Specifications include, but are not limited to: A. JCCC Financial Statement Audit The auditor shall audit the financial statements of the business-type activities, fiduciary activities, and the discretely presented component unit of JCCC and the related notes to the financial statements, in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. 1. The audit shall result in the issuance of a report for the College which should include: a. An auditor's report on the audit of the financial statements and any other reporting required by Government Auditing Standards. b. Audited financial statements as of June 30 consisting of management’s discussion and analysis; statements of net position; statements of revenues, expenses, and changes in net position; statements of cash flows; notes to the financial statements, and any required supplementary or other information as may be required for conformity with accounting principles generally accepted in the United States of America. 2. At the conclusion of the audit, the auditor shall meet with the College Audit Committee to review the audit report and other required communications. 3. During audit fieldwork, the auditor will meet regularly with the appropriate management of the College to review the status of the audit. 4. Audit work papers and reports shall be retained by the auditor for a minimum of three (3) years from the date of the audit report, unless the auditor is notified otherwise in writing by the College. Audit work papers shall be made available upon request to the College. 5. College staff will prepare audit schedules and the financial statements, including management’s discussion and analysis, footnotes, and other appropriate supporting documentation, for each of the fiscal years covered by this proposal. Schedules and financial statements will primarily consist of Excel worksheets, PDF documents, and output from the College ERP system. 6. The financial statement audit and all required communications must be completed no later than December 31 of each fiscal year covered by this proposal. B. JCCC Uniform Guidance Single Audit The auditor shall audit, 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 basic financial statements of JCCC. 1. The auditor shall issue a report on internal control over financial reporting and on compliance and other matters based on the audit of financial statements performed in accordance with Government Auditing Standards. 2. The auditor shall issue a report on compliance for major federal program(s); report on internal control over compliance; and report on the schedule of expenditures of federal awards required by the Uniform Guidance. 3. The Uniform Guidance Single Audit report should include: a. Schedule of Expenditures of Federal Awards b. Notes to Schedule of Expenditure of Federal Awards c. Schedule of Findings and Questioned Costs d. Corrective Action Plan (as applicable) e. Other items as required 4. Auditors will prepare the Data Collection Form annually and ensure timely submission as required. 5. At the conclusion of the audit, the auditor will be required to meet with the College Audit Committee to review the Single Audit report and other required communications. 6. Audit work papers and reports shall be retained by the auditor for a minimum of three (3) years from the date of the audit report, unless the auditor is notified otherwise in writing by the College. Audit work papers shall be made available upon request to the College. 7. College staff will provide information on federal programs and expenditures of federal awards. Staff will also provide corrective action plans and status of prior audit findings as necessary. 8. The Single Audit Report, Data Collection Form, and all required communications must be completed no later than December 31 of each fiscal year covered by this proposal. 9. The auditor must be appropriately familiar with applicable standards and the provisions thereof in effect during the audit period, including but not limited to: a. OMB Compliance Supplement b. Government Auditing Standards c. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) d. Catalog of Federal Domestic Assistance
