Specifications include, but are not limited to: The special-purpose audit should be conducted in accordance with the guidance, as applicable, set forth in the Statements on Auditing Standards. This audit will evaluate the City’s financial activity during the stated audit period; adequacy of the internal financial controls with emphasis on areas vulnerable to fraud and abuse; the adequacy of the City’s current financial policies and procedures; and the adequacy of the City financial and auditing organizational structure. The Auditor will make use of and build upon the internal control evaluation work done by the City’s independent CPA firm during that firm’s annual financial statement audit. The objectives of this engagement are as follows: development of a risk assessment of the City’s financial operations, including but not limited to review of financial policies procedures and practices; evaluation of the City’s internal controls; preparation of reports which analyze significant risk assessment findings; recommend changes for strengthening internal controls and reducing identified risks; and specify time frames for implementation of such recommendations. Areas that may be addressed include but are not necessarily limited to payroll review; review of bank reconciliation; review check signing procedures and log; identification of unusual and/or questionable transactions; and review any observations regarding financial activity and internal controls with Mayor, Board of Apportionment and Taxation, and Board of Aldermen & Alderwomen.