a) Provide to HOPE, audit and examination services for the HOPE for Children Trust Account Fund (Fund), as described herein: i. An evaluation of systems of internal control, in accordance with generally accepted auditing standards as set forth in Statements on Auditing Standards and published by the American Institution of Certified Public Accountants1 . The audit and examination will be conducted so that the Contractor may render an opinion on the financial statements taken as a whole complying with Rule 58.1 of the State Board of Accountancy in conformity with generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASB), and applicable provisions of State law. ii. Contractor will confirm expenses for the Fund, including but not limited to, direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not state employees. iii. Contractor will treat all information in a confidential manner with all recommendations to be stated only in the audit reports provided to HOPE for appropriate release by HOPE, as required by law. b) Contractor agrees to provide to HOPE an audit report for the Fund as described herein: i. Report shall include a statement of the scope of the audit and examination for the Fund; the period covered by the audit and examination; and a list of the financial statements included in the report. ii. Report shall include a statement of material audit findings and recommendations regarding the financial statements, internal control and accounting systems, and legality of actions for the Fund. iii. Audited financial statements in the report shall include a “Statement of Operations,” “Statement of Assets and Liabilities” (Balance Sheet), and a “Statement of Cash Flows” for the Fund. iv. Report may include any other material matter and information. o The treasurer shall supplement this report by including any studies or evaluations in the preceding year. o A summary of the benefits provided by the program, including the number of participants in the trust. o Any other information that is relevant in order to make a full, fair and effective disclosure of the operations of the program. v. Draft and final versions of the audit reports will be due to HOPE staff pursuant to the schedule outlined in the table below, however due dates may vary depending on availability of information required for the completion of the report and/or the start date of the Agreement.
