The examination shall be made in accordance with current generally accepted auditing standards (GAAS) as adopted by the membership of the American Institute of Certified Public Accountants (AICPA), in the statement of Auditing Standards No. 1, "Codification of Auditing Standards and Procedures", as amended, and the Bulletin for Audit of Local Units of Government in the State of Michigan, Michigan Department of Treasury, as amended. The auditor will perform audits in order to express an opinion on whether the basic financial statements are presented fairly in conformity with generally accepted account principles (GAAP) in the United States of America and the standards applicable to the financial audits contained in the Government Auditing Standards as issued by the Comptroller General of the United States.
