Independent Audit Services

The Vendor is required to provide auditing services for the authority’s financial statements for the fiscal years ending September 30, 2026, September 30, 2027, and September 30, 2028.
- Financial statement audit
• Audit the authority's financial statements, including the related notes and required supplementary information, in accordance with auditing standards generally accepted in the country
• Perform the audit in accordance with government auditing standards, as applicable.
• Express an opinion on the authority's financial statements.
• Perform all procedures necessary to obtain reasonable assurance that the financial statements are free from material misstatement.
• Communicate audit findings, internal control matters, significant accounting issues, and required governance communications to management and those charged with governance.
- Single audit
• Perform a single audit in accordance with the uniform administrative requirements, cost principles, and audit requirements for federal awards
• Test compliance for major federal programs.
• Report on internal control over compliance and compliance for major programs.
• Prepare and submit all required reports associated with the single audit.
- Applicable standards and requirements
• Generally accepted auditing standards (GAAS)
• Government auditing standards (yellow book)
• Uniform guidance
• Governmental accounting standards board (GASB) pronouncements
• AICPA professional standards
• Any other applicable federal, territorial, or professional requirements
- Required supplementary information
• Management's discussion and analysis (MD&A)
• Schedule of proportionate share of the net pension liability
• Schedule of contributions
• Any other required supplementary information applicable to the authority
- Coordination and planning
• Conduct planning meetings with authority staff.
• Provide a detailed audit timeline for each fiscal year.
• Issue a prepared-by-client (PBC) list sufficiently in advance of fieldwork.
• Coordinate with authority staff regarding audit support needs, schedules, and deliverables.
• Coordinate with any component auditors or specialists, if applicable.
- Management letter and communications
• A management letter identifying deficiencies, weaknesses, recommendations, and opportunities for operational or internal control improvement.
• Required communications to those charged with governance.
• Exit conference discussions with management.
• Presentation of audit results to the board of directors or designated committee, if requested by the authority.