Audit Services

The Vendor is required to provide for audit services with an independent certified public accounting firm.
- The operation of each fund account group is documented by a separate set of self-balancing accounts which compromise the fund’s assets, liabilities, fund equities, revenues and expenditures (expenses).
- The financial records of the city are organized into “funds” which relate to services performed by the city.
- Work shall also include consultations by telephone throughout the year, as needed, for accounting and financial presentation related items.
- An opinion that city’s general purpose financial statements fairly represent city’s financial condition and results of operations in accordance with generally accepted accounting principles (GAAP).
- An opinion that individual grants were examined for accuracy and that city has complied with material terms of state grant contracts.
- The independent auditor shall review the information systems of accounting and internal control, develop audit programs to adequately test those systems, and form an opinion with respect to the financial statements of the municipal corporation.
- As may be necessary, a management letter to city’s city council identifying weaknesses or breakdowns in internal controls that could cause a material misstatement of city’s financial conditions, or that could unnecessarily expose city to risk or loss.
- City will prepare and make available to the contractor on the first day of substantive testing a trial balance, reconciliations of all balance sheet accounts, reconciliations of all revenue accounts, and any other schedules specified by the contractor.
- Provide written descriptions of the accounting systems for cash receipts, cash disbursements, payroll, purchasing, grant record keeping and other systems as requested by the contractor.
- City uses a computerized accounting system. 
- Springbrook software is used for general ledger, cash receipts, accounts payable, payroll and generation of financial statements.

- Contract Period/Term: 3 years