Specifications include, but are not limited to: The independent auditor will prepare the audit for the City of Waveland, Mississippi in accordance with generally accepted auditing standards in conformity with municipal audit requirements of the State of Mississippi Office of the State Auditor. The audit shall comply with the Single Audit Act requirements issued by the State of Mississippi and the Comptroller General of the United States. All duties responsibilities of the independent auditor shall be conducted in accordance with all pertinent provisions of the Mississippi General Statues. The financial audit examination will be made in accordance with generally accepted auditing standards as described in the Statements on Auditing Standards published by the American Institute of Certified Public Accountants, Standards for Audit of Government Organization, Programs, activities, and Functions published by the Comptroller General of the United States, requirements of the Office of the State Auditor of State of Mississippi concerning municipal audits, and such other requirements as shall be promulgated by various oversight agencies. The primary purpose of the examination will be to express an opinion on the financial statements. If conditions are discovered which lead to the belief that material errors, defalcations, or other irregularities exist, or if any other circumstances are encountered that require extended services, the independent auditor will promptly advise the Waveland Board of Mayor and Aldermen. The compliance audits’ examination will be made in accordance with general accepted auditing standards, audit requirements of the respective organizational units for which the audit is being conducted, and any other necessary procedures to test compliance with specified laws, regulations, and contracts. The Single Audit will be performed to meet the requirements of the “Single Audit Concept” as enacted in Section 21-35-31, Mississippi code Annotated (1972) and all regulations promulgated thereunder. The specific financial statements will include those required for a comprehensive annual financial report as set forth in Statement 1 of the National Council on Governmental Accounting, and adopted by the Governmental Accounting Standards Board (GASB). Following the completion of the audit of the fiscal year’s financial statements, the auditor shall issue: A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles. A report on the internal control structure based on the auditor’s understanding of the control structure and assessment of control risk. A report on compliance with applicable laws and regulations. A report on compliance with requirements applicable to each major program, internal control over compliance with the state single audit act, and schedule of expenditures of state financial assistance. A report on compliance with requirements applicable to each major program, internal control over compliance in accordance with OMB Circular A-133, and schedule of federal awards. The Management Letter included as part of the “Recommendations to Management” shall cover audit findings and recommendations affecting internal control, accounting systems, legality of actions and any other material matters.
