The City desires the auditor to express an opinion on the fair presentation of the financial position of the governmental activities, the business-type activities, and the City’s fiduciary funds in conformity with accounting principles generally accepted in the United States of America and Government Auditing Standards issued by the Comptroller General of the United States and the Office of Management and Budget (OMB) Circular A133, Audits of State and Local Governments and Not-Profit Organizations. The auditor will issue an “in relation to” opinion on the City’s combining and individual fund statements and schedules, including the Schedule of Expenditures of Federal Awards. The auditor shall also be responsible for performing certain limited procedures involving required supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards. The Auditor is responsible for preparing and electronically filing the Illinois Comptroller's Annual Financial Report for the City. The Auditor shall communicate in a letter to the City reportable conditions found during the audit. A reportable condition shall be defined as a significant deficiency in the design or operation of the internal control structure which could adversely affect the organization’s ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. The Auditor shall be required to make an immediate written report of all irregularities and illegal acts of which they became aware, and present said report to the City Council.
