Specifications include, but are not limited to: A. Auditing and Reporting Services 1. Comprehensive Annual Financial Report (CAFR) - The auditor shall express an opinion of the fair presentation of the Town's basic financial statements as presented in the CAFR in conformance with generally accepted accounting principles. The auditor shall also perform certain procedures in regards to the required supplementary information and supporting schedules of its individual funds given the small size and limited resources of the Town's financial staff. 2. Single Audit - In addition, with the audit of the financial statements, the auditor shall examine, perform tests, and report on the Schedule of Expenditures of Federal Awards and all related reports according to 0MB Circular-Al33 Compliance Supplement requirements. 3. APA Transmittal Forms - The Auditor of Public Accounts requires most local governments to complete Comparative Report Transmittal Forms in accordance with the provisions of the Uniform Financial Reporting Manual. The Auditor shall prepare the required forms, perform the agreed upon procedures specified in the Uniform Financial Reporting Manual, and submit the forms to the Auditor of Public Accounts by November 30 following the end of the fiscal year. 4. GASB/FASB Pronouncements - The auditor shall keep the Town fully informed of new Governmental Accounting Standards Board (GASB) pronouncements and any applicable Financial Accounting Standards Board (FASB) pronouncements. If the Town encounters any difficulties in implementing and complying with the specific reporting requirements mandated by the GASB, the Town may request the auditor's assistance to enable it to comply with those reporting requirements. 5. Public Presentation of Audit - The auditor shall present a summary report to the Town Council during the Town’s December meeting, which is the second Wednesday of the month at 7:00 p.m. 6. Other Requirements – The auditor shall provide assistance with the following items: a. Reconciliation of beginning fund balances against prior year audited financial statements; propose adjustments as necessary. b. Reconciliation of federal and state funding against trial balances per the Auditor of Public Accounts reports; propose adjustments as necessary. c. Review of accounts payable accruals and payroll accruals to determine completeness. d. Assistance to staff with the recording of the addition and disposal of assets to the depreciation system as need. e. Preparation of journal entries, as necessary, related to debt service. f. Preparation of other entries, as necessary, to various funds so that fund basis financial statements will be ready for audit. g. Assistance to staff regarding any transactions that may not have been recorded properly; propose adjustments as needed.