Specifications include, but are not limited to: The purpose of the Request for Proposal is to obtain the services of a public accounting firm for the annual audit for fiscal year 2021. The organization-wide audit will encompass the financial statements as required by GASB Statement No. 34 and the Texas Education Agency Financial Accountability System Resource Guide for the District for the fiscal year ending August 31, 2021. The audit is to be performed in accordance with generally accepted auditing standards and generally accepted government auditing standards contained in the Texas Education Agency Financial Accountability System Resource Guide. The financial statement audit is to determine whether (1) the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows or changes in financial positions in accordance with generally accepted accounting principles, and (2) whether the District has complied with laws and regulations for those transactions and events that may have a material effect on the financial statements. The financial audit will also include whether (1) financial reports and related items are fairly presented, (2) financial information is presented in accordance with established or stated criteria, and (3) the school district has adhered to specific financial compliance requirements. As part of the audit of the general purpose financial statements, the annual audit will include obtaining an understanding of the district’s internal control structure and reporting any reportable conditions relating to the internal control systems coming to the attention of the auditors. To comply with Office Management and Budget Circular A-133, a study and evaluation of the internal control structure will include internal accounting and administrative controls for all major federal financial assistance programs in accordance with standards for risk assessment for major federal financial assistance. Any material weakness noted during the study and evaluation of internal accounting and administrative controls and other kinds of noncompliance and questioned costs will be reported in compliance with the Single Audit Act. As part of the audit of the financial statements, transactions and records pertaining to federal programs will be tested for material compliance with federal laws, rules, and regulations and all instances of noncompliance will be reported to the district.
