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 Standards Board. (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.