2.1.1 Financial audit - The Independent Auditor shall audit all funds and account groups using the standards for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the provisions of the U.S. Management & Budget (OMB) Circular A-133, Audits of State and Local Governments. 2.1.2 The audit shall result in the preparation of financial statements from the audited records of the City with the Auditors' opinion included. 2.1.3 The Auditor shall perform tests of compliance and internal controls in accordance with Government Auditing Standards; OMB Circular A-133, Audits of State and Local Governments. 2.1.4 Submission of reports - The firm shall provide the City with ten (10) copies and a searchable pdf file of the complete financial statements, Auditor's report, and management letter including management responses no later than May 15th following the audit year. A financial report, including Auditor's reports on internal controls and compliance, must be submitted to the Auditor of Public Accounts no later than 90 days after the presentation to the Board of Aldermen. Prior to May 30th following the audit year, a presentation by the auditor, to include a question and answer session, will be made to the Board of Alderman. 2.1.5 As guided by AICPA Auditing Standards Board Statement on Auditing Standard No. 68, the Auditor should exercise due professional care in understanding the type of engagement and if during the audit the auditor becomes aware that the City is subject to audit requirements which may not be encompassed in the terms of this RFP it should be communicated to the City contact that the requested audit may not satisfy the requirements.
