Specifications include, but are not limited to: A. Financial audit – The Independent Auditor shall audit all funds and account groups of DART in accordance with the following standards as applicable to governmental transit entities: i. Generally accepted accounting standards as promulgated by the American Institute of Certified Public Accountants (AICPA), ii. Criteria for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, iii. Provisions of the U.S. Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, iv. Pronouncements of the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB), v. Provisions of the Single Audit Act of 1984, vi. AICPA Guides, and vii. Provisions of the Code of Iowa. B. The Auditor shall plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. This process includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements in addition to assessing the accounting principles used and significant estimates made by management. The process will culminate with the Auditor’s opinion on the financial statements prepared by DART. The Auditor’s opinion shall be expressed in the report and include his/her reasons for qualifying the opinion, disclaiming an opinion, or rendering an adverse opinion. C. The Auditor shall hold preparation meetings with finance department leaders in advance of the audit as well as entrance and exit meetings with DART’s executive leadership and finance department leaders. Additionally, the Auditor will hold meetings with members of the Audit Committee of the DART Commission and with DART leadership during the audit work to ascertain any concerns or answer any questions that may arise. During the work of the audit, the Auditor will provide regular status updates as to the items outstanding to be completed. The Auditor will present the draft audit report at a regularly scheduled DART Executive Committee meeting and then a final audit report to the full DART Commission at a regularly scheduled Commission meeting, not later than December of each year. Meetings may be held in person or by video teleconference at the agreement of both parties. D. The Independent Auditor also shall express an opinion as to the fair presentation of the combining, individual fund and individual account group financial statements in conformity with auditing standards generally accepted in the United States of America. The Auditor is required to provide an “in-relation-to” report on the supporting schedules and statistical tables based upon the audit of the financial statements.
