Specifications include, but are not limited to: The City of Hot Springs desires the auditor to express an opinion on the fair presentation of its governmental activities, its business-type activities, its aggregate discretely presented component units, and each of its individual funds in conformity with generally accepted accounting principles. The City also desires the auditor to express an opinion on the fair presentation of its combining and individual fund financial statements and schedules in conformity with generally accepted accounting principles. The City also desires the auditor to express an opinion on any other auditing required by the City’s federal and state grants to assure compliance. The City also desires the auditor to express an opinion on any other auditing required to assure that the City can file its Annual Comprehensive Financial Report (ACFR) in compliance with the Government Finance Officers Association. Audits should be in accordance with the audit standards promulgated in the U.S. Government Accountability Office (U.S. GAO), Government Auditing Standards. Government Auditing Standards, also known as Generally Accepted Government Auditing Standards (GAGAS), provide a higher level of assurance with regard to internal control than Generally Accepted Auditing Standards (GAAS), which are fully incorporated into GAGAS.; REPORTS TO BE ISSUED: The selected proposer shall be responsible for submitting for inclusion in the ACFR the following reports and/or opinions.: 1. A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles, including an opinion on the fair presentation of the supplementary schedule of expenditures of federal awards in relation to the audited financial statements; 2. A report on compliance and internal control over financial reporting based on an audit of the financial statements; 3. A report on compliance and internal control over compliance applicable to each major federal program; 4. Any other reports required by auditing standards
