Professional Financial and Compliance Auditing Services

The Vendor is required to provide professional financial and compliance auditing services.
- Finance staff play an active role in preparing schedules and work papers to support the annual audit.
- Staff prepare the following items for the auditor:
•    Year-end adjusting journal entries
•    Unrecorded liabilities schedule
•    Disbursements detail testing schedules
•    Payroll detail testing schedules
•    Detailed expense schedules for selected operating accounts
•    Prepaid insurance and prepaid expense schedules
•    Fuel and parts inventory cost analysis
•    Supporting schedules for selected asset and liability accounts
•    Property, plant, and equipment activity analysis
•    Paid-in capital analysis
•    Revenue accrual and deferral schedules
•    Draft financial statement schedules
- Auditor Responsibilities
•    Audit and express an opinion on the financial statements of the interurban transit partnership, including all funds and accounts.
•    Perform financial and compliance testing for applicable federal and state programs, including state operating assistance (SOA).
•    Prepare required reports related to federal funding in accordance with uniform guidance, if applicable.
•    Prepare and issue an independent auditor’s report on the financial statements.
•    Prepare a report on internal control over financial reporting and compliance.
•    Prepare a report on compliance for federal programs, if required.
•    Prepare a management letter with comments and recommendations regarding internal controls, accounting procedures, and operational improvements.
•    Review and certify the national transit database (NTD) report as required by the federal transit administration.
•    Be available throughout the contract term to provide guidance on accounting issues, audit adjustments, or reporting matters that arise during the fiscal year.
•    Review the final draft of the financial statements with agency management.
•    Present audit results to the finance committee.
•    Present the final audit report to the board of directors, if requested.
•    Issue final financial and compliance reports within ninety (90) days after fiscal year-end.
•    Complete agency certification within one hundred fifteen (115) days after fiscal year-end.