Annual Financial Audit Services

The vendor is required to provide the annual audit of the city’s financial statements, assist staff with preparation of the annual comprehensive financial report (ACFR), and perform a single audit when required under the uniform guidance.
1. Annual financial audit
• Audit of the city’s financial statements in accordance with generally accepted auditing standards (GAAS) and government auditing standards (GAS).
• Issuance of an independent auditor’s report on the financial statements.
• The auditor should prepare the financial statements including adjustments necessary for the government wide section of the financial statements.
2. Annual comprehensive financial report (ACFR)
• Work collaboratively with city finance staff in the preparation of the ACFR.
• Provide guidance on GASB updates and implementation as necessary.
3. Single audit (when applicable)
• Conduct a single audit in accordance with the uniform guidance when the city expends $750,000 or more in federal funds.
• Prepare related reports, including the schedule of awards, as needed.
4. Other services
• Present the audit findings to finance committee and city council and respond to questions.
• Provide management letter and recommendations, if applicable.
5. Preferred audit timeline
• Audit field work for the city’s previous calendar year is performed in march each year
• Financial statements presented to council in June each year, finalized by June 30 to meet state filing deadline.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: June 27, 2025