a. Basic Financial Statements, notes to the financial statements and Required Supplemental Information. A financial audit will be made and an Auditor’s Report shall be issued covering the basic financial statements, individual fund financial statements, notes to the financial statements, and Required Supplemental Information of San Miguel County, and any other statements required by GASB. b. Single Audit. A financial and compliance audit of San Miguel County’s Funds will be required of the Auditor. The Auditor will prepare all reports and schedules as required by the Single Audit Act of 1984 and the Office of Management and Budget (MB) Circular A-133 (as revised) (or any other appropriate standards, rules, or regulations). c. Annual Comprehensive Financial Report. An annual comprehensive financial review report (ACFR) may be requested in addition to the basic financial audit. San Miguel County completed its first ACFR for fiscal year ending 2018 but did not complete a ACFR since. d. Management Letters. The Auditor will prepare detailed management letters to be submitted to San Miguel County at the completion of each annual audit. The management letters are to be submitted within sixty (60) days after completion of the Auditor’s field work and should include comments, recommendations, and suggested improvements in accounting procedures, internal controls, management actions and other relevant areas. e. Formal Presentation. The firm is requested to make a formal presentation on the audit to the Board of County Commissioners which is normally scheduled during a Wednesday meeting in July.
