Specifications include, but are not limited to: 1.1 An annual audit is to be conducted of the Transit Authority of River City’s financial statements of the General Fund, Fixed Asset Fund and Federal Grant Programs. 1.2 The Transit Authority of River City operates on a fiscal year basis from July 1st to June 30th. The purpose of the engagement is to evaluate the fairness of the presentation of the statements in conformity with the generally accepted accounting principles (GAAP). 1.3 The annual financial audit will be conducted in accordance with the generally accepted auditing standards (GAAP) and will include a review of the internal control systems and test of transactions, to the extent necessary, to be able to express an opinion of TARC’s financial statements.