1. The Auditor will adhere to auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the Specifications for Audits of Authorities, Boards, and Commissions issued by the Auditor of Public Accounts of the Commonwealth of Virginia. 2. The Auditor will make such inquires as will satisfy him that the Authority is complying with applicable Federal and State legal provisions. 3. The financial statements on which the Auditor will express an opinion are (a) the statement of net position (b) the statement of revenues, expenses, and changes in fund net position and (c) the statement of cash flows. The Authority will prepare statements (a), (b), and (c) in accordance with the proprietary fund type accounting standards of the Governmental Accounting Standards Board, with adaptions necessary to reflect the Authority’s status as an independently chartered corporation. 4. The Auditor will assist in the preparation of and submit to the same auditing procedures applied in the examination of the financial statements, supplementary schedules comparing estimated and actual revenues and budgeted and actual expenses for each fiscal year. 5. The Auditor will be provided with a final draft of financial statements (a), (b), and (c) and accompanying notes on or about August 31 following the end of each fiscal year, and will return the draft, with any suggestions and editorial corrections, within two weeks of receipt. 6. The Auditor will retain all working papers from each audit for three (3) years and will make them available to the Authority and to any other authorized agencies upon request during that time. 7. The principal in charge of the audit will be available to attend 2-3 meetings of the Authority’s Board of Directors at which the audit and management letter will be discussed. 8. The Auditor will provide professional assistance in satisfying the requirements of the GFOA’s Certificate of Achievement of Excellence in Financial Reporting program. 9. The Auditor will provide professional assistance with ten (10) copies each of signed opinions on (a) financial statements, (b) internal control and (c) compliance, and its management letter.
