statements.
Page 10
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Carter Buck
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@John Doe please take a look at this
Auditor Independence Risk (Self-Review)
Medium
Risk
Section 2.2.6 and 2.4.1.c require the external auditor to prepare the formal financial statements they are also auditing. This creates a potential self-review threat to auditor independence under
October 22, 2024
Request for Proposal # 53-2024
Page 10 of 17
Page 10 of 17
- 4. The Auditor will be required to prepare the Deferred Revenue Continuity report as of March 31.
- 5. The Auditor will be required to prepare the Local Authorities Pension Plan (LAPP) Agreed - Upon Procedures Report as of December 31.
2.4 Project Deliverables
-
1.
The audit firm will be responsible for the provision of the following:
- a. A draft management letter outlining significant recommendations for improvement in internal control or procedures presented at the conclusion of the audit.
- b. A management letter, prepared in accordance with generally accepted auditing standards, at the completion of the Year End Audit in sufficient time for management's response prior to meeting with the Audit and Finance Committee. Auditors will be required to make an immediate, written report of all irregularities and illegal acts or indications of illegal acts of which they become aware to the Board (in camera).
- c. The preparation of the March 31 Year End Financial Statements and Notice to Reader
-
d.
The Final Report on the fair presentation of the following statements and accounts in conformity with generally accepted accounting principles:
- i.The Consolidated Financial Statements for the year ended March 31
- ii.The Audit Finding's Report
- e. The preparation of the Deferred Revenue Continuity Report at March 31st
-
f.
Meetings/presentations with EMRB administration and Committee/Board as follows (at minimum):
- i.Meeting with Chief Executive Officer and Operations Manager to discuss the approach and scope of the audit
- ii.If applicable, upon completion of interim audit, meeting with EMRB Administration to discuss audit results
- iii.Upon completion of the Final Audit, meeting with EMRB Management to discuss the audit results
- iv.Upon completion of the Statements and Management Letter, meeting with the Audit and Finance Committee to present/discuss results
- v.Following the meeting with the Audit and Finance Committee, meeting with the Board to formally present the results of the audit
-
g.
The following information to the Audit and Finance Committee and
- i.The auditor's responsibility for following auditing standards
Page
of 17
Results are ready in
the Assistant.
the Assistant.
Go to Assistant
Findings for:
RFP_53_2024_External_Audit_Services....
2
1
High
1
Medium
0
Low
0
Resolved
Export findings
Filter findings
Contradictory Engagement Report Requirements
High
Contradiction
Page 10
1 comment
Solve with Assistant
CB
Add a comment... Use @ to notify team members
Save
CB
Carter Buck
just now
@John Doe please take a look at this
Results are ready in
the Assistant.
the Assistant.
Go to Assistant
Findings for:
RFP_53_2024_External_Audit_Services....
2
1
High
1
Medium
0
Low
0
Resolved
Export findings
Filter findings
Contradictory Engagement Report Requirements
High
Contradiction
Page 10
1 comment
Solve with Assistant
CB
Add a comment... Use @ to notify team members
Save
CB
Carter Buck
just now
@John Doe please take a look at this
Auditor Independence Risk (Self-Review)
Medium
Risk
PROFESSIONALS LOVE STEPSCALE TO REVIEW WORK
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Stepscale has completely transformed the way we work. It's like having an extra team of analysts working around the clock, letting us focus on strategy and clients instead of reviewing document spreadsheets.
Mark MacGregor
Arm Capital Advisory
Stepscale has completely transformed the way we work. It's like having an extra team of analysts working around the clock, letting us focus on strategy and clients instead of reviewing document spreadsheets.
Mark MacGregor
Arm Capital Advisory
Stepscale is best in class. It has cut through complexity, sped up my project timelines, and elevated work that was previously only possible with a large team.
Chris Spagnolo
Garnet Group
Stepscale is best in class. It has cut through complexity, sped up my project timelines, and elevated work that was previously only possible with a large team.
Chris Spagnolo
Garnet Group
Financial statements
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Financial models
Offering memorandums
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Term sheets
Leases
Closing checklists
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ROI in 30 days
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Annually
Save 20%
Monthly
Professional
For smaller teams
$79
/user/month USD
Unlimited AI Reviews
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Business
For larger company wide deployments
Custom Pricing
Bulk seat pricing based on team size and usage
Hands-on team onboarding and training sessions
Live chat, email, and phone support
Data residency & deployment options
Annually
Save 20%
Monthly
Professional
For smaller teams
$79
/user/month USD
Unlimited AI Reviews
Connect your data room for Reviews
Inbox Alerts
Meeting notetaker
Business
For larger company wide deployments
Custom Pricing
Bulk seat pricing based on team size and usage
Hands-on team onboarding and training sessions
Live chat, email, and phone support
Data residency & deployment options