Independent Auditing and Financial Reporting Services

The Vendor is required to provide independent certified public accounting (CPA) firm to auditing, financial reporting, compliance, and related advisory services for county.
- This engagement to support the integrity of its financial reporting, strengthen internal controls and compliance oversight, and ensure timely completion of all required audit-related reports and submissions.
- Requirement:
•    The services required under this contract shall include financial statement audits, compliance audits, internal control evaluation, required communications to management and those charged with governance, technical consultation, and such other related services as are specifically identified in this statement of work or otherwise authorized in writing by the county.
•    Shall begin each annual engagement with appropriate planning and risk assessment procedures
•    This shall include obtaining an understanding of the county’s organizational structure, financial reporting environment, internal control system, major programs, significant transaction cycles, and key accounting estimates and disclosures.
•    Identify significant risks, establish planning materiality, determine the nature and extent of audit procedures, and prepare an overall audit strategy and detailed audit plan
•    Staff during the planning phase to discuss the proposed audit approach, timing, deliverable schedule, and information needed from the county to support the engagement.
•    Shall obtain and document an understanding of internal controls relevant to the audit, including internal controls over financial reporting, compliance, and federal awards, as applicable.
•    This work shall include walkthroughs of significant transaction cycles, evaluation of the design and implementation of key controls, and assessment of areas where control deficiencies may increase audit risk.
•    An audit of the county’s basic financial statements and issue the appropriate independent auditor’s report expressing an opinion on whether the financial statements are fairly presented, in all material respects, in accordance with generally accepted accounting principles.
•    The audit, the contractor shall conduct appropriate substantive procedures over revenues, expenditures, cash and investments, capital assets, debt obligations, long-term liabilities, pension and OPEB balances, and all other significant account balances, transactions, and disclosures.
•    Evaluate accounting policies, accounting estimates, fair value measurements, actuarial information, management judgments, and other significant assumptions used in preparing the financial statements.
•    Audit and report on the county’s pension trust funds annual financial report and the other post-employment benefits trust fund annual financial report.
•    Provide technical accounting, auditing, and financial reporting advice to the county, within the without impairing independence, regarding issues that arise during the contract term. 
•    Such services may include advice concerning new GASB standards, changes in federal grant requirements, disclosure obligations, internal control considerations, and emerging accounting or reporting issues affecting the county’s financial operations.
•    The county encourages the use of appropriate audit technology and data analytics to improve audit efficiency, coverage, and insight.