2.2.1 Services The selected firm will provide annual audit and financial statements preparation services for the Authority in accordance with generally accepted auditing standards as contained in GASB, the provisions of the Uniform Guidance, and provide professional advice and counsel as may be required throughout the year. The Authority’s fiscal year is July 1 – June 30. A. Audit Execution 1. Conduct an independent audit of the Authority’s financial statements each fiscal year 2. Prepare the Authority’s annual financial statements, including all required components and supporting documentation. 3. Perform all work in full compliance with GASB, Uniform Guidance, and any other applicable requirements. B. Work Product Deliverables The firm will provide both draft and final versions of all required work products, including: 1. Draft financial statements. 2. Draft Management Discussion & Analysis (MD&A) statement. 3. Final financial statements and all associated audit materials. 4. All materials delivered in both PDF format and printed, bound copies. C. Funding Overview 1. The audit will encompass all funds, revenues, and financial activities of the Authority. 2. The Authority, formed in 2020, is funded entirely by contributions from its five member cities: Chesapeake, Norfolk, Portsmouth, Suffolk, and Virginia Beach.
