a. Annual Audit Services The selected firm shall provide comprehensive annual audit services for all current fiscal year fund activity, expressing an opinion on the fair presentation of the Agency’s financial statements and ensuring compliance with federal, state, and local regulations, including bond and grant requirements. The audit shall include a review and reconciliation of fixed asset schedules with prior year balances. A preaudit conference and an exit conference are required with the Agency staff. b. Audit Reports and Deliverables The firm shall prepare all necessary reports, including a written report on the adequacy and effectiveness of the Agency’s accounting procedures and internal controls, a management letter identifying any control deficiencies and recommendations for operational improvement, a Single Audit Report (if applicable), and the Annual Report of Financial Transactions of Special District to the State Controller's Office. The firm is also responsible for preparing, reviewing, and publishing the Annual Comprehensive Financial Report (ACFR) in accordance with GFOA guidelines, and shall provide ten (10) hardbound copies and one (1) PDF of the final ACFR and related audit reports. In addition, the firm shall prepare Reclamation Fund Standalone Audit and Report, and Agreed Upon Procedures at the request of the Agency. c. Project Planning and Interim Work The audit team shall participate in planning meetings with Agency staff and coordinate all interim and final fieldwork. Interim fieldwork is expected to encompass approximately 50% of the total audit effort and include procedures such as testing, invoice reviews, and backup documentation requests. Weekly status updates shall be submitted to the Finance Director throughout the engagement.
