1.0 Mandated by Statute and Regulation The scope of work will encompass performing an audit of the financial statements of Camden County MUA for Fiscal Year 2024 as prescribed by N.J.S.A. 40A:5-4, and all applicable law. The audit of the books, records, and other pertinent data of the CCMUA will be made in accordance with generally accepted auditing standards and in compliance with audit requirements as prescribed by the Division of Local Government Services, Department of Community and Urban Affairs, State of New Jersey (“Requirements of Audit” draft revision, 1987 or most current). Performance of such tests of the accounting records and such other auditing procedures as deemed necessary. 2.0 Audit Plan Overview Proposers should include a summary of their audit plan which describes how the audits will be completed in a timely and cost-effective manner. 3.0 Management Letter A by-product of the audit, and included in the fee, is a management letter. This document, which is furnished to management and the Board, shall identify deficiencies in controls and other recommendations noted during the audit. A management letter is required. Through the course of auditing work, emphasis should be placed on the identification of opportunities (not necessarily limited to accounting considerations) for improving controls, improving operations, or reducing costs which can be brought to the CCMUA’s Chief Financial Officer and Executive Director attention on a timely basis for possible implementation. Although auditing standards do not require such consideration of administrative controls and business problems, proposers should consider these matters of high importance in the course of informing the Executive Director, Chief Financial Officer and the Board of Commissioners about its business as well as its accounting practices. 4.0 Additional Services that may be required Additional services which may be required include, but are not limited to, assistance with financial statement and debt statement preparation; assistance with note and bond official statement preparation; and related consulting and advisory services pertaining to the CCMUA. Because the level and extent of additional services which may be needed is not known, these additional services should be excluded from the audit fee, however hourly rates for these possible additional services should be provided in the fees section of the proposal. Should such additional services be required, the CCMUA shall amend its agreement with the selected firm.
