Forensic Audit Services

The Vendor is required to provide forensic audit approach and planned and carried out with sensitivity toward not overburdening city staff or disrupting operations.
- Audit periods
• The forensic audit shall cover five (5) completed fiscal years, with the city’s fiscal year defined as October 1 through September 30.
• Separate cost breakdown for each individual fiscal year included in the audit period.
- Cash testing
• All types of payments and deposits
• Authorization and approval controls
• Supporting documentation requirements
• Cash receipts controls and procedures
• Segregation of duties and reconciliation controls
- Financial cycles and processes subject to testing
• Cash receipts and deposits
• Revenue cycle activities
• Accounts payable and disbursements
• Treasury and cash management
• Budgetary compliance and monitoring
• General ledger activity and journal entries
• Financial reporting and closing processes
• Travel-related payments, limited to finance department controls over authorization verification, accuracy of payment, account coding, reconciliation, and financial reporting
- Audit reports
1. Forensic audit report
• A written report describing the audit objectives, procedures performed, and results of the forensic testing, including conclusions drawn in relation to the audit objectives.
2. Internal control evaluation report
• A written report identifying material weaknesses and significant deficiencies in the design or operation of financial controls, including an evaluation of compliance with those controls and recommendations for corrective action.
• The report shall include practical recommendations to strengthen finance department practices and governance.