Specifications include, but are not limited to: A. The auditing services performed by the auditor shall allow the firm to: Express an opinion on whether the financial statements of the City present fairly the financial operations in conformity with Generally Accepted Accounting Principles (GAAP); Express an opinion on whether the City has complied with laws and regulations that may have a material effect on the audited financial statements in accordance with Government Auditing Standards; Report on internal controls related to the financial statements and major programs and issue an opinion on compliance with laws, regulations and the provisions of contracts or grant agreements that could have a direct and material effect on each major program in accordance with the Single Audit Act Amendments of 1996 and OMB Circular A-133; and Issue a management letter. B. A minimum standard for audits of Oregon Municipal Corporations, adopted by the Secretary of State and approved by the State Board of Accountancy, shall govern the audit. C. The financial and compliance audit shall apply industry standards for auditing, and shall be made in accordance with all of the following: Generally accepted governmental procedures as prescribed in the American Institute of CPAs (AICPA) Industry Audit Guide – Audits of State and Local Government Units and in Governmental Accounting, Auditing, and Financial Reporting (GAAFR); Generally accepted auditing standards, Government auditing standards, and Oregon minimum standards; The Single Audit Act and OMB A-133: and Applicable laws and regulations.