Specifications include, but are not limited to: The audit will encompass a financial and compliance examination of the City’s Comprehensive Annual Financial Report (CAFR) in accordance with the laws and/or regulations of the State of North Carolina, which include requirements for the minimum scope of the audit. The financial and compliance audit will cover federal, state, and local funding sources in accordance with all of the following: ● Generally accepted auditing standards ● Government Auditing Standards ● The Single Audit Act of 1984 and the Single Audit Act Amendments of 1996 ● The provisions of OMB Circular A-133: Audits of State, Local Governments, and Non-Profit Organizations ● The State Single Audit Implementation Act; and ● Applicable laws and regulations. Auditor shall be responsible for providing the following: a. Independent Auditor’s Report b. Basic Financial Statements c. Combining and Individual Fund Statements and Schedules d. Compliance Reports e. Management Letter