Specifications include, but are not limited to: Contractor shall prepare an annual audit of the AIAS financial records for fiscal years ending June 30, of every contract year. The audit shall conform to generally accepted accounting principles and Governmental Accounting Standards Board (GASB) accounting and financial reporting standards applicable to enterprises of State and local government entities. Contractor shall meet the schedule as stated in Section 3.01 – Audit Schedules. Contractor shall observe, report, and evaluate management’s inventory instructions and procedures for recording and controlling the results of the entity’s physical inventory counting. The Contractor shall inspect and perform test counts. Inventory valuation must comply with Generally Accepted Accounting Principles (GAAP). Contractor shall audit the following financial statements, including Notes to Financial Statements, Required Supplementary Information, Supplementary Information, and other information on a comparative basis: a) Statements of Net Position b) Statements of Revenues, Expenses, and Changes in Fund Net Position c) Statements of Cash Flows d) Combining Schedules of Revenues, Expenses, and Changes in Fund Net Position e) Notes to Financial Statements f) Schedules of Net Revenues in Excess of Net Revenues Required g) Report on Compliance with Requirements Regarding the Collection and Expenditure of Passenger Facility Charges
