Required Scope of Services • Independent audit for primary government and component unit financial statements to 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. • Provide combining schedules containing separate columns for the Authority and Component Units, as supplemental schedules. • The independent auditors are responsible for issuing the independent auditors’ report, the internal control and compliance report, and the independent auditors’ report on compliance. • Presentations of the audit results to the Audit-Finance Committee of the CHEFA Board of Directors and to the CHESLA and CSLF Board of Directors. • Issuance of Report on Management’s Assertions on Compliance with Specified FFELP Requirements in accordance with the Compliance Audits for Lenders and Lender Servicers participating in the Federal Family Education Loan Program Guide (for CSLF). • Prepare and submit an accurate and timely Federal IRS Form 990 (for CSLF and CHEFA CDC). Management will work in conjunction with the audit firm the development of the financial statements including the statements of net position; statements of revenues, expenses, and changes in net position; statements of cash flows; and notes to the financial statements.
