(a) The examination of the financial statements is to be performed in accordance with generally accepted auditing standards as promulgated by the American Institute of Certified Public Accountants. The report of the examination must include an opinion as to whether the statements conform to generally accepted accounting principles. The examination of the Schedule of Employer Allocations and Pension Amounts by Employer is to be performed in accordance with Governmental Accounting Standards promulgated by the Governmental Accounting Standards Board. (b) The audit is expected to begin in December or early January and should be completed by the last Monday of each February. The on-site audit must be performed and completed in two weeks. No time extensions are contemplated. Non-compliance with this due date, unless extended with our written approval, may be considered to be cause for contract termination. A review of a draft of the proposed reports shall be shared with personnel of the System prior to submission of the completed report to the System’s Board of Trustees on the last Monday of each February. Audit findings and recommendations should be readily understood as to the basis for and significance of the findings.
