Specifications include, but are not limited to: The City Council and Finance Department require independent, outside auditing services to audit the City funds. In addition, the audit firm is to issue the required opinion letters in order for the City to satisfy the requirements to issue a “single audit” edition of its General Purpose Financial Statement. The contract period is for five years with the option to renew the agreement for five one-year extensions upon mutual agreement of parties. The audits of the General Purpose Financial Statements shall be made in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records and such other auditing procedures as the auditor considers necessary in the circumstances in order to allow for an expression of an opinion of the General Purpose Financial Statements being audited. Audits to be performed include: • Annual Comprehensive Financial Report (“ACFR”) • Single Audit Financial Statements • HUD REAC Report • Sub-Recipient Audits of Non-Profit CDBG Grantees ( as needed) • Review the adequacy of the system of internal controls, and report on those controls in a separate Memorandum on Internal Controls.
