Specifications include, but are not limited to: 1. The audit will encompass both a financial and compliance examination of the City of Portsmouth basic financial statements and supporting and supplementary information, compliance reports and the Annual Comprehensive Financial Report (ACFR). 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: a. Government Auditing Standards issued by the U.S. Government Accountability Office; b. Single Audit Act of 1984 and Single Audit Act Amendments of 1996, if applicable; c. Provisions of the U.S. Office of Management and Budget OMB Circular No. A133, Audits of States, Local Governments, and Non-Profit Organizations, if applicable; d. Government Auditing Standards and Circular A-133 Audits issued by the American Institute of Certified Public Accountants; and e. All other applicable laws and regulations.; 2. The Auditor will be responsible for assisting with the preparation of the basic financial statements, supplementary information, compliance reports and the City’s GFOA Award winning ACFR. The Director of Finance & Administration will be actively involved in preparing the Management Discussion and Analysis (MD&A), other schedules section and supplementary information. The Auditor will submit a draft of the financial statements to be reviewed in detail by the Director of Finance & Administration. This draft shall be submitted to the City in time to allow ample review and corrections. ACFR submission deadline to National GFOA is December 31, for each respective year.; 3. The audit shall result in the preparation of financial statements from the audited records of the City with the Auditor’s opinion thereon. The Auditor’s opinion shall be expressed in the report and include reasons for qualifying the opinion, disclaiming the opinion, or rendering an adverse opinion.; 4. The Auditor shall perform the audit and prepare all reports pertaining to the Single Audit Act of 1984 and the Single Audit Act Amendments of 1996. The Auditor is not required to audit the schedule of federal financial assistance. However, the Auditor is to provide an “in-relation-to” report on that schedule based on the auditing procedures applied during the audit of the financial statements.; 5. The auditor shall be prepared to advise City of Portsmouth staff on how to best implement both current and proposed GASB Statements. In addition, the auditor is also expected to provide informal advice and consultation throughout the year on matters relating to accounting and financial reporting. This would not necessarily include any task that entails significant research or a formal report.