All items below are for the financial statements for the year ended June 30, 2026. 1. Deliverables: a. An audit opinion on RichmondCC consolidated financial statements (GASB based financials). b. The audit must be conducted in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the Government Auditing Standards, issued by the Comptroller General of the United States. Statewide accounting policies are established by the North Carolina Office of the State Controller 2. The timing for onsite work for planning and control testing may be negotiated. 3. The timing for onsite work for fieldwork may be negotiated. 4. Due Date: Audit opinion on RichmondCC’s consolidated financial statements issued no later than January 15, 2027. 5. Other Required Contract Provisions: 1. The financial statements will be audited in accordance with auditing standards generally accepted in the United States of America. If the organization spends more than $750,000 in combined federal and/or state financial assistance (e.g., contracts and grants), the audit must also be conducted in accordance with the standards applicable to financial audits contained in the Government Auditing Standards, issued by the Comptroller General of the United States. 2. The audit scope will include a determination as to whether the financial statements are presented in accordance with the appropriate accounting principles for the organization (i.e., GASB or FASB). The contract shall also acknowledge that statewide accounting policies are established by the Office of State Controller, and thus, apply to the organization.
