A. Accounting Consultation Services: Implementation services for Governmental Accounting Standards Board (GASB) statements as requirements evolve. Current requirements include GASB Statement No. 101, Compensated Absences and GASB Statement No. 102, Certain Risk Disclosures. The City’s applicable implementation date for GASB 101 and 102 is for our fiscal year ending September 30, 2025. GASB 101 and 102 implementation consulting services are expected to include, but are not limited to, the following: • Assist City management in reviewing current compensated absences processes and related data to determine which items are within the scope of GASB 101 • Assist City management in developing processes and related data to complete the scope of GASB 102 Certain Risk disclosures. • Assist City management in developing and implementing accounting, reporting and internal controls/processes over the new compensated absences and certain risk requirements. • Assist City management in determining the necessary general ledger entries for inclusion in the City’s financial statements • Assist City management in developing and drafting the required lease footnote disclosures • Responding to auditor questions regarding the City’s implementation of GASB 101 and 102 Financial statement drafting services are expected to include the Consultant providing support services and will be available to consult with the Auditor for matters pertaining, but are not limited, to the following: • Responding to questions from City management regarding the fiscal year-end financial closing process, financial transactions, etc. • Prepare a draft of the City’s year-end financial statements, using The Reporting Solution, and related notes to the financial statements, and any necessary supplementary information based on financial information provided by City management, due February 10th • The draft will be prepared in accordance with the most recent pronouncements and formats required by Government Accounting Standards Board (GASB) • Assist with other audit prep, as deemed necessary by City management • Responding to auditor questions regarding the City’s financial statements B. Audit Services: The annual audits will examine the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Fremont. The audit procedures will include tests of evidence supporting the amounts and disclosures in the financial statements, as well as direct confirmation of certain assets and liabilities with banks, the county treasurer and legal counsel sufficient to express an opinion as to whether the basic financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America and to report on the fairness of the Schedule of expenditures of federal awards. The City also requires reports on internal control: related to the financial statements and compliance with laws, regulation and provisions of contracts or grant agreements, noncompliance with which could have a material effect on the financial statements, in accordance with Government Auditing Standards. related to major programs and an opinion on compliance with laws, regulations, and the provisions of contracts or grant agreements that could have a direct and material effect on each major program in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
