Specifications include, but are not limited to: 1. Overview of Financial Audit Requirements:The City/URA/Trust expects the successful IPAF toconduct a full and complete financial audit with accompanying notes each fiscal year, incompliance with:Idaho Code§67-450B and, for the Trust, Idaho Code §41-4011. In addition, such audit shall be conducted in accordance with Generally Accepted Governmental AuditingStandards (GASB); Codification of Statements on Auditing Standards; The American InstituteofCPA’s(AICPAs)AuditGuide;The standards for financial audits set forth in the US GeneralAccounting Office’s Government Auditing Standards aka Yellow Book and any other auditstandards as may apply to local government financial reporting and/or employee benefitstrusts.2. Opinion on Presentation of Financial Statements:The City/URA/Trust requires the IPAF toexpress an opinion on the fair presentation of the financial statements in conformity withGenerally Accepted Accounting Principles (GAAP). The IPAF is to provide an opinion on the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City/URA/Trust based onaudit procedures applied during the audit of the financial statements for the year.3. Financial Statement Responsibilities: The financial statements will be prepared applying all pertinent Government Accounting Standards Board’s (GASB) Rules applicable as of theFinancial Statement date. The IPAF shall advise in their capacity as to the proper format, content and conformity of the Annual Comprehensive Financial Report (ACFR) as related to the quality standards that will meet or exceed Government Finance Officers Association’s (GFOA)Excellence in Financial Reporting award guidelines. The IPAF will include the provisions of OMB Circular A-133,Compliance Supplement for Single Audits of State and Local Governments, inaccordance with the audit of major programs for the ACFR, render a report on Compliance and Internal Controls over Financial Reporting based on audit of the City/URA/Trust’s Financial Statements in accordance with Government Auditing Standards (GAS) and provide a Schedule of Findings and Questioned Costs. The IPAF will also assist the City with management discussion and analysis (part of ACFR)
