Specifications include, but are not limited to: 4.1.Financial Audit: The independent auditor shall perform an audit of each activity fund of the School Board as prescribed by 8VAC20-240-40 of the Virginia Administrative Code and in accordance with Generally Accepted Auditing Standards (GAAS). The examination will result in the rendering of the auditor's opinion on the statement of cash balances, receipts, and disbursements prepared by each school. The independent auditor shall also perform an audit of PWCS’ conversion of school activity funds financial statements from cash basis to modified accrual. This audit will also result in the rendering of the auditor’s opinion on the conversion. 4.2.Special Audits: The independent auditor will conduct "special audits" necessitated by turnover of critical personnel on an as required basis.