1. Financial statement audits that include all Village funds, accounts, capital assets, long-term debt activities of the Village of Shorewood and its Community Development Authority. 2. The Village desire the auditor to express an opinion on the fair presentation of its basic financial statements in conformity with general accepted accounting principles. 3. The auditor is to provide an “in-relation-to” opinion on the combining and individual fund financial statements, schedules and other supplementary information, but is not required to audit the introductory section of the report or the statistical section of the report, if applicable. 4. The auditor will be responsible for printing and providing 10 final copies of the final audit and management letter. An electronic copy in PDF format of all drafts and the final audit shall also be provided to the Village. 5. If, during the examination, the auditor finds any weaknesses in internal control, the auditor shall summarize such findings and recommendations in the form of a separate management letter to the Village of Shorewood. Village staff shall be given adequate time to review findings and any weaknesses in internal control presented. 6. The auditor’s presentation of financial statements and management letter to the Village Board is expected to occur not later than May. To meet this deadline, the Village desires to begin final field work by the end of March. The Village recognizes that auditor may wish to move the audit for their staffing convenience, and the Village can be flexible on these dates, depending on staff availability and assuming final deliverable dates are attainable. 7. Preliminary fieldwork dates are mutually agreed upon in advance with Village staff to accommodate holidays, vacations, and conferences. 8. The auditor shall present the audit and be available at the meeting to answer questions regarding the completed audit or management letter. 9. Working papers and reports must be retained, at the auditor’s expense, for a minimum of 3 years, unless the firm is notified in writing by the Village of Shorewood of the need to extend the retention period. The auditor will be required to make working papers available upon request to the Village. The firm shall respond to reasonable inquiries of successor auditors and allow successor auditors to review working papers relating to matters of continuing accounting significance. 10. The auditor in the person of a partner or manager shall be available during the audit preparation and on as as-needed basis to answer questions or provide guidance on any issue that may arise throughout the contract period.
