Specifications include, but are not limited to: The selected firm will conduct an audit of the retirement system’s financial statements and will present an opinion to the Danvers Retirement Board as to whether the financial statements and schedules are fairly presented and in conformity with generally accepted accounting principles. Further, the selected firm will conduct an audit for the purpose of forming an opinion and report on the Schedule of Employer Allocations and the Schedule of Pension Amounts by Employer prepared in conformity with Government Accounting Standards Board (GASB) 67 & 68 and all other relevant requirements. In addition, the selected firm will perform other testing on specific areas of retirement system operations as described in the RFP and will issue a report to the Danvers Retirement Board as to whether worked performed in these areas are in conformity to the rules and regulations of the Public Employee Retirement Administration Commission (PERAC) and all relevant best practices. Finally, the selected firm will be responsible for complying with the requirements for performing independent financial audits of public retirement systems as described in PERAC Memo #20 of 2008. A full and detailed scope of services is contained in the RFP.