Specifications include, but are not limited to: A. Scope of Work to be Performed: The auditor is required to express an opinion on the fair presentation of its basic financial statements in conformity with generally accepted accounting principles. The Village also desires that the auditor express an opinion on the separately issued Electric, Water and Sewer Utility financial statements. If necessary, the auditor is required to audit the schedule of expenditures of federal and state awards. In addition, if necessary, the auditor is to provide an “in-relation-to” report on that schedule based on the auditing procedures applied during the audit of the basic financial statements. If required during the contract period, a compliance audit of the Village of Waunakee Tax Incremental Financing Districts (TIF) will need to be performed, including separately issued financial statements for each of the districts.; B. Auditing Standards to be Followed: To meet the requirements of this request for proposals, the audit shall be performed in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and the State Single Audit Guidelines.; C. Reports to be Issued: In general, the auditor’s reporting responsibilities are inherent in the auditing standards. The following reports to be issued are representative of the auditing standards. This list, however, is not exhaustive, and additional reports may be required.; Following the completion of the audit of the calendar year’s financial statements, the auditor shall issue the following reports: 1. Independent Auditors’ Report, basic financial statements, footnotes, required supplementary information, and supplementary information. In addition, the same shall be issued separately for the Electric, Water and Sewer Utilities.; 2. If necessary, an “in-relation-to” report on the schedule of expenditures of federal and state awards.; 3. If necessary, a Report on Internal Control over Financial Reporting and on Compliance and Other Matters based on an audit of Financial Statements performed in accordance with Government Auditing Standards.