Required services consist of an examination of the City’s financial records of all activities. This examination is to be performed in accordance with the Standards for Audit of Governmental Organizations, Programs, Activities, and Functions, most recent revision issued by the United States General Accounting Office. This annual financial audit shall cover the fiscal years ending June 30, 2025, June 30, 2026 and June 30, 2027. In addition to the annual financial audit, the proposer is to conduct an audit in accordance with the following requirements: The Single Audit Act of 1984 as codified in Chapter 75 of Title 31 of the United States Code and the regulations established to implement this law by the Director of the Office of Management and Budget OMB Circular A-133, most recent revision. This annual compliance audit shall cover the fiscal years ending June 30, 2025, June 30, 2026 and June 30, 2027. Annual Pension Plan Audit (GASB 67/68 compliance) Annual DESE End of Year Report Agreed Upon Procedures audit Audit of each of the student activity funds - Waltham High School annually, two (2) Middle Schools bi-annually, and six (6) Elementary Schools two per year. In addition to completing the annual audit, the accounting firm shall be available during normal business hours throughout the contract period to provide the City with advice and guidance on financial accounting and reporting issues. The accounting firm will also be expected to keep the City abreast of the working requirements of all new accounting and financial pronouncements of the Governmental Accounting Standards Board, the United States Office of Management and Budget; and the Commonwealth of Massachusetts. At the conclusion of each annual audit, a representative of the accounting firm will be expected to appear before the Mayor and/or City Council to discuss the findings resulting from the audit.
