The Village desires the auditor to express an opinion on the fair presentation of the financial position of the governmental activities, the business-type activities and the Village’s fiduciary fund and the Village’s discretely presented component unit in conformity with accounting principles generally accepted in the United States of America. Also: 1. The auditor will issue an “in relation to” opinion on the Village’s combining and individual fund statements and schedules. 2. The auditor is not required to audit the introduction, management discussion and analysis, or statistical information sections of the ACFR. 3. The auditor shall also be responsible for performing certain limited procedures involving required supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards. 4. The auditor shall also conduct any required Single Audits. 5. The auditor shall complete the Annual Financial Report, Comptroller of the State of Illinois. 6. It is the Village’s intent to have the auditor prepare, edit and produce all sections of the ACFR for the Village, except for the introductory section, the management discussion & analysis, and statistical section. The auditor will compile all sections into a final report. The Village requests five (5) printed copies and a PDF version of the final report. 7. Additional requirements necessary to complete the audit in accordance with generally accepted accounting principles not presently in effect at the time of this proposal, which become effective during the term of this agreement shall be included as part of the auditor’s proposed work product and cost by this reference.
