a) Perform the annual audit for SDPB consolidated financial statements beginning with June 30, 2025. b) The audit must be performed in accordance with the guidelines of the Auditor General and Generally Accepted Government Auditing Standards for financial and compliance audits as set forth in the applicable revision to Government Auditing Standards, issued by the Comptroller General of the United States. The purpose of the audit is to issue an opinion on the General-Purpose Financial Statements of South Dakota Public Broadcasting, and report on its compliance with applicable legal requirements and its internal control structure in accordance with those standards and 2 CFR 200.500 – 521 (subpart F). c) Audit Report Review & Processing: a. The Auditor General will review a draft of the audit report, and may request to review the related working papers, prior to acceptance of the completed report as required by SDCL 4-11-7. b. The audit firm is required to print reports and distribute them as promulgated in the Auditor General's guidelines. c. The Auditor's Comments (Management Letter), if any, are required to be included as a part of the final report. d. The auditee's response to the audit report must be included in the report should the auditee desire to respond. If there are reported instances of noncompliance or questioned costs related to federal financial assistance programs, the auditee's response and corrective action plan must be included in the audit report. e. The IPA shall retain working papers for a minimum of five years from fieldwork date unless notified in writing by the cognizant federal agency or the Auditor General to extend the minimum retention period. The IPA shall make his working papers available to the Auditor General, federal Inspectors General or their representatives, and subsequent IPA Auditors. d) Auditor Qualifications: a. The IPA authorized to perform the audit must possess current firm and individual permits to practice from the South Dakota Board of Accountancy. b. The IPA must be either a Certified Public Accountant, or a Public Accountant initially licensed on or before December 31, 1970. c. The IPA should indicate that any persons involved in planning, directing, conducting substantial portions of the fieldwork or reporting on the audit are in compliance with the Continuing Education and Training requirements of Government Auditing Standards. d. The IPA should state that his firm has undergone a Quality Review or will undergo a Quality Review in accordance with Government Auditing Standards. (A copy of the report may be requested.) e. The names and qualifications of the staff members who will actually conduct the audit fieldwork and report on the audit should be provided. f. The IPA should affirm that he and any assistants are independent from the auditee, its management, and each of its component units and subrecipients.
