a. Audit the financial statements of the governmental activities, business-type activities and the aggregate remaining fund information, and the disclosures, which collectively comprise the basic financial statements of the Village as of and for the year ended December 31st . b. Conduct the audit in accordance with the Federal Single Audit Act of 1984 when considered necessary based on the Village’s federally funded grant expenses. c. Perform the pension and post-employment benefit fund audits (Police Pension, Firefighters’ Pension, IMRF contributions, OPEB trust if applicable). d. Apply the required limited procedures to the Village’s Required Supplementary Information (“RSI”). e. Report on the Village’s supplementary information other than RSI that accompanies the Village’s financial statements. f. Read the introductory and statistical information and consider whether a material inconsistency exists between the introductory and statistical information and the basic financial statements. g. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management; and evaluate the overall presentation of the financial statements, including the disclosures. h. Obtain an understanding of the Village and its environment, including the system of internal control. i. Perform tests of the Village’s compliance with the provisions of applicable laws, regulations, contracts, and agreements. j. Assist the Village with the implementation of Governmental Accounting Standards Board (“GASB”) Statements in the annual audit and the related footnote disclosures.
