Specifications include, but are not limited to: Lexington County School District One is seeking a certified public accounting firm to provide independent audit services for fiscal years 2023-24, 2024-25, and 2025-26. The financial audit will consist of an examination of and an expression of an opinion of the general purpose financial statements of Lexington County School District One after the conclusion of each fiscal year. In addition, the auditing firm shall respond to questions and provide accounting guidance to District One Administration, including assisting in in-service training for staff, upon request. The audit must be performed in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States, audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Audits of States, Local Governments, and Non-Profit Organizations, and the Single Audit Act of 1984, of which specific details are contained in the Audit Guide published by the State Department of Education. If the examination requires that a management letter be issued, a conference will be arranged with appropriate school district representatives to discuss the proposed management letter, and an opportunity will be granted for a response to be made. This conference may be scheduled as a preliminary exit conference. Seven copies of the management letter shall be provided to the District. Prior to the exit conference, comments and/or recommended changes shall be communicated in writing to the Chief Financial Officer. The audit firm will draft all financial statements, footnotes and schedules as outlined in the Financial Section of the Annual Comprehensive Financial Report (ACFR) for June 30, 2023, with the exception of the two schedules included in the other schedules section. At least five working days will be provided for district officials to review the draft and complete the items listed in the introduction section, the other schedules and the statistical section as outlined in the table of contents of the June 30, 2023 ACFR. After district officials have completed the draft copies of the ACFR and made appropriate responses, the audit firm should provide final opinion letters and the exit conference completed. The District will provide a pdf version to the audit firm. The financial audit work should be completed by the third week of October each year, with a draft of the financial statements prepared by November 1st. An oral presentation will be made to the Lexington School District One Board of Trustees during their regularly scheduled meeting in December. The audit firm will give a report of the audit in open session.
