The District expects the auditor to express an opinion on the fair presentation of its general-purpose financial statements in conformity with generally accepted accounting principles (“GAAP”). OCWD’s goal is to provide complete, accurate and understandable information about OCWD’s financial condition. Additionally, OCWD submits the Annual Comprehensive Financial Report (“ACFR”) to the Government Finance Officers Association (“GFOA”) Certificate of Achievement for Excellence in Financial Reporting. The audit will cover the general-purpose financial statements as well as supporting documentation and schedules. The auditor will assist the District in providing more meaningful and concise financial statements by seeking improved methods of reporting. The auditor will be familiar with the high standards of reporting of the Government Finance Officers Association (herein “GFOA”). The auditor will assist in preparing annual financial statements and the Annual Comprehensive Financial Report (ACFR) of the District and ultimately obtain the GFOA’s Certificate of Achievement in Financial Reporting. In addition, the auditor will be required to provide assistance to the implementation of applicable GASB pronouncements not yet in effect. Also, the auditor is required to be available on a day-to-day basis for consultation and ongoing auditing needs. These costs should be included in the base contract price.
