Specifications include, but are not limited to: The City is requesting an audit which includes all the funds, accounts, capital assets, long-term debt and activities of the City. The selected audit firm will be required to complete the following tasks in relationship to the basic financial statements: 1) Audit the basic financial statements in accordance with Generally Accepted Auditing Standards (GAAS) in the United States and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Governmental Accounting Standard Board (GASB) Statement 54, Fund Balance Reporting requirements. 2) Express an opinion on the financial statements as to whether they present fairly, in all material respects, the financial position of the City and the changes in financial position in conformity with generally accepted accounting principles (GAAP) and issue an independent auditors’ report stating this opinion. 3) Apply limited procedures related to the Required Supplementary Information (RSI), Management’s Discussion and Analysis (MD&A), budgetary comparison information, and the Supplementary Information. 4) If applicable, issue the Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards, Independent Auditor’s Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance Required by the Uniform Guidance, and Schedule of Findings and Questioned Costs. 5) Communicate immediately and in writing all irregularities and illegal acts, or indications of illegal acts, of which they become aware, to the Audit and Finance Committee.
