1. Annual examination beginning with the first month ending upon contract issuance, of internally prepared financial statements for reasonableness. 2. Preparation of complete Financial Audit Report at year-end. 3. Audit of Tax filings to include, but not limited to, Payroll and Sales Tax. 4. Audit the current overall internal control structure and provide recommendations for eliminating any deficiencies noted. 5. Audit of all bank statements and monthly reconciliations. 6. Recommendations and preparation of all adjusting journal entries with details for our accounting system. 7. Availability to attend special meetings of the Board of Commissioners when requested. 8. Audit/review of all federal funding and perform a Single Audit if CLW expends more than $750,000 in federal funds awarded. 9. Audit of financial assets and depreciation requirements. Preparation of depreciation schedules of assets, additions, deletions, and necessary journal entries. 10. Audit of annual federal and state tax returns. 11. Preparation of a detailed Management Letter for General Manager to execute. 12. Audit of Utility System including, but not limited to, Cash collections, Billing, Deposits, Fee, and Terminations. 13. Audit of Accounts Payable 14. Ensure audit documentation and reports are provided within the specified timeframe. 15. Preparation of the Management’s Discussion and Analysis (MD&A) Disclosure Letter. 16. Preparation of GASB68 and submitted to CLW no later than July 1st for the Electric Division and October 1st for the Water and Sewer Division.
