The audit will include the balance sheets of the Town's various fund types and account groups and the related statements of revenues, expenditures, and changes in fund balance for the year ended. The audit will be made in accordance with generally accepted auditing standards; and will include tests of the accounting records of the Town. The combining individual fund and account group financial statements and schedules will be subject to the auditing procedures applied to the combined financial statements. Procedures will include tests of documentary evidence supporting the transactions recorded in the accounts and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected customers, creditors, and banks. Auditor will be expected to retain for a minimum of three (3) years all working papers and other materials created, used, or obtained during the performance of their audit services. Such retention will be at the auditor’s expense and with the expectation of responding to the reasonable inquiries of successor auditors. The selected auditor will be required to make retained materials available upon request of the Town of Wolfeboro. The Town views its engagement of an audit firm as an ongoing professional relationship in which the firm is expected to: Be available for consultation phone inquiries during course of year. The proposal shall specify any limitations and additional charges, if any, for such services and the basis on which they accrue; Advise and inform through the term of the agreement on questions, practices and procedures for handling various accounting activities; and Advise the Town of any significant changes in governmental accounting procedures, as they become aware of them as they may materially affect the financial statements and accounting procedures.
