Annual Financial Audits Service

The vendor is required to provide that Conducting State Mandated Annual Financial Audits Service are often initially struck by the same things - the clean streets, the myriad beds of seasonal flowers, and the picturesque residences lining historic streets and surrounding the charming downtown area.
- These aspects of our community, which give visitors and newcomers alike a strong and deeply pleasant impression of the city, are not accidents, nor are they the result of simple good fortune on the part of Colquitt’s citizens.
- services are offered as a result of the strong stewardship of the city’s past and present mayors, councilmembers, managers, and citizens.
- AUDIT REQUIREMENTS:
• The audit shall be conducted in accordance with auditing standards generally accepted in the United States of America, promulgated by the American Institute of Certified Public Accountants (AICPA) and in accordance with the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and the Official Code of state Annotated.
• Audit is required as a part of the annual audit, the audit shall be performed in accordance with American Institute of Certified Public Accountants (AICPA) Standards (GAAS), Government Auditing Standards, the Single Audit Act Amendments of 1996, and 2 CFR 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States.
- The audit shall be designed to accomplish the following objectives:
• To determine whether the financial statements present fairly the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information and the respective changes in financial position, where applicable, thereof and the respective budgetary comparison for the major governmental funds involved in conformity with accounting principles generally accepted in the United States of America.
• to determine the combining and individual non-major fund financial statements are fairly stated in all material respects in relation to the basic financial statements taken as a whole. In addition, to determine whether accompanying supplementary information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
• To obtain an understanding of internal control over financial reporting sufficient to plan the audit by performing procedures to understand both the design of controls relevant to an audit of financial statements and whether they have been placed in operation, and assess control risk, in accordance with the American Institute of Certified Public Accountants Statement on Auditing Standards (SAS) Number 55, Consideration of Internal Control in a Financial Statement Audit, as amended.
• To provide reasonable assurance that the financial statements are free of material misstatements resulting from violations of laws and regulations that have a direct and material effect on the determination of financial statement amounts in accordance with SAS Number 54, Illegal Acts by Clients, as described in SAS Number 74, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance, and to provide reasonable assurance about whether the financial statements are free of material misstatements as described in SAS Number 99, Consideration of Fraud in a Financial Statement Audit, and SAS Number 47, Audit Risk and Materiality in Conducting an Audit.
• The Codification of Statements on Auditing Standards, requires the auditor to consider laws and regulations that are generally recognized by auditors to have a direct and material effect on the determination of financial statement amounts.
• The auditor’s responsibility to detect and report misstatements resulting from illegal acts having a direct and material effect on the determination of financial statement amounts is the same as that for misstatements caused by error or fraud.
• the auditor should be aware of the possibility that illegal acts that may, circumstances, be regarded as having material but indirect effects on financial statements may have occurred.
• If specific information comes to the auditor’s attention that provides evidence concerning the existence of possible illegal acts that could have a material indirect effect on the financial statements, the auditor should apply audit procedures specifically directed to ascertaining whether an illegal act has occurred
• To provide reasonable assurance of detecting material misstatements resulting from violations of provisions of contracts or grant agreements that have a direct and material effect on the determination of financial statement amounts or other financial data significant to the audit objectives.
• If specific information comes to the auditor’s attention that provides evidence concerning the existence of possible violations of provisions of contracts or grant agreements that could have a material indirect effect on the determination of financial statement amounts or other financial data significant to the audit objectives, auditors should apply audit procedures specifically directed to ascertain whether violations of provisions of contracts or grant agreements have occurred or are likely to have occurred.
• auditors should be alert to situations or transactions that could be indicative of abuse, and if indications of abuse exist that could significantly affect the financial statement amounts or other financial data, auditors should apply audit procedures specifically directed to ascertain whether abuse has occurred and the effect on the financial statement amounts or other financial data.
• To consider the results of previous audits and attestation engagements and follow up on known significant findings and recommendations that directly relate to the objectives of the audit being undertaken.
• To ensure that audit documentation related to planning, conducting, and reporting on the audit should contain sufficient information to enable an experienced auditor who has had no previous connection with the audit to ascertain from the audit documentation the evidence that supports the auditors’ significant judgments and conclusions.
• Audit documentation should contain support for findings, conclusions, and recommendations before auditors issue their report.
• To determine whether the government entity complied with laws, regulations, and the provisions of contracts or grant agreements pertaining to federal awards that have a direct and material effect on each major program.
• to internal control over compliance, the auditor is required to do the following: (1) perform procedures to obtain an understanding of internal control over federal programs that is sufficient to plan the audit to support a low assessed level of control risk for major programs, (2) plan the testing of internal control over major programs to support a low assessed level of control risk for the assertions relevant to the compliance requirements for each major program, and (3) perform tests of internal control.
• To verify and test expenditures of the government’s Special Purpose Local Option Sales Tax funds. In accordance with the Official Code of Georgia Annotated, Section 48-8-121, a schedule shall be included in each annual audit which shows for each project in the resolution or ordinance calling for imposition of the Special Purpose Local Option Sales Tax the original estimated cost, the current estimated cost if it is not the original estimated cost, amounts expended in prior years, and amounts expended in the current year.
• The auditor shall verify and test expenditures sufficient to provide assurance that the schedule is fairly presented in relation to the financial statements.
• The auditor’s report on the financial statements shall include an opinion, or disclaimer of opinion, as to whether the schedule is presented fairly in all material respects in relation to the financial statements taken as a whole.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: February 14, 2025