HomeMy WebLinkAbout7.4 Motion to approve the Auditing Service Agreement with Lauterbach & Amen, LLP for a five-year period from 2020 to 2024.Item Cover Page
wubject Motion to approve the Auditing Service
Agreement with Lauterbach & Amen,, LLP for a
period from0 to 2024.
Meeting October • 2020 A' MEETING OF
PROSPECT SOA.
Fiscal true
kollar Amount o:1246,100 Over 5 Years
Ludget Source General Fund Operating Budgel
�,ategory NEW BUSINESS
Action
Type
Information
The Village of Mount Prospect rotates its external auditors after each 5 -year
period. - auditor ! • the Village financials from1 r
2019. The Village published a Request for Proposal for auditing services in July
2020 and responses were due in August 2020. There were proposals received
from GW Associates,, BKD LLP,, Miller Cooper,, and Lauterbach & Amen,, LLP.
An Audit Committee meeting was held to select the Village's External Auditor for a
5 -year engagement from 2020 to 2024. The meeting was conducted on
September 24, 2020 at 6:30 pm at the new Police Headquarters. Audit Committee
Chair Tim McDermott, Trustee William Grossi, Trustee Richard Rogers, and Audit
Committee/Finance Commission member Vincent Grochocinski were present a11
the meeting. Director of - Amit Thakkar and Asst. to the Directorof
Jenny Fitzgerald were also in attendance from staff.
Based ! attached •ww;staff !.recommendedLauterbachfor wi
expertise,year audit engagement. Staff recommended Lauterbach & Amen based on their
amountof time proposed • be
spent
' • ' audit,
! ` w !' `
prior experience with them, and the costs involved for a 5 -year engagement. The
Audit Committee met with representatives of Lauterbach & Amen. The Audit
Committee had several questions including independence, audit process, current
clientele, fees structure, GASB pronouncements, and their experience with various
1
typesof the auditopinions issu`!. Matt Beran and Tim Gavin from. !.
Amen gave satisfactory answers to all the questions.
The Audit Committee considered staff"s recommendation,, audit fees involved,
references provided and a few other factors. After receiving satisfactory responses
and considering the listed factors,,Audit • '' voted, and unanimously
auditrecommended Lauterbach & Amen for a 5 -year audit engagement. The first year
audit engagement cost will be $46,,300 and the total 5 -year costs for the audit will
be $246,,100. After the approval from the Board, the Auditors are expected to
start their work including preliminaryauditwork in December 2020.1
formal recommendation from the Audit Committee is attached herewith.
Alternatives
1. Approve the Auditing i iauditing it
Amen, LLP, with a firsti5-year
cost of $246,,100.
2. Action i ion of the Village Board.
Staff Recommendation
Approve the Auditing i iauditing it
Amen, LLP, with a firsti5-year
cost of $246,100.
Auditing Services Proposal - Lauterbach & Amen.pdf
Audit Committee Recomendation for Auditing Service.pdf
Audit RFP Responses Summary.pdf
2
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Village of Mount Prospect,
Illinois
PROPOSAL
For the Years Ending:
December 31, 2020
and Optional Years
December 31, 20219 2022, 2023, 2024
Due Date
August 28, 0
CertifiedPublic
668 N. River Road
Naperville, Illinois 60563
Phone: 630.39 3.1483
Fax:
lauterbachamen-com
................. ii ............
LAUTERBACHAMEN.COM
Ronald J. Amen, Partner
ramen@lauterbachamen.com
Jamie L. Wilkey, Partner
j Wilkey@lauterbachamen. com
Village of: ount Prospect, Illinois 1 1
0
LAUTERBACHAMEN.COM
J 1
I
o1
TABLE,
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TransmittalLetter 4
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Firm. Profile,...***** 0000eoo*00000 o so ******so $0 000009000#4 0,09,00000 0*0 so*** 1 0
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lKey :engagement Personnel....................�.........�.....�..11-14
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Price and Billin..................................... 21-22
References...............+....../......+M...............................0....................... 23-24
Appendix................................r...l...00...+Ir......rr..r........i.ri..i.............. 25m26
i,
Village of Mount Prospect, Illinois
1� 1� �
4,,A 5
Lauterbach & Amen LLP 668 N, RIVER ROAD - NAPERVIL.L.E, IIJ INUS 60563
PHONE 6303931483 - FAX 63Cir 91,2516
WWW,,,IaL]terbz)cliariien.corn
August 28, 2020
Village of Mount Prospect
50 South Emerson Street
Mount Prospect, Illinois 600541
EXPERTISE
• Providing professional audit and consulting services to over 250 local governments on an annual basis, and
providing compilation and benefit services to over 250 police and firefighters' pension funds.
• Possessing exclusive expertise in the area of local government, as evidenced by our exemplary retention
rate of the Certificate of Achievement for Excellence in Financial Reporting for clients with continual
submissions to the program. L&A is also in the top ten firms nationally that submit audits to the Certificate
of Achievement Program.
• Striving to continually be a proven leader in the government accounting industry and assisting our clients
on the implementation of new, complex pronouncements and issues affecting local government, including
one-on-one assistance with the understanding and implementation of these new pronouncements and
issues. We will provide thorough and timely answers to any of your questions or needs.
• Maintaining a highly professional staff, each of which possess extensive knowledge in the area of local
government, continually broadening their knowledge of local government issues through in-house training,
involvement in various local government organizations and through continuing professional education
W� =�
Engaging in audit planning, preliminary work and continual communication with our clients to ensure an
efficient and quality audit process. This also ensures that audit issues will be identified early and solutions
will be implemented timely.
Village of Mount Prospect, Illinois 1 3
0
1,
SERVICE AND QUALITY
Allowing our clients to dictate scheduling needs related to the audit process and adhering to those need
We continually meet or exceed the deadlines established by our clients.
Identifying, communicating and assisting in the implementation of identified opportunities for improvei
and more efficient financial or procedural operations.
Maintaining a program of continuity for multi-year engagements, including minimal rotation of the team
Yllowing for the establishment of efficient working relationships with the Village.
Continually promoting communication with management from the beginning of our engagement anq
throughout the year. This includes an entrance conference and planning meetings with the Village, weekli
meetings with management to review the progress of the engagement, if requested, an exit conference t(
discuss our findings and report production issues, meetings with elected officials during the evenings t(
answer questions regarding the audit and any other related issues, and continual communication throughou
the year. We are committed to listening to your needs and customizing the audit process to meet thos
needs.
Customizing our audit approach to focus on those areas that represent significant risk to the Village an
any of the Village's uniquely complex issues.
CLIENT TRAINING OPPORTUNITIES
0 0
• Conducting annual training sessions with our clients in a small group setting covering such topics as: new
GASB pronouncements, understanding the financial statements, identification of finance department
efficiencies and best practices.
• Forming professional resource alliances with other businesses in the areas of human resources, tax and
informItion technology so, if required and if permitted by current audit independence standards, we would
be able to provide the Village the highest level of service.
We currently provide services to the Village's Police and Firefighters' Pension funds and would be excited
I bout the opportunity to work with the Village and are committed to providing the Village with quality service
and commit to perform the work within the established time period. We believe we have talented people and
the appropriate experience to provide you with a quality audit at a fair and competitive price. The Partners that
are signing this proposal. are entitled to represent the Firm, empowered to submit the proposal and authorized
to sign a contract with the Village. Thi's proposal is a firm and irrevocable offer for 60 days. if you have any
questions about this proposal or need to discuss these matters further, please contact us. We look forward to
your reply.
Ro"a P, 0'4
Ronald J. Amenj
P,--,,er
Respectfully Submitted,
f4ou;a Z, ?pea#
Jamie L. Wilkey
Partner
M
LAUTERBACI"MEMCOM
FIRM4,',PROFILE
Lauterbach & Amen, LLP (L&A) is based in Naperville, Illinois. Founded in 1997 by Sherry
Lauterbach and Ron Amen, the firm provides clients with accurate, timely and personalized services
that combine large-firm capabilities with small-firm values. Through the years, our services have
evolved to meet the growing demands of our clients in the governmental, nonprofit and private sectors.
L&A clients can expect unparalleled service from an experienced team of knowledgeable
professionals who double as valuable management resources.
SERVICES
Actuarial Audit Financial Pension Tax
5 Partners J 45+ Managers 115+ Staff
Village of Mount Prospect, Illinois 1 5
LAUTERBACHAMEN.COM
........ . . . .... FIRM 'PR
1OFILE
A close working relationship with management on a year-round basis is the best way to provide our clients
with the benefit of our depth of knowledge. This approach also allows for the timely resolution of questions
and problems as they arise rather than after the fact. Through understanding the client's activities and a close
working relationship with management, L&A can best respond to and help initiate programs that lead to
0
improved overations and efficiencies.
An Audit a Peopleented Endeavor
The team at L&A recognizes that we are involved in a people -oriented endeavor. Our goals and objectives,
therefore, are centered around this understanding.
We strive:
• To create an environment that encourages a high level of communication between the client and our team
• To provide clients with the highest attainable level of staff capabilities through selective recruiting and
creation of a work environment that aids personal growth
• To continually improve the quality of our services
• To support our financial, business, professional and social communities
Firm Philosophy
We have a full-time commitment to accounting and financial reporting, with extensive expertise in the
government and nonprofit sectors. Through our experience, we are able to help clients anticipate and prepare
for changes in their operating environment. The value of our services lies not only in the performance of an
efficient audit, but in our detailed review of finance practices, and our extensive knowledge of key topics
affecting local governments. With our extensive experience in the field of local governmental accounting and
auditing, we have served a substantial number of municipalities, park districts, libraries, special districts,
school districts, pension funds, joint ventures, and various other governmental organizations. We have
included a partial list of such entities as references, and would encourage you to contact any or all of them for
references as to our qualifications and level of service. We have also provided our current client listing as
evidence of our expertise in and commitment to governmental accounting and auditing.
J 9
F, A IS
7
1. tun lam
Helping to share our knowledge and expertise in the
governmental industry is one of the greatest values we can
bring to our clients. We are committed to continually
reviewing our process to ensure an efficient audit, ensuring
value add approach to an audit
0 •
includes extensive no -cost client
training throughout the year."
exemplary communication with our clients, and providing
education on issues affecting local governments on a year-round basis. This no additional cost education
includes annual group training sessions with our clients covering such topics as the implementation of GASB
pronouncements., changes to auditing standards, understanding of the financial statements, identification of
department efficiencies and best practices, and other statutory or hot topics affecting governments.
A Strong Commitment to the Industry
*Fur involvement in the local government field includes active membership, support and participation in
numerous professional organizations which serve the financial and management teams of local government,
including:
• Government Finance Officers Association (GFOA)
• Illinois Government Finance Officers Association (IGFO►A)
• Illinois CPA Society Committees on Governmental Accounting
• AICPA Government Audit Quality Center
• AICPA Nonprofit Center
• American Institute of Certified Public Accountants
• Illinois Municipal Treasurers Association (IMTA)
• Illinois Association of Park Districts/ Illinois Parks and Recreation Association (IAPD/IP )
• Illinois Association of School Business Officials (IASBO)
• Special Review Committee - Certificate of Achievement for Excellence in Financial Reporting (CAFR) -
GF OA GFOA
• Illinois Library Association
• Township Officials of Illinois
• Technical Account and Review Committee (T'ARC) - IGFOA (Responds to GASB Pronouncement Exposure
Drafts)
* Illinois Public Pension Fund Association (IPPFA)
* Illinois Department of Insurance—Task Force
In addition, we have written articles for publication,
instructed training courses and done public presentations
for a number of the organizations listed above.
"Involvement in our industry's
organizations and providing educational
support to those groups is a passion of our
leadership team."
Village of Mount Prospect, Illinois 1 7
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LAUTERBACHAMEN.COM
FIRM PROFILE
Government Expertise = Extensive Services Available
It has been our experience that questions or problems may arise during the year for which a client might call
upon us for assistance. The following is a partial list of the services we can provide to our clients:
0 Financial reporting -assistance in the implementation of authoritative pronouncement requirements
& Assistance in obtaining or securing the Certificate of Achievement for Excellence in Financial
Reporting (CAFE) from the Government Finance Officers Association (GFOA)
,
funds-analysisforecasting
Utility or enterprise rate structure, and consulting services
• Federal, state and local grant reporting requirements
• Budget -assistance in obtaining the Distinguished Budget Award from the GFOA, appropriation and
tax levy documents
0 Personnel Issues -evaluation and executive search
0 Policies and procedures documentation and implementation
0 Temporary staffing and training
0 Pension fund related issues, including benefit calculations ' funding analysis, etc.
0 etc.
Human resources -taxability issues, fringe benefits, policies,
•
Outsourced finance and accounting department functions, including all levels of finance functions
• Taxpayer compliance -specialized audits for selected revenue sources
Communication is the Key
We consider it essential to maintain the lines of communication throughout the year. To attain this, we both
formally (via meetings, letters, etc.) and informally (via telephone calls, emails, etc.) keep our clients advised
of changes and recent developments related to governments.
L116TOMMI"11 "M M11
L&A has not had any federal or state desk reviews of its audits during the last three years. No disciplinary
action has been taken against the firm during the last three years by state regulatory bodies or professional
associations.
We are committed to proving the highest quality audit product to our clients during all phases of the audit. Our
Quality Assurance Team is responsible for reviewing all financial statements before issuance, assisting in
technical inquiries and reviewing workpapers and reports of all engagements to verify compliance with
professional standards and our Firm's policies. At L&A we pride ourselves in providing a quality audit. As
such, we are a member of the Private Companies Practice Section (PCPS) of the Division for CPA Firms of
the AIPCA, submitting our accounting and auditing practice to quality control reviews of our compliance with
professional standards as established by the AICPA.
Village of Mount Prospect, Illinois 1 8
LAUTERBACHAMEN.COM
FIRM'PROFILE
The firm undergoes an independent peer review of our accounting and auditing practice as a condition of
membership in the American Institute of Certified Public Accountants (AICPA), the national organization of
CPA's in public practice, industry, government and education. Our reports have been reviewed by numerous
federal and state oversight agencies as well as other external professional agencies and organizations.
Furthermore, there has never been any action taken against our Firm with any state or federal regulatory body
or professional organization to which we have submitted our reports.
Independence
We require that all personnel inform the Firm of any lack of independence with respect to all clients. Specific
guidelines to be followed are those set forth in the AICPA's Code of Professional Ethics. Additionally, we are
in compliance with the standards established by the General Accounting Office (GAO). More specifically, we
are completely independent with respect to the Village of Mount Prospect.
Lauterbach and Amen is currently engaged to provide services to the police and fire pension funds. Although
we have cleared this practice with AICPA in terms of our obligation to remain independent, we are respectful
of our clients' wishes to structure our audit engagements to eliminate any possibility of an independence
conflict, even in appearance. With. that in mind, we are providing the option to allow the police and fire
pension funds to separately contract their audits with other auditors and provide a corresponding adjustment to
our proposed fee.
L&A was ranked as the 17th largest
-1ccountlng firm in the Chleagoland ared
according to an annual survey publishe.,
by Crain's Chi*cagoBusiness. I
Village of Mount Prospect, Illinois 1 9
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LAUTERBACHAMEN.COM
FIRM PROFILE
Liceinfie to Practice
The Firm and all key personnel are duly licensed to practice in the State of Illinois. Our State of Illinois
license number is 066-003655.
M19MA
Lauterbach and Amen is an independent member of DFK International, a worldwide association of
independent accounting and management consulting firms, with locations in over 40 major markets
throughout the "United States and representation in over 85 countries worldwide. Our membership in DFK
enhances our worldwide reach, provides us with additional resources, and expands the world of opportunity
for our clients.
We are thrilled to have the opportunity to potentially work with the Village. We truly believe we have a
passion for the government industry and a passion for providing a level of service well beyond just issuing you
audited financial statements. Our approach to client service includes open year-round communication, a large
network of resources to assist with even non -audit related questions, and a dedication to furthering education
on our industry technical standards and best practices. At L&A you will be served by partners who are
dedicated to the government industry and a group of over 160 L&A employees that share in that passion and
spend all twelve months of the year working on government engagements.
Village of Mount Prospect, Illinois I 10
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KEY ENGAGEMENT PERSONNEL LAUTERBACHAMEN.COM
M
Ronald J. Amen, CPA
Managing Partner
Mr. Amen has over 31 years of experience serving clients in the
governmental sector. He has participated in numerous governmental
engagements, including municipalities, park districts, school districts, State
and Federal government entities, universities, nonprofits and other
9-MEMUM
* University of Nebraska
0 Certified Public Accountant
0 American Institute of Certified Public Accountants
0 Member of Government Finance Officers Association (( FOA) and
Illinois GFOA
0 Member of AICPA Government Audit Quality Center
0 Member of Illinois Municipal Treasurers Association (IMTA)
0 Member of Illinois Association of Park Districts/Illinois Parks and
Recreation Association (IAPD/IPR.A)
• GFOA Special Review Committee for the Certificate of Achievement
for Excellence in Financial Reporting
• Instructor for IGFOA Training Courses
• Instructor for IMT A Training Courses
Governmental Accounting and Auditing Experience
Mr. Amen has managed numerous governmental engagements during his
experience in public accounting. Assignments ranging from audits, single
audits, TIF audits, performance reviews, budgeting, strategic planning, and
other projects is a brief history of his background. Due to his extensive
government background, Mr. Amen is often used as a resource for
providing creative solutions to issues affecting local governments. Mr.
Amen functions as a working partner, in that he is available and present
during each phase of the audit process.
Mr. Amen has also participated in the management of some large
commercial and nonprofit engagements. This experience includes audits,
tax preparation, consulting and strategic planning for both commercial and
nonprofit clients.
668 N'. River Road
Naperville, Illinois 60563
630.393.1483
ramenCmIauterbachamen.com
Village of Mount Prospect, Illinois I 11
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KFY ENGAGEMENT PERSONNEL
Jamie L. Wilkey
Technical Partner
Ms. Wilkey has over 19 years of professional accounting experience
exclusively in the governmental sector. She has participated in numerous
governmental engagements, including municipalities, park districts, school
districts, libraries,, special districts and various other units of government.
0 Truman State University
0 Northern Illinois University
a Member of Illinois Government Finance Officers Association (IGFOA)
0 Member of Technical Accounting Review Committee (IARC) with
IGFOA
0 Member of Illinois Municipal Treasurers Association (IMTA)
0 Member of Illinois Association of Park Districts/Illinois Parks and
Recreation Association (IAPD/IPRA)
0 GFOA Special Review Committee for the Certificate of Achievement
for Excellence in Financial Reporting
0 Instructor for IGFOA Training Courses
0 Instructor for IMTA Training Courses
0 Instructor for IPPFA Training Courses
Ms. Wilkey's experience in the governmental sector includes management
of numerous units of government. Such assignments include annual audits,
single audits, TIF audits, grant specific audits, and other related projects.
Ms. Wilkey has been responsible for the management of numerous annual
audits for government units, all of which has either received the Certificate
of Achievement for Excellence in Financial Reporting (CAFR) Award from
the GFOA in the first year of their submittal to the program or maintained
their CAFR standing.
Ms. Wilkey also has extensive government consulting experience, which
includes the responsibility for all financial operations of the government
unit, including, but not limited to,, the maintaining of the general ledger,
trial balance, balance sheet and consolidated financials. Ms. Wilkey has also
assisted numerous clients with payroll processing, budget preparation,
supervision of accounts receivable, accounts payable and utilities billing
processing, tax levies and related documents, and the recommendation and
implementation of various finance/accounting department procedures and
policies.
LAUTERBACHAMEN.COM
Naperville, Illinois 60563
630.393.1483 ext. 227
Jwl ilkey(qfl au terbacha men. com
15
668 N. River Road
• Truman State University Naperville, Illinois 60563
Certified Public Accountant 630.393.1483
American Institute of Certified Public Accountants mberan(q_,)1auterbachamen.com
• Member of Illinois Government Finance Officers Association (IGFOA)
• Member of Illinois Municipal Treasurers Association (IMTA)
• Member of Illinois Association of School Board Officials (IASBO)
Instructor for ITA Training Courses
• Instructor for 1ASBO Training Courses
Governmental Accounting and Auditing Experience
Mr. Beran's experience in the government sector includes managing
numerous governmental engagements. Assignments ranging from audits,
single audits, TIF audits, performance reviews, budgeting, strategic planning,
and other projects is a brief history of his background.
Mr. Beran has been responsible for the training of staff at Lauterbach and
Amen. The training includes audit methodology and the specifics of
governmental accounting, such as property taxes, debt, and full accrual versus
modified accrual accounting. He researches new GASB pronouncements and
gains an understanding of the change and how it will affect clients, audit staff,
and the audit process. Then Mr. Beran passes along this knowledge to clients
to ensure they understand what is changing.
Mr. Beran has also been responsible for various agreed-upon procedures
including forensic audits. He has been able to observe various municipalities,
park districts and libraries and prepare an extensive report on their current
internal controls and procedures. Mr. Beran will also then give various
suggestions on how to improve internal controls and procedures to improve
efficiency and accuracy while still having proper segregation of duties.
Village of Mount Prospect, Illinois 1 13
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LAUTERBACHAMEN.COM
KE Y ENGAGEMENT PERSONNEL
Audit Team Key Personnel
�1 Monika Adam ski
Monika has I I years of professional accounting experience exclusively in the governmental sector. She is a
graduate of DePaul University. Monika is specialized in municipal and state agency audits as well as school
districts and nonprofit entities and also specializes in internal. control assessment for all governmental clients:
Tim has 14 years of professional accounting experience exclusively in the governmental sector. He is a graduate of
Northern Illinois University and is a Certified Public Accountant. Tim is specialized in audits, accounting services
and financial reporting. He retains highly specialized skills in. accounting and auditing software.
Lia Lopez
Lia has 13 years of professional accounting experience exclusively in the governmental sector. She is a graduate of
the University of Illinois at Chicago. Lia specializes in Library, Pension and Fire Protection District audits. She
excels in internal controls implementation, financial statement preparation and staff training.
,Jennifer Martinson
Jen has 8 years of professional accounting experience exclusively in the governmental sector. She is a graduate of
the University of Miami and a Certified Public Accountant. Jen specializes in municipal audits, staff training and
new hire training. The training includes audit methodology and the speccs of governmental accounting, such as
property taxes, debt, and full accrual adjustments.
Brad has 6 years of professional accounting experience exclusively in the governmental sector. He is a graduate of
University of Saint Francis and a Certified Public Accountant. Brad specializes in staff development and the
training and auditing of local governments and park districts.
Don has I I years of professional accounting experience, 8 of those years are exclusively in the governmental
sector. He is a graduate of Northern Illinois University and is a Certified Public Accountant. Don specializes in
municipalities, school districts and Uniform Grant Guidance single audit testing, reporting and submission.
Erin has 9 years of professional accounting experience exclusively in the governmental sector. She is a graduate of
Missouri State University. Erin specializes in municipal audits and internal controls for all government clients. She
has completed various agreed upon procedures for clients and prepared reports on their internal controls.
Ann Van Vooren
Ann has 11 years of professional accounting experience exclusively in the governmental sector. She is a graduate
of Marquette University and is a Certified Public Accountant. Ann specializes in finalizing Comprehensive Annual
Financial Reports for our clients - meeting the requirements established by the GFOA. Ann has completed the
MCPA's Nonprofit Level I and Level 11 Certificate Program. She specializes in auditing and performing consulting
services for municipalities and nonprofits.
Village of Mount Prospect, Illinois 14
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��,v�.ITAPPROACH LAUTERBACHAMEN.COM
Overview
We are prepared to meet or exceed all requirements and expectations of the Village. The partners of L&A will
be involved in all phases of the audit of the Village as outlined below. L&A does not use statistical sampling
in any phase of the audit process. Sample sizes used for testing are in accordance with standards established by
the profession and will be determined in the planning phase.
Throughout the audit process we will inform management of audit issues as they arise and maintain the
highest level of professionalism in the identification and communication of these issues. Discussion of the
issues will take place immediately following their discovery and will allow management ample time to rectify
any issues.
f
Phase I Planning January 12 Hours
Preliminary
Phase 2 February 3 0 Hours
Fieldwork
Iti Phase 3 Fieldwork I April Y 339 Hours
Village of Mount Prospect, Illinois
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LAUTERBACHAMEN.COM
fNII !f UD' T A PPROACH"
GF A. Certificate of Achievement
Audit Scope and Standards
LSA will issue an opinion on the governmental activities, business -type activities, each major fund and the
aggregate remaining fund information, including the notes to the financial statements, which collectively
comprise the Village's financial statements, with "in -relation -to"' coverage provided on the combining and
individual fund financial statements and on any supplementary information. We will not provide an opinion on
the Management Discussion and Analysis, but will provide customary review of this information. Introductory
and Statistical sections of the Comprehensive Annual Financial Report, if applicable, will not be audited by
US.
The audit will be conducted in accordance with generally accepted auditing standards, and, if a single audit
becomes necessary, the standards for financial audits contained in Governmental Auditing Standards (2004),
issued by the Comptroller General of the United States, and the Single Audit Act of 1996; and the provisions
of Uniform Grant Guidance 2CFR-2000/OMB Circular A-133,, Audits of State and Local Governments and
Nonprofit Organizations.
Village of Mount Prospect, Illinois 1 16
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IT_ ," LAUTERBACIUMEN.COM
Ask
Phase 1: Planning -eJanuary
AL, A,
The purpose of the planning phase is to provide the foundation for the direction that the audit will take. During
the planning phase of the audit we will hold an entrance conference with the Village to discuss the audit
approach, develop a schedule for completing the audit, and review the areas that we will be focusing on during
our audit procedures and testing.
The following is an outline of the key steps performed during the planning phase of the audit,
• Discussing and agreeing upon report formats to provide information which complies with generally
accepted accounting principles. The format should be agreed upon during the planning phase of the audit
to ensure timely issuance of the report. Our plan is to adopt a format similar to the previous year.
• Discussing availability of accounting records and source documents and developing a detailed list of
schedules to be prepared by the Village.
• Developing a schedule for completing the subsequent phase of the audit.
Phase 2: Preliminary
qw�
Fieldwork February
Preliminary fieldwork is the next phase of the audit process and involves expanding our understanding of the
Village and its finances through a review of various documents and through discussions with the Village.
During this phase, we will begin the required study and evaluation of internal accounting controls as part of
the financial and compliance audit.
The purpose of our study and evaluation will be to obtain sufficient knowledge and understanding of the
internal accounting and administrative control systems used by the Village for reliance on the system of
internal control and the degree of such reliance; or to aid us in designing substantive tests in the absence of
such reliance. We will hold progress meetings with key management, as necessary, to keep you apprised of the
results of our preliminary review and to discuss the key internal controls to be tested.
Village of Mount Prospect, Illinois 1 17
NE
AUDITAPPROACH
Phase 2.* Preliminary Jrl�
Fieldwork (Cont'd) oTNI
LAUTERBACHAMEN.COM
Our approach to the study and evaluation of the internal accounting and administrative controls will be
accomplished through the following techniques:
We will perform an in-depth review of internal control documentation and working papers made available
by the prior audit firm and the Village.
• We will use internal control questionnaires, narratives and/or flowcharting techniques to document key
flows of information. Because of our extensive commitment to government, the questionnaires utilized are
designed specifically for use on governmental engagements and, therefore, will provide you with the most
meaningful information. We will utilize this information and identify key internal control procedures
which will be tested in order to warrant reliance on the identified controls. The objectives of such reliance
will be to reduce the extent of substantive work performed, resulting in a more cost-efficient audit
approach.
We will evaluate audit risk for all key financial statement assertions and compliance determinations using
the procedures outlined above. Audit risk is the risk that material financial statement misstatements or
material noncompliance will not be prevented or will not be detected and corrected in a timely manner.
We will evaluate audit risk for all key financial statement assertions and compliance determinations using the
procedures outlined above. Audit risk is the risk that material financial statement misstatements or material
noncompliance will not be prevented or will not be detected and corrected in a timely manner.
Phase 3: Fieldwork April
This phase of the audit will consist primarily of substantive testing of year-end balances. If any audit issues
come to our attention during the course of our work, we will immediately inform you so that action can be
taken before the completion of our fieldwork.
We will design our detailed testing procedures to provide both compliance and financial audit coverage where
applicable. We utilize custom designed audit programs that are specifically designed for government clients
and; therefore, provide for the most efficient and effective approach.
21
LAUTERBACHAMEN.COM
AUDIT Ap"'PROACH,
Phase 3: Fieldwork
April
(Cont'd)
At a minimum, management is to provide supporting schedules for the following areas once we return for
fieldwork:
0
C a to
nouns Payable
Payro�ll
Debt Servi�ce
rants
anagement
For financial audit purposes, we will assess the risk of material misstatement associated with a given
objective, and perform substantive and compliance procedures. Our substantive procedures will gather
evidence as to the completeness, accuracy, or validity of the information contained in the financial statements.
These procedures will include confirmation of year-end balances, vouching documents and analytic reviews.
Through our compliance procedures, we will gather evidence related to the existence and effectiveness of
specific internal controls. These procedures includes examinations of documents for proper approval and
review of procedures for compliance with rules, regulations and Village policies.
At the conclusion of fieldwork, workpapers will be reviewed by the engagement partner and we will prepare
the Comprehensive Annual Financial Report in accordance with generally accepted accounting principles for
government entities. In addition, we will prepare a management letter and other required communication
letters that we will review and discuss with the Village during the draft phase of the audit.
Our firm has state of the art production hardware and software. We believe the investment to stay on the
cutting edge of technology benefits not only in reporting, but also in suggestions and recommendations.
Village of Mount Prospect, Illinois 1 19
22
Phase 4: Drafts
III VIWMA 11,1111
YMW,
LAUTEREACHAMEN.COM
Late April
The final completion and quality review of the initial draft of the Comprehensive Annual Financial Report will
be completed at our office and a draft of the Comprehensive Annual Financial Report and related
communication letters will be provided to the Village no later than the date agreed to during the entrance
LL
conference. The Village will then have a sufficient amount of time to review the draft for question's and/or
changes. L will then return to the Village's location for the final draft where we will review the Village's
questions and/or changes to the Comprehensive Annual Financial Report as well as the client communication
letters and submit a final draft of the Comprehensive Annual Financial Report to the Village.
'Phase 5: Audit
1
Completion May91
Upon approval of the drafts by the Village, we will deliver final, bound financial Comprehensive Annu
Financial Reports. At the completion of our audit, we will also provide a the final management lette
addressing 111 onditions, if any, and other comments and observations for imp -
rovements. Th
I
management letter will be provided as a separate document. The management letter will contain, as warrante
and appropriate:
Specific recommendations for improvement of the accounting practice and procedures and the internal
accounting and administrative controls.
Comments on the design, controls and audit trails of new and redesigned automated systems, along with
suggestions to improve processing methods and procedures.
Suggestions for operational improvements or cost efficiencies noted during the course of our work.
• Findings relative to compliance with the applicable rules and regulations.
• Comments regarding compliance with laws.
• Other comments or recommendations and best practices that we believe may be relevant.
• Upcoming GASB Pronouncements or aung standards that may affect the Village's financial statements
in the future.
L&A strives for continual communication with Village staff and management as well as the Board. As suc
the engagement partner will be available for meetings and/or formal presentations of the Comprehensiv
V
Annual Financial Report and communication letters with representatives of the Village. I
Village of Mount Prospect, Illinois 1 20
23
PRICE AND BILLINGi,
Attachment 1
Village of Mount Prospect
Request for Proposal
Auditing Services
Due: August 28, 2020
Fee Structure
LAUTERBACHAMEN.COM
Copies
Description Needed 2020 2021 2022 2023 2024,
Opinion on CAFR -Village
20
30,000
X900
31s800
32,800
33,800
Annual Financial Report - Library
20
57000,
51200.
5,400
5,600
5,800
Statement on Auduiting Standards No,,61 Letter
10
Preparation of the Management Letter
10
Tax Increment Financing Opinion
5
300
310.1
320,11,
3310
Single Audit Report (If Necessary)
5
31500
31600
30700
31800
..................
37900
CYEFR (DATA) Report
5
1
Police Pension Fund - Audit & Report
10
3,500
300
V00„
37800
31900
Fire Pension Fund - Audit & Report
10
31500
3') 0003,700
37800
37900
Preparation of Comprehensive Annual Fin. Report
20
Preparation of Comptrollers Annual Financial Report
5500
520
540,
56011,
580
Signature of the Authorized Representative
Name of the Authorized Representative
Title: Managing Partner
Firm Name: Lauterbach & Amen, LLP
Date: August 28, 2020
Village of Mount Prospect, Illinois 1 21
24
PRICE AND BILLING LAUTERBACHAMEN.COM
M
In 23 years of providing auditing services, Lauterbach & Amen, LLP has never increased an audit price fro
s.
what was proposed in the RFP. This includes implementation of all future FASB and GASB pronouncement I
Our firm stresses that we are available throughout the year to provide technical accounting and financial
reporting assistance to the Village. We encourage clients to contact us with questions that may arise. In
addition, we provide no cost client training to introduce new GASB pronouncements and auditing standards
that may affect the Village, as well as providing other training topics based on client requests and needs.
The proposed annual prices are based upon staff support at all levels from the Village personnel and that the
Village will provide adjusted trial balances and support (detailed schedules that reconcile to the trial balance)
for all balance sheet accounts. At a minimum, management is to provide supporting schedules for the areas
outlined in the Fieldwork Phase of the Audit Approach section of this proposal.
Iffl, fl,
Should it become necessary for the Village to request us to render additional services to either, supplement the
services requested in the RFP or to perform additional work as a result of the specific recommendations
included in any report issued on this engagement or new accounting standards, then such additional work will
be performed only after discussing with management the level of effort and estimated costs prior to
performing any such work.
As independence standards have recently become more stringent related to the types of additional services
auditors canperform, L&A would review these independence standards and the types of services requested
prior to proposing on any additional services.
Village of Mount Prospect, Illinois 22
25
REFERENCES
LAUTERBACHAMEN.COM
We know that our best endorsement comes from satisfied clients. We invite you to contact the following
clients who have been serviced by our firm to inquire about their experience and how our services continue to
bring value to our clients. Additional references can be provided upon request.
Christine Tromp
Melissa Gallagher
847.3 5 7.4050
847.870.9041
ctrompgelkgrove.org
gal lagherm gcityrm.org
901 Wellington Avenue
3600 Kirchoff Road
Elk Grove Village, IL 60007
Rolling Meadows, IL 60008
Jeff Rowitz
Jamie Cunningham
847.272.5050
630.620.5916
jeff.rowitz@northbrook.il.us
cunninghamj@villageoflombard.org
1225 Cedar Lane
255 E Wilson Avenue
Northbrook, IL 60062
Lombard, IL 60148
* Indicates governments who currently hold the GFOA Certificate of Achievement.
Village of Mount Prospect, Illinois 1 23
W
R", Fl�'FE]UiNCES LAUTERBACHAMEN.COM
Additional Clients Served
L&A stands by our quality and service. As such, we encourage you to reach out to any of the clients listed
below that we serve to learn more about their experience with our firm.
Addison Township
Cuba Township
Hinckley
Monee
Riverside*
Vernon Hills
Algonquin
Dolton
Homewood
Montgomery*
Rock Island*
Volo
Antioch*
East Dundee*
Inverness
Morton Grove*
R-ockford*
Warrenville*
Barrington Hills
East Hazel Crest
Itasca
Mount Prospect
Rolling Meadows*
Wauconda
Barrington*
Elburn
Johnsburg*
Naperville Township
Rosemont
Waukegan
Bartlett*
Elk Grove Village*
Justice
Naperville*
Round Lake Beach
West Chicago*
Beach Park*
Elwood*
Kenilworth
New Milford
Sandwich
Western Springs
Berkeley
Evanston
Kildeer*
Town of'Normal*
Schaumburg
Wheaton*
Bloomingdale*
Fox River Grove
Lake Barrington
North Aurora*
Shabbona
Willow Springs
Bradley
Frankfort*
Lake Bluff
North Riverside*
Silvis
Wilmette*
Brookfield*
Georgetown
Lake Villa
Northbrook*
Sleepy I-Jol low
Winfield Township
BufUo Grove*
Gilberts*
Libertyville*
Northfield*
South Barrington
Wm-n-etka*
Burlington
Glen Ellyn*
Lincolnwood*
Northfield Township
South Elgin*
Woodridge*
Burnham.
Glencoe*
Lindenhurst
Palos Park*
Stone Park
Yorkville*
Campton Hills
Glenview*
Lombard*
Park Forest*
Streamwood*
York Township
Carpentersville*
Golf
Manhattan*
Park Ridge
Streator
Zion. Township
I Cary
Grayslake
Maple Park
Pingree Grove*
Sugar Grove*
Cherry Valley
Gurnee*
Markham
Plano
Sugar Grove
Cortland
Hampshire
Mendota
Poplar Grove
Sycamore*
Country Club Hills
Harvard
Midlothian
Princeton
Thornton*
Crystal Lake
Henry County
Milton Township
Prospect Heights
Timberlane
Indicates governments who currently hold the GFOA Certificate of Achievement.
0 non ALL jr:7
0
Municipalities Park Districts School Districts Libraries Pension Funds Other Entities
AM 4%
L�ffl
Village of Mount Prospect, Illinois 24
27
APPENDIXLAUTERBACHAMEXCOM
ELLIN TUCKER
REPORT ON THE FIRM'S SYSTEM OF QUALITY CONTROL
To the Partners of
Lauterbach & Amen,, LLP and the Peer Review Alliance Report Acceptance Committee
We have reviewed the system of quality control for the accounting and auditing practice of Lauterbach &
Amen, LLP (Firm) in effect for the year ended June 30, 2019. Our peer review was conducted in accordance
with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board
of the American Institute of Certified Public Accountants (Standards).
A summary of the nature, objectives, scope, limitations of, and procedures performed in a System Review
rl
as described in the Standards may be found at www..-Ii.o �' rsummary. The summary also includes
an explanation of how engagements identified as not performed or reported in conformity with applicable
professional standards, if any, are evaluated by a peer reviewer to determine a peer review rating.
FIRM'S RESPONSIBILITY
The Firm is responsible for designing a system of quality control and complying with it to provide the Firm
with reasonable assurance of performing and reporting in conformity with applicable professional
standards in all material respects. The Firm is also responsible for evaluating actions to promptly
remediate engagements dee med as not performed or reported in conformity with professional standards,
when appropriate, and remediating weaknesses in its system of quality control, if any.
PEER REVIEWER'S RESPONSIBILITY
Our responsibility is to express an opinion on the design of the system of quality control and the Firm's
compliance therewith based on our review.
REQUIRED SELECTIONS AND CONSIDERATIONS
Engagements selected for review included engagements performed under Government Auditing
Standards, including compliance audits under the Single Audit Act.
As part of our peer review, we considered reviews by regulatory entities as communicated by the Firm, if
applicable, in determining the nature and extent of our procedures.
INIIIII III NVI 10 ` ELLINANDTUCKER,COM 1 410,727 5735
) D"I
Village of Mount Prospect, Illinois 1 25
NQ
A"P LAUTERBACHAMEN.COM
P''I" ENDIX
I
ELLIN TUCKER
OPINION
In our opinion, the system of quality control for the accounting and auditing practice of Lauterbach &
Amen, LLP in effect for the year ended .lune 30, 2019 has been suitably designed and complied with to
provide the Firm with reasonable assurance of performing and reporting in conformity with applicable
professional standards in all material respects. Firms can receive a rating of pass, pass with defreiency(ies)
or fail. Lauterbach & Amen, LLP has received a peer review rating of pass.
100)
9,4e, -9& jet,
ELLIN & TUCKER
Certified Public Accountants
Baltimore, Maryland
December 27, 2019
C
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FROM: TIM MCDERMOTT, AUDIT COMMITTEE CHAIR
DATE: SEPTEMBER 28, 2020
SUBJECT: 5 -YEAR AUDIT ENGAGEMENT FOR 2020-2024
An Audit Committee meeting was held to select the Village's External Auditor for a 5 -year engagement
from 2020 to 2024. The meeting was conducted on September 24, 2020 at 6:30 pm at the new Police
Headquarter. Audit Committee Chair Tim McDermott, Trustee William Grossi, Trustee Richard Rogers, and
Audit Committee/Finance Commission member Vincent Grochocinski were present at the meeting.
Director of Finance Amit Thakkar and Asst. to the Director of Finance Jenny Fitzgerald were also in
attendance from the staff. The RFP responses are summarized as below:
2.02&2025 Cui rre nit
Service Gam" Associates RKD Mlil[er CoGper Lauiterhaich & Ari Skichi
101Wriilii oiiii o1ii CAF R--,VlHIIII age
Gam" Associates
28-11500
$ 371-11500
$
$
310JUAGID
35,333
ArmuaIIII Firiaiii Repgirt -Libirare
340,$5,710
2,90
6, 20D
$
$
51YODG
$ 6, 1,100
St a t, e, ol ig ,A u d t ilii ri g St a ig d a r ids, N ol. 1,14
1,190
$
120
Seriiitirs
$1
1,10
$11,"x:5 x,3'35
Plrepiaratoiiii olf t1l7e, Mariagernem, Letter
$
811)
Staff
$1
19,5,
1,10,5
T a ��IIII iii c r e, rin e, iii t F iii a iii c rig 10, piilii iii ol 111
-
Totail Houirs for Audit
2,1- ZOO
$ 750
Mlil[er Cooper
31010
2,1- 300
,Suis lig VIIIe, A u d alit R e, P, ol rt
22.100
4�.500
4�.,GD5
3J 5,00
$ 3,18,00
CYFER (GATA repoirt.)
24.101)
1,2 50
1 500
1.,.°20D
$
-
1,,503
Plolkiice Pleriisiiibiii Fui9dAu&t & Report
25.E 0
3,1000
$ 2,.500
2,.500
P"e,r-foirmhilii,ig,,,Audhilt Prolicedures
31Y.51010
5
Fire Pleasitiiii Fuiiid,Au&it & Report
220.100
3-100,1)
$ 2,.500
Accu muIIImilli iii ResuIIts & Repioirtiii
1,710.100
1,186.100
Pli-eplaratioliii olf Fiii Replar
2,1-11500
$ 3,11500
$
566.100
476.100
5.500
Preplaratioliii olf Firiaiii
435.00
1.1000
1,'20D
$ 1 500
$
5100
1 500
lets
Year 3,
50.2 50
61. EGG
$ 5,5.4-50
$
46J,3010
5 6, ODD
Hourly Raii,
Gam" Associates
RKI)
Mlil[er Coaper
Lailuiterhaich
& A
Pla rtri ers,
175
340,$5,710
2,90
$
1510
Maigagers,
1,31,51
52110-.$4-75,
1,190
$
120
Seriiitirs
$1
1,10
$11,"x:5 x,3'35
1 1351
$
811)
Staff
$1
19,5,
1,10,5
-
Totail Houirs for Audit
G1W Associates
RKD
Mlil[er Cooper
Lailuiterhaich
& A
U iii d ersta iii d ilii iii did e, CII ilii eiii
22.100
BELO
12.00
Uiii derstariidilii iii Irift eriii Coiiiitrol[s
24.101)
30.103
56.100
30.010
Asseg si iii R, iisk
35.100
25.E 0
P"e,r-foirmhilii,ig,,,Audhilt Prolicedures
315.53
2,35.100
220.100
313119.00
Accu muIIImilli iii ResuIIts & Repioirtiii
1,710.100
1,186.100
1,106.100
54.00
Tolt a IIII
566.100
476.100
4-20.100
435.00
Year 2,,
'51,175
3-4446
511151-11515047730
J
Year 3,
52,553
353
ssj 5),G
49,1610
Ye a r 4,
53,,45D
&7, 310
5 55, x°53
Year,5,
54, 350
65, 3, 3o
'5 63,'250
2611,7 75
32,71,1036
,$, 2 3,1,,,53
,1 Eck
31
Annual Report of Audit Committee — 2018 Activities
August 20, 2019
Page 2
Based on the above data, the Staff had recommended Lauterbach & Amen for a 5 -year audit engagement.
Staff recommended Lauterbach & Amen based on their expertise, the amount of time proposed to be
spent on the audit, the Village's prior experience with them, and the costs involved for a 5 -year
engagement. Staff had invited Lauterbach & Amen to attend the Audit Committee meeting. Lauterbach
& Amen audit partner Matt Beran and Audit Manager Tim Gavin were in attendance at the meeting.
Mett Beran informed the Audit Committee about the history of the Lauterbach & Amen firm. The firm
specializes in Government Audits. It is a 20 year old firm and the largest in the Government sector in the
State of Illinois. They were the Village Auditors from 2009 to 2013. They have also worked with the Village
for many special projects including audit work papers in 2018. The firm has served hundreds of
Governmental clients in the State of Illinois. Tim Gavin provided an overall idea about their audit process.
The Audit Committee had several questions including independence, audit process, current clientele, fees
structure, GASB pronouncements, and their experience with various types of the audit opinions issued.
Matt Beran and Tim Gavin gave satisfactory answers to all the questions.
Staff also disclosed that the Lauterbach & Amen has another division that serves pension funds, including
the Village of Mount Prospect Police and Fire Pension Funds. Matt Beran and Tim Gavin informed the
Audit Committee that independence is very important for them and they are taking it very seriously. They
are in direct contact with AICPA, who sets the rule for CPAs conducting audits. They have obtained
clearance from AICPA to serve pension funds while being the auditor of the Village. The firm is reviewed
from the Peer Review Board every three years. All the Peer Review Reports so far have been clean,
supporting the conclusion that they have maintained their independence while serving their clients, and
that they are allowed to serve as an Auditor of the Village while serving the pension funds. Lauterbach &
Amen had several similar engagements in the past and they currently are also serving other clients in the
same capacity. At the end of the day, pension funds are separate entities from the Village, and the Village
is required to fund them properly.
The Audit Committee considered staff's recommendation, audit fees involved, references provided and a
few other factors. After receiving satisfactory responses and considering the listed factors, the Audit
Committee voted and unanimously recommended Lauterbach & Amen for a 5 -year audit engagement.
The first year audit engagement cost will be $46,300 and the total 5 -year costs for the audit will be
$246,100. After the approval from the Board, the Auditors are expected to start their audit work including
prelim audit work in December 2020.
I am submitting this report to the Village Board on behalf of the Audit Committee with a recommendation
to approve Lauterbach & Amen for a 5 -year audit engagement. Please contact me if you have any
questions or need additional information related to this report or the Audit Committee activities.
Respectfully Submitted,
Tim McDermott
32
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