Specifications include, but are not limited to:
The City of Hot Springs desires the auditor to express an opinion on the fair presentation of
its governmental activities, its business-type activities, its aggregate discretely presented
component units, each of its individual funds in conformity with generally accepted
The City of Hot Springs also desires the auditor to express an opinion on the fair presentation
of its combining and individual fund financial statements and schedules in conformity with
generally accepted accounting principles.
Audits should be in accordance with the audit standards promulgated in the U.S. Government
Accountability Office’s Government Auditing Standards. Government Auditing Standards,
also known as Generally Accepted Government Auditing Standards (GAGAS), provide a
higher level of assurance with regard to internal control that Generally Accepted Auditing
Standards (GAAS), which are fully incorporated into GAGAS.
Any other auditing required by the City’s federal and state grants to assure compliance and
any other auditing required to assure that the City can file its comprehensive annual financial
report with the Government Finance Officers Association and be assured that it is compliant.