Specifications include, but are not limited to: 1. The audit will encompass a financial and compliance examination of the Town’s basic financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town, as well as the related notes to the financial statements. The financial and compliance audit will cover federal, state, and local funding sources in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the following: • Government Auditing Standards issued by the U.S. Government Accountability Office. • Provisions of the Federal Single Audit Act of 1984 (as amended in 1996), if applicable. • Provisions of the U.S. Office of Management and Budget (OMB) Circular No. A-133, Audits of States, Local Governments, and Non-Profit Organizations, if applicable. and • All other applicable laws and regulations. 2. The Auditor will be responsible for the preparation and printing of the basic financial statements, supplementary information, and compliance reports. An electronic copy of the audit documents will also be provided in a searchable Adobe PDF file format. The Auditor will submit a draft of the financial statements to be reviewed in detail by the Assistant Town Administrator/Finance Director, the Accountant, and the Town Administrator, prior to publishing. 3. The audit shall result in the preparation of financial statements from the audited records of the Town with the Auditor’s opinion thereon. The Auditor’s opinion shall be expressed in the report and include reasons for modifying the opinion, disclaiming the opinion, or rendering an adverse opinion.
