The vendor is required to provide to retain at least one (1) professional accounting firm to provide the following:
• Audit the financial records of all funds and account groups; including an examination of the balance sheets, statements of revenue, expenditures/expenses and changes in fund balances/retained earnings of all funds and account groups and statements of cash flow of proprietary funds of the city, and other statements as may be required by the auditing standards.
• The examination shall include such tests of the accounting records and such other auditing procedures as necessary to meet the requirements set forth.
• Review and evaluate the city’s system of internal accounting controls
• Prepare the city’s annual comprehensive financial report (ACFR), including preparation of the financial statements and notes thereto; the auditor’s opinion on the material presented; the reports on internal controls and on compliance, setting forth audit findings and recommendations for improvements and the statistical tables, and providing excellence award application information.
• The city will continue to send the ACFR to the government finance officers association for review in its certificate of achievement for excellence in financial reporting program, and the ACFR shall be prepared in accordance with the requirements of this program.
• Apply procedures and report on the supplementary schedules in the ACFR, including the statements of the treasurer’s accountability, the legal debt margin, the analysis of funding progress for pension plans, and the schedule of federal assistance.
• The required forms and perform the agreed-upon procedures for the comparative report of local government revenues and expenditures, as required by the APA in accordance with the provisions of the uniform financial reporting manual for state counties and municipalities.
• Prepare and file reports as may be required by the auditor of public accounts (APA), commonwealth of state and by other federal and state agencies.
• Issue a management letter, including disclosures of weaknesses in internal controls, disclosures of violations of finance-related legal and contractual provisions, and auditors’ recommendations for financial and program management improvements.
• Inform the city of new state and national developments affecting municipal finance and reporting, standards and trends including changes and federal/state grant program accounting and reporting requirements.
• The city may also request tax research and written opinions.
• The city, at certain intervals throughout the fiscal year, may request the successful firm to provide additional accounting related services, including but not limited to the following areas or activities:
1. Personal property
2. Real estate
3. Bond issues
4. Utility studies
5. School activity fund(s) audit; completed by mid-august to be turned into the school board.
6. Struts audit
• City responsibilities and furnished items – the city will support the external auditing services as described below:
1. The city will provide a reasonable amount of time on its computer(s) available to the auditor personnel;
2. The auditor will have access to all of the city’s records as required to perform the audit
3. There will be reasonable working space, and parking available for the auditor
4. Preliminary audit work can start immediately after contract award
5. The finance director will be the primary contact and coordinator.
6. All auditor problems that cannot be resolved with the city department personnel shall be directed to the finance director
7. City personnel will not be available to assist auditors in preparing schedules and financial statements. city assistance will be limited to answering questions necessary for effective completion of the audit
• Representations of the auditor:
1. The auditor must represent that he is independent as that term is defined in the ethical rules of the institute.
2. The auditor must represent that he is licensed to perform the audit as provided in the applicable laws of the commonwealth of state and that he possesses adequate professional proficiency for the tasks required.
3. The auditor must represent that adequate supervision will be provided on a day-to-day basis.
• Component units:
1. The city has identified the following authorities, boards and commissions as component units, requiring inclusion in the city’s financial statements.
a. City public schools
b. City parking authority
c. City economic development authority
2. The auditor shall audit these, and any other component units identified during the audit, as part of the audit of the city.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 28, 2025