The City of Orono will retain the accounting firm to perform the following tasks: 1. Audit the City’s financial processes, records and statements in order to express an opinion on the fairness of the presentation of its government-wide, governmental major fund, business-type major fund and aggregate remaining non-major governmental and business-type fund financial statements in conformity with generally accepted accounting principles. 2. Perform the tests and procedures involving required supplementary information required by the Governmental Accounting Standards Board (GASB) as mandated by generally accepted auditing standards. 3. Review the presentation of the statistical section of the financial statements insofar as current generally accepted auditing standards require such review. 6 | Page 4. The auditor is required to prepare the Annual Comprehensive Financial Report and perform an annual review to determine necessary steps so that the City may apply to try to receive a Certificate of Achievement for Excellence in Financial Reporting during this engagement.
