Specifications include, but are not limited to: 1. Financial Audit. State that the examination will be made in accordance with generally accepted auditing standards. 2. Compliance Audit. State that in accordance with generally accepted auditing standards, the proposer will select the necessary procedures to test compliance and express an opinion regarding compliance with specified laws, regulations, and contracts. 3. GASB 34 Compliance. The District was required to implement Governmental Accounting Standards Board Statement No. 34 (GASB 34) during the 2002-2003 fiscal year and all subsequent years. Assistance in preparing all necessary statements and schedules in accordance with GASB 34 will be part of the audit contract. It is expected that the firm will have experienced and adequate staff available to meet the changes that have been brought forth by GASB 34. The District fully expects the successful proposer to prepare all required and supplemental schedules and to advise, as necessary, on related accounting and reporting concerns.
