Auditing Standards Audits shall be performed in accordance with Generally Accepted Auditing Principles (GAAP) as set forth by the American Institute of Certified Public Accountants, the generally accepted standards set forth for financial audits in the General Accounting Office's (GAO) Government Auditing Standards. Period to be Audited The audit shall be on the financial statements for the fiscal year ending December 31, 2025, with the option to audit the financial statements for the fiscal years ending December 31, 2026, and 2027 respectively upon mutual consent of the parties. Reports to be Issued 1. A report on the fair presentation of the financial statements in conformity with Generally Accepted Accounting Principles. 2. A report on compliance and internal control over financial reporting based on an audit of the financial statements. 3. In the required reports on compliance and internal controls, the auditor shall communicate any reportable conditions found during the audit along with a response from management. A reportable condition shall be defined as a significant deficiency in the design or operation of the internal control structure, which could adversely affect the organization's ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. 4. Reportable conditions that are also material weaknesses shall be identified as such in the report, along with a response from management. Non-reportable conditions discovered by the auditors shall be reported in a separate letter to management, which shall be referred to in the reports on compliance and internal controls.
