Specifications include, but are not limited to: The auditor will express an opinion on the fair presentation of its financial statements in conformity with generally accepted accounting principles. The audit will involve all of the School District’s Internal School Funds. This is an onsite audit of the District’s elementary, intermediate, middle, and high school funds’ Statements of Revenues, Expenditures and Changes in fund balances on a regulatory basis in accordance with the Tennessee Internal School Funds Manual. The audit should be conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. The School Funds financial statements are to be prepared on the basis of the financial reporting provision of the Tennessee Internal School Funds Manual to meet the requirements of the State of Tennessee. This is a basis of accounting other than accounting principles generally accepted in the United States of America. The auditor should also provide consultation during the year.
