Specifications include, but are not limited to: 3.1.1. VC desires the audit firm to express an opinion on the fair presentation of its financial statements in conformity with generally accepted accounting principles. 3.1.2. The audit firm is not required to audit the statistical section of the report. 3.1.3. To meet the requirements of this RFP, the audit shall be performed in accordance with practices prescribed in the Statements on Auditing Standards issued by the Auditing Standards Board; the Texas Higher Education Coordinating Board’s (THECB) Annual Financial Reporting Requirements for Texas Public Community Colleges; Generally Accepted Government Auditing Standards published by the U.S. General Accounting Office with the exception of modifications necessitated by the Appropriations Act; other Texas Statutes or Federal Laws and by the applicable Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB) pronouncements prescribed for Colleges and Universities; and the Single Audit Act of 1996. Federal and State compliance test work will be done in accordance with Office of Budget Circular A- 133. 3.1.4. The audit firm shall submit a comprehensive list of requested client-prepared schedules to the Vice President of Administrative Services no later than August 1 of each year. VC’s business office is staffed at maintenance level and must carry on its normal operations during the audit. An August 1 deadline helps the business office manage its work load while preparing for the audit. 3.1.5. Interim field work shall be scheduled in mid-July using year-to-date data through June 30. Final field work shall be scheduled mid-October through November
