Specifications include, but are not limited to: The City of Olivia desires the auditor to express an opinion on the fair presentation of its basic financial statements, each major fund, and the aggregate remaining fund information and the respective changes in financial position, and, where applicable, cash flows thereof in accordance with accounting principles generally accepted in the United States of America. The auditor is not required to audit the combining and individual fund financial statements and supporting schedules. However, the auditor is to provide an "in-relation-to" opinion on the combining and individual fund financial statements and supporting schedules based on the auditing procedures applied during the audit of the basic financial statements. The auditor is not required to audit the introductory or statistical sections of the report. The auditor shall also be responsible for performing certain limited procedures involving required supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards. The auditor shall express an opinion on whether the governmental entity complied with laws, regulations, and with the provisions of contracts or grant agreements which could have a direct and material effect on the major program.
