Financial Auditing Services

The Vendor is required to provide independent certified public accounting firms to provide professional financial auditing services for the city's financial operations.
- Financial statement audit:
•    Examination of the city's basic financial statements, including the government-wide financial statements (statement of net position and statement of activities), fund financial statements (governmental funds, proprietary funds, and fiduciary funds), and notes to the financial statements.
•    The city will prepare, edit, print, and electronically deliver the annual comprehensive financial report (ACFR) and associated audit documents.
•    Assistance in reviewing the format and proofreading the draft report shall be provided by the consultant in accordance with standards established by the governmental accounting standards board (GASB) and general purpose checklist provided by the government finance officers association (GFOA) for the certificate of achievement for excellence in financial reporting program.
•    Issuance of an auditor's opinion on whether the financial statements present fairly, in all material respects, the financial position of the governmental activities, business-type activities, each major fund, aggregate remaining fund information as of the fiscal year end, and the respective changes in financial position, and where applicable, cash flows thereof for the year ended in accordance with accounting principles generally accepted in the country.
•    Evaluation and testing of internal controls over financial reporting to identify significant deficiencies and material weaknesses, with written communication of any identified deficiencies.
•    Issuance of a report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards
•    Review and testing of significant accounting estimates, including pension and other post-employment benefit (OPEB) liabilities, capital asset valuations and depreciation, allowances for uncollectible accounts, claims and judgments, landfill closure and post-closure costs (if applicable), and other estimates material to the financial statements.
•    Verification of cash and investment balances, including confirmation procedures with financial institutions and investment custodians.
•    Review and testing of debt obligations, including bond compliance, debt covenants, and proper reporting of long-term liabilities.
- Single audit
•    Determination of whether the city has met the threshold requiring a single audit through review of the schedule of expenditures of federal awards (SEFA).
•    Assistance in preparation or review of the SEFA, ensuring all federal programs are properly identified using the assistance listings and that expenditures are accurately reported.
•    Performance of compliance testing for each major federal program in accordance with the OMB compliance supplement, including testing of the following compliance requirements as applicable: activities allowed or un-allowed, allowable costscost principles, cash management, eligibility, equipment and real property management, matching/level of effort/earmarking, period of performance, procurement and suspension and debarment, program income, reporting, sub-recipient monitoring, and special tests and provisions.
•    Evaluation of internal controls over compliance for each major federal program. 
•    Issuance of the auditor's opinion on compliance for each major federal program. 
•    Issuance of a report on internal control over compliance for federal programs.
•    Preparation and finalization of the data collection form (sf-sac) for submission to the federal audit clearinghouse.
•    Assistance with responses to any federal or state agency inquiries resulting from the single audit.
- Interim and planning services:
•    The auditor shall conduct entrance conferences with the chief financial officer, accounting division manager, and other key personnel to discuss audit scope, timing, staffing, and coordination requirements. 
•    The auditor shall present a preliminary risk assessment and areas of audit focus during the entrance conference.
•    The auditor shall conduct exit conferences with the chief financial officer, accounting division manager, and other key personnel to summarize the results of the fieldwork and to review significant findings. 
•    The consultant shall provide a written summary of significant findings and audit adjustments by the last day of fieldwork.
•    The auditor shall prepare a detailed audit plan outlining the audit approach, areas of emphasis, preliminary risk assessment, and proposed timeline.
•    The auditor shall conduct interim fieldwork as appropriate to distribute audit work throughout the year and to meet the final reporting deadline. 
•    Interim work may include testing of internal controls, walkthroughs of significant transaction cycles, and substantive testing of transactions occurring during the first portion of the fiscal year.
•    The auditor shall provide a standardized, prioritized list of schedules, documents, and information required from city staff with sufficient advance notice to allow for proper preparation.
•    The auditor shall coordinate with city staff to minimize disruption to normal operations and shall work efficiently to reduce the time burden on city personnel.
•    The auditor shall leverage prior year knowledge, data analytics, and interim testing to minimize duplicate requests.