Specifications include, but are not limited to: 1. Basic Financial Statements on a fiscal year basis, i.e. Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position; and Notes to the Financial Statements. 2. Required Supplementary Information as follows: a. Schedule of Changes in Net Pension Liability (Asset) and Related Ratios b. Schedule of Employer Contributions c. Schedule of Investment Returns d. Notes to Required Supplemental Information e. Management Discussion and Analysis Audit Reports 1. Draft paper and electronic copies of all audit report(s) shall be submitted to the NBC, the Office of the Auditor General, and the Department of Administration - Office of Accounts and Control (Office of Accounts and Control) prior to the exit conference so that there is adequate time for review. Draft reports shall be provided to the Office of Accounts and Control and the Office of the Auditor General not less than 7 days prior to the required final audit completion and submission date of September 30 of each year. Draft reports and other communications submitted for review to the Office of Auditor General and the Office of Accounts and Control and shall have undergone review by the firm’s internal quality control review process prior to submission. 2. The auditors shall submit reports on: a. Basic Financial Statements on a fiscal year basis, i.e. Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position; and Notes to the Financial Statements performed in accordance with generally accepted auditing standards and Government Auditing Standards. b. Required supplementary financial statements, schedules and information. c. Internal control over financial reporting based on an audit of financial statements performed in accordance with Government Auditing Standards. Management Letter 1. Upon completion of the audit, if there is a management letter it must be submitted to NBC’s Executive Director and the NBC’s Board of Commissioners, with copies to the State of RI Department of Administration – Office of Accounts and Control and the Office of the Auditor General. 2. The management letter must include comments and/or recommendations beyond those included in the reports described above on such matters as: a. Policies, procedures and practices employed by the NBC; b. Immaterial weaknesses in the internal controls that are not “significant deficiencies”; c. Use of resources to provide a governmental service in a reasonable, judicious, economical, and efficient manner; and d. Compliance with state laws pertaining to NBC/pension plans and with Rules and Regulations established by the NBC.
