Specifications include, but are not limited to: The external auditor shall prepare the City’s Annual Comprehensive Financial Report (ACFR) in a form similar to the most common report. This includes the preparation of combined and combining financial statements. The City is requesting assistance with preparation of the ACFR. The City also desires the auditor to express an opinion on the fair presentation of its basic financial statements in conformity with generally accepted accounting principles. The basic financial statements are comprised of government-wide financial statements and fund financial statements. For the government-wide statements, the primary government includes governmental activities and business-type activities; and two discreetly presented component units. The fund statements include each major fund, aggregate remaining funds, and budgetary comparison statements for the major funds. Furthermore, the City desires the auditor to express an “in relation to” opinion on the fair presentation of its combining and individual fund financial statements and schedules in conformity with generally accepted accounting principles. The auditor is not required to audit the introductory and statistical section of the ACFR. The auditor shall also be responsible for performing certain limited procedures involving The Management’s Discussion and Analysis and Required Supplementary Information required by the Governmental Accounting Standards Board, as mandated by generally accepted auditing standards. 2. The City desires the auditor to conduct a Single Audit of the City's Federal grant programs. This includes Notes to the Schedule of Expenditures of Federal Awards, the Schedule of Findings and Questioned Costs, and a Summary Schedule of Prior Audit Findings Following the preparation of the aforementioned, the auditor shall issue the following reports: a) Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards. b) Report on Compliance for Each Major Federal Program; Report on Internal Control over Compliance; and Report on Schedule of Federal Expenditures of Federal Awards Required by OMB Circular, In addition to the Comprehensive Annual Financial Report and the Single Audit Report of the City, this engagement includes an audit from the Clerk of the Circuit Court. This audit requires the preparation of financial statements, as well as a supplemental schedule encompassing detailed information in the Annual Financial Report. The related audit includes: a) Independent Auditor’s Report b) Independent Accountants’ Report on Compliance and on Internal Control Over Compliance c) Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on GAAP Principles. Audit of Financial Statements Performed in Accordance with Government Auditing Standards. d) Financial Statements: 1) Combined Balance Sheet 2) Notes to the Financial Statements Supplementary Information: Combining Statement of Changes in Assets and Liabilities – Agency Funds Report J – Annual Financial Report.
