Specifications include, but are not limited to: 1. Perform audit of CWSRF and DWSRF funds for the State fiscal year audited The contractor will perform an audit of the CWSRF and DWSRF accounts of the SERF in accordance with Generally Accepted Government Auditing Standards. The audit procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and direct confirmation of receipts and receivables, cash balances, liabilities, and other items by correspondence with selected CWSRF and DWSRF loan holders. The contractor will be responsible for determining the number of transactions to be examined and the areas to be tested. 2. Prepare Financial Statements for the State fiscal year audited The contractor will be responsible for preparing financial statements and related notes in conformity with U.S. generally accepted accounting principles based on information provided by the State. Items to be included in the audit are: a. Opinion on basic financial statements for the fiscal year audited b. Audited financial statements. The financial statements should contain at a minimum: a. Balance Sheet b. Statement of Revenue, Expenditure, and Changes in Fund Balance c. Notes to the Financial Statements c. Supplementary information. Supplementary information is not required to be subjected to the auditing procedures applied in the audit of the financial statements nor required to have an opinion provided. The supplementary information should include: a. Combining Balance Sheet b. Combining statement of Revenue, Expenditures, and Changes in Fund Balance c. Statement of Net Position d. Statement of Revenues, Expenses, and Changes in Fund Net Position e. Statement of Cash Flows d. Report on internal controls related to the financial statements and compliance as required by Government Auditing Standards.
