The Auditor will adhere to the general requirements provided below. 1. AuditStandards(SingleAudit).Itisexpectedthattheauditserviceswillbe performedinaccordance with Generally Accepted Auditing Standards(GAAS) as setforth by the American Institute ofCertified Public Accountants (AICPA) and Generally Accepted Governmental Auditing Standards (GAGAS) as issued by the USGovernment Accountability Office (GAO).The audit alsomustmeet all requirements set forth in Title 2 U.S. code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), or any successor issuance, and/or any HUD or other Federal agency requirement, which are in effect as of the date of the audit onsite fieldwork. The audits will include tests of the accounting records of the Authority and other procedures considered necessary to enable the auditor to express an unmodified opinion that the financial statements are fairly presented, in all material respects, in conformity with Generally Accepted Accounting Principles, and to report on the Schedule of Federal Financial Assistance and on the Authority’s compliance with laws and regulations and the Authority’s internal controls and management practices as required for a Single Audit. This includes assistance with, and verification of, electronic submission of the Financial Data Schedule (FDS) via the Internet as required by HUD’s Real Estate Assessment Center (REAC). 2. State Requirements. Any state audit requirements and procedures are expected to be properly performed and completed as part of this scope of work. 3. Audit Report.The auditorwill provide one (1) original unbound, one (1) electronic and 10 bound copies of the audited financial statements including the Single Audit report to the Finance Officer. 4. Retention of Work Papers. The auditor shall retain work papers for a minimum of five (5) years after the date of issuance of the auditor's report to the Agency. 5. Access to Working Papers. Audit work papers shall be made available upon request by the Agency, HUD, or any other governmental agency having jurisdiction to such request (i.e., Office of Inspector General), and are to be made available to the requested party within 10 days of receipt of such request. All reports rendered to the Agency by the auditor are the exclusive property of the Agency and is subject to the Agency's use and control, according to applicable laws and regulations. 6. InquiriesfromSuccessorAuditors.Theauditfirmsshallrespond tothe reasonableinquiriesof successor auditors and allow successor auditors to review working papers relating to matters of continuing significance. 7. Compliancewith Laws. TheAuditoragreestobe bound by applicable Federal, State, andLocallaws, regulations, and directives asthey pertain to the performance of the audit contract.
