Specifications include, but are not limited to: Certified Public Accounting Firm to perform a financial statement audit, which includes a report on internal control and compliance and, if applicable, a Single Audit of the Virginia Port Authority (VPA) and a financial statement audit of Virginia International Terminals (VIT). ;a. To determine whether the financial statements of VPA present fairly its financial position and the results of its financial operations in accordance with generally accepted accounting principles. b. To have sufficient understanding of internal controls to plan the audit and to determine the nature, timing, and extent of tests to be performed. c. To have sufficient understanding of the shared internal accounting and administrative controls to determine whether the internal controls ; To determine and report whether VPA has complied with state laws, regulations, and applicable policies. f. To determine and report whether VPA’s internal policies and procedures over procurement, capital outlay, travel, and compensation are appropriate and whether VPA has complied with these policies and procedures.