Specifications include, but are not limited to:
(a) The examination of the financial statements is to be
performed in accordance with generally accepted auditing
standards as promulgated by the American Institute of
Certified Public Accountants. The report of the
examination must include an opinion as to whether the
statements conform to generally accepted accounting
principles. The examination of the Schedule of Employer
Allocations and Pension Amounts by Employer is to be
performed in accordance with Governmental Accounting
Standards promulgated by the Governmental Accounting
(b) The audit is expected to begin in December or early
January and should be completed by February 28. The onsite audit must be performed and completed in two weeks.
No time extensions are contemplated. Non-compliance with this due date, unless extended with our written approval,
may be considered to be cause for contract termination.
(c) Prior to submission of the completed report a review of a
draft of the proposed report with personnel of this
office will be required. Audit findings and
recommendations should be readily understood as to the
basis for and significance of the findings.
(d) Fifteen (15) copies of the final audit report, the final
audited schedule of employer allocations and pension
amounts, and report of management findings should be
furnished. In addition, a computerized file of the report
should be submitted in the current standard format, such
as Adobe Acrobat PDF.
(e) The proposal must state that working papers will be made
available at the Independent Public Accountant's (IPA)
office during normal business hours for a period of five
(5) years after issuance of audit report for the review
of the administrative staff, the System’s Board of
Trustees, or any designated representative of the
System’s Board of Trustees.
(f) Auditors may be requested to present the final audit to
the Board of Trustees at a regularly scheduled meeting.