Specifications include, but are not limited to: 1. The audit will encompass a financial and compliance examination of the County’s ACFR, in accordance with, the laws and/or regulations of the State of Montana, which include requirements for the minimum scope of the audit. The ACFR includes the basic financial statements, required and other supplementary information and compliance reports and will be prepared in accordance with generally accepted accounting principles (GAAP). The financial and compliance audit will cover federal, state, and local funding sources in accordance with the following: • Generally accepted auditing standards • Government Auditing Standards • The provisions of the Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly called “Uniform Guidance”) • Applicable federal and state laws and regulations. The County is responsible for balancing all accounts at year-end and presenting the Auditors with a fully prepared preliminary ACFR. The County will furnish work papers in conjunction with the audit engagement. Reasonable effort will be made by County staff to provide documentation electronically when possible. 2. Audits shall be conducted on the following approximated schedule: • July/August – Entrance Conference and Planning/Risk Assessment a. Upon execution of the contract, the Auditor will have an entrance conference with the Finance Director and Accounting Manager. b. Prior to the commencement of each fiscal year the selected Auditor shall meet with the County Finance Director and Accounting Manager to discuss the Auditor’s planned approach to the audit and to provide a list of schedules to be prepared by County personnel prior to the beginning of risk assessment procedures and interim or fieldwork stages. The schedule and procedures will be developed in conjunction with the County and shall be subject to approval by the County. County staff will be as flexible as possible to meet the Auditor’s scheduling needs. The Auditor must state in their proposal if changes to the schedule would result in additional costs. • September/October – Fieldwork a. Compliance fieldwork would typically begin around the middle of September. b. Fieldwork for financial statement and Single Audit would typically begin around the second week of October. • October/November – ACFR Drafts and Reviews a. The Auditor will meet with the Finance Director and Accounting Manager for the purpose of reviewing audit findings and recommendations prior to the issuance of management letters, certifications, or reports. • November 30 – Audit Completion and Report Issuance • January – Audit Presentation and Exit Conference with the County Commission a. The Auditor will present the final reports to the County Commission. 3. There have been, and will continue to be, significant changes to the accounting and auditing standards that need to be implemented each fiscal year. The Auditor should be familiar with, and prepared to advise County staff on, how best to implement both current and proposed Governmental Accounting Standards Board (GASB) Statements. In addition, the Auditor is also expected to provide informal advice and consultation throughout the year on matters relating to accounting and financial reporting. This would not necessarily include any task that entails significant research or a formal report.