4.1 Engagement Description and Cycle a. The proposer shall conduct an annual financial statement audit of both the Department of Natural Resources and Environmental Control (DNREC), Delaware Drinking Water State Revolving Loan Fund (DWSRF) and the Delaware Water Pollution Control Revolving Loan Fund, commonly known as the Clean Water State Revolving Loan Fund (CWSRF). Both funds’ fiscal year begins on July 1 and ends on June 30. 4.2 Engagement Standards a. To meet the requirements of this RFP, the engagement must be performed in accordance with the applicable standards established by the American Institute of Certified Public Accountants (AICPA) and Government Auditing Standards, issued by the Comptroller General of the United States. b. The Selected Firm must immediately notify AOA regarding any known or potential fraud, waste, or abuse identified during the engagement, regardless of materiality. The course of action and additional procedures, if necessary, will be determined by AOA.
