External Audit Services

The vendor required to provide external audit its annual financial statements for a term of four (4) years, beginning with the fiscal year ending September 30, 2026.
- The auditor is expected to express an opinion on the fair presentation of the town’s general‐purpose financial statements in accordance with generally accepted accounting principles (GAAP).
•    Financial accuracy
•    Internal controls
•    Legal and regulatory compliance
•    Grant compliance
•    Optional operational efficiency
- Supplementary information: the auditor performs limited procedures on required supplementary information as mandated by the board.
- Auditor responsibilities:
•    Independent auditor's report
•    Management letter
•    Report on financial and compliance audit of federal and state‐assisted programs
•    Audited financial statements, including notes, adjusting entries, supporting schedules, and management letter
•    The audit fieldwork scheduling is the auditor's responsibility.
- Audit presentation:
•    Draft financial statements prepared by the town; final statements preferred for presentation. 
•    Audit must be presented to the town commission no later than May 31 each year. 
•    Council requires sufficient time to review the audit and requests the auditor present findings at the council meeting.  
- Audit penalty:
•    A $500 penalty may be applied if the audit is submitted after May 31.
•    The town council may waive the penalty upon written request from the auditor, citing acceptable reasons.

- Contract Period/Term: 4 years