Annual Financial and Compliance Audit Services

The Vendor is required to provide for the performance of financial and compliance audits of its financial records and accounts for the next five fiscal years.
- These audits shall be performed for the purpose of rendering an auditor's opinion regarding the fairness of applicable financial statements and the compliance of the county school system with applicable legal provisions, in accordance with generally accepted auditing.
- The audit shall be conducted in order to meet the requirements of the Department. Acceptance by the Department of the auditor's report is an essential obligation of the firm conducting the audit.
- To determine whether the financial statements of the school system present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information and the respective changes in financial position and, where applicable, cash flows thereof and the respective budgetary comparison for the major governmental funds in conformity with accounting principles generally accepted in the country. In addition, to determine whether 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.
- The auditor’s consideration of internal control in assessing the risks of material misstatement should address each opinion unit. 
- The auditor should obtain sufficient understanding by performing risk assessment procedures to evaluate the design of controls and determine whether they have been implemented.
- The auditor should use such knowledge to identify types of potential misstatements; consider factors that affect the risks of material misstatement; and design tests of controls, when applicable, and subsequent procedures. In acquiring an understanding of and assessing internal control, the auditor should consider computer controls as well as the controls over manual portions of the system.
- 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. In addition, the auditor should be aware of the possibility that illegal acts that may, in particular 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.