The Vendor is required to provide independent auditors having sufficient governmental accounting and auditing experience in performing an audit.
- This includes, but is not limited to governmental accounting standards board statements and government auditing standards. Although some pronouncements will not be in effect until after the first year of the audit, estimates for future years should include pronouncements that will become effective during that contract period.
- The audit firm will be expected to advise appropriate County staff on the applicability of accounting and reporting standards as they become effective.
- The financial audit opinion will cover the financial statements for the governmental activities, the business-type activities, each major fund and the remaining fund information, which collectively constitutes the basic financial statements.
- The combining and individual financial statements, schedules, and related information are not necessary for fair presentation, but will be presented as additional analytical data.
- The auditor shall express an opinion on the budgetary comparison information for the General Fund, the major funds and any annually budgeted special revenue funds.
- A planning meeting will be held each year to determine schedules that the County will be responsible for preparing. Estimated timeframes will be established and interim audit work will be planned. Adequate notification will be given prior to any changes in estimated times.
- The Financial Statement Preparer will prepare the government wide year-end adjusting journal entries as well as any necessary entries to allocate the state pension balances.
- County does not have Other Post- Employment Benefits, therefore no board entries are necessary.
- County management will ultimately be responsible for the preparation and fair presentation of the financial statements, which includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements.
- While many documents can be shared electronically, the County expects that the audit firm staff will be onsite for fieldwork, including manager and partner level staff for at least a portion of the onsite work.
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