Specifications include, but are not limited to: A. Conformance with Federal/State Laws and GAAS: Each audit will be conducted in accordance with Generally Accepted Auditing Standards (GAAS) promulgated by the American Institute of Certified Public Accountants, Government Auditing Standards issued by the Comptroller General of the United States, the Minimum Standards for Audits of Oregon Municipal Corporations promulgated by the Secretary of State, OMB Circular A-133 and A-50, Audits of State and Local Governments, OMB Circular A-133 and A-50 for Salem Housing Authority and Englewood East, Oregon and local laws and regulations, City Charter and Code provisions. B. Technical Assistance: Each entity is responsible for closing its books, preparing trial balances, reconciling bank accounts, and performing other financial management functions. As a part of the overall audit contract, the SHA expect to receive from the audit firm as part of the fee quoted, routine technical assistance throughout the fiscal year. This assistance includes: answers to accounting, reporting, internal control, financial reporting, or other questions that arise as part of the entities’ operations. Any assistance provided during the year for which the audit firm expects to invoice as additional service must be requested in writing and authorized by the appropriate entity prior to receiving the assistance in order for the firm to receive payment. C. Exit Conferences: At the option of each entity, a post-audit conference to review the various reports and financial statements may be held with appropriate officials at a mutually agreeable date.
