The audit firm will perform an audit of all funds of the Town of Old Saybrook. The audit will be conducted in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. The Town’s Financial Statements will be finalized and printed by the audit firm. The audit firm will render their auditors’ report on the basic financial statements which will include both government-wide financial statements and fund financial statements. The audit firm will also apply limited audit procedures to Management’s Discussion and Analysis and other required supplementary information. In addition, the audit firm will render the appropriate report on compliance and on internal control over financial reporting based on an audit of the basic financial statements performed in accordance with Government Auditing Standards. The audit firm will perform a single audit of the expenditures of federal financial assistance in accordance with the Uniform Guidance and render the appropriate reports on compliance with requirements applicable to each major program, internal control over compliance in accordance with the Uniform Guidance, and on the schedule of expenditures of federal awards. The single audit report will include the appropriate schedule of expenditures of federal awards, footnotes, findings and questioned costs, and follow up on prior audit findings where required. The audit firm will perform a single audit of the expenditures of state financial assistance in accordance with Connecticut General Statutes §§4-230 through 4-236 and render the appropriate reports on compliance with requirements applicable to each major program, on internal control over compliance in accordance with the state single audit act, and on the schedule of expenditures of state financial assistance. The state single audit report will include the appropriate schedule of expenditures of state financial assistance, footnotes, and findings and questioned costs. All reports will be delivered by mid-December of each year for the previous fiscal year. A PDF or similar word searchable file of the reports that can be posted on the Town’s website will be provided to the Town at that time. The auditor shall promptly notify, in writing, the Town’s First Selectman and Superintendent of Schools of any suspicion of fraud or misapplication of funds. Such notice shall be in addition to any notice to grantors required by single audit legislation. The auditor shall communicate in a letter to the Board of Finance any reportable conditions found during the audit. A reportable condition shall be defined as a significant deficiency in the design or operation of the internal control structure, which could adversely affect the Town’s ability to record, process, summarize, and report financial data consistent with the assertions of management in the financial statements. The auditor shall attend a Board of Finance meeting after the financial statements have been issued. The auditor shall discuss with the Board any challenges encountered during the audit or relevant information pertinent to the audit process.
