Auditing and Agreed Upon Procedures Services

The Vendor is required to provide audited financial statements are to be prepared for the city by the auditing firm in accordance with GASB standards and generally accepted accounting principles and are to be submitted to the appropriate officials of the city, the city council and the school committee.
- The audit organization shall provide a copy of their most recent external quality control review report and also submit the results of any subsequent review performed during the term of the contract to the municipality engaging the auditor.
- The city desires the auditor to express an opinion on the fair presentation of its basic financial statements, which will include government-wide financial statements, fund financial statements, and notes to the financial statements in conformity with generally accepted accounting principles.
- The auditor shall also be responsible for performing certain limited procedures, as required by generally accepted auditing standards, involving required supplementary information mandated by the governmental accounting standards board.
- Combining fund financial statements shall be presented as supplementary information for all non-major governmental funds. 
- Each non-major fund (included within the special revenue funds, capital projects funds, debt service funds, and permanent funds) shall be presented as separate columns in the combining fund financial statements. 
- Similarly, combining financial statements shall also be presented for each of the other fund types when there is more than one internal service fund, enterprise fund, and fiduciary fund.
- Combining financial statements shall be presented for the general fund when separate funds are maintained within the accounting system but the funds do not qualify as special revenue funds, in accordance with generally accepted accounting principles, and are merged with the general fund for financial reporting purposes.
- The auditor is not required to audit the supplementary schedule of expenditures of federal awards. 
- However, the auditor is to provide an "in-relation-to" report on that schedule based on the auditing procedures applied during the audit of the financial statements.
- The auditors engaged to audit the municipality’s financial statements shall also report on the annual supplemental transparency report (including the reconciliations), mtp2, as supplementary information (“fairly presented in relation to the municipality’s basic financial statements”).
- The audited financial statements and other reports are to be submitted to the municipality and school department upon completion but not later than December 31 each year for the prior year audit.
- Contract Period/Term: 3 years