The vendor is required to provide public accounting firms to audit its financial statements for four fiscal years ending June 30 2025 through 2028.
- Requirements
• A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles.
• A report on the internal control structure based on the auditor’s understanding of the control structure and assessment of control risk.
• A report on compliance for each major program and on internal control over compliance required by the uniform guidance.
• A schedule of expenditures of federal awards.
• A report on the internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards; the review of the state uniform financial report must be included.
• A report on compliance with laws and regulations related to major and non-major programs; this report must include an opinion on compliance with specific requirements applicable to major programs, a report on compliance with general requirements applicable to major programs, and a report on compliance with laws and regulations applicable to non-major program transactions tested.
• In the required report(s) on internal controls, the auditor shall communicate any reportable conditions found during the audit.
• A reportable condition shall be defined as a significant deficiency in the design or operation of the internal control structure, which could adversely affect the organization’s ability to record, process, summarize, and report financial data consistent with the assertions of management in the financial statements.
1. Reportable conditions that are also material weaknesses shall be identified as such in the report.
2. Non-reportable conditions discovered by the auditors shall be reported in a separate letter to management, which shall be referred to in the report(s) on internal controls.
• The reports on compliance shall include all instances of non-compliance.
• The auditors shall be required to make an immediate, written report of all irregularities and illegal acts, or indications of illegal acts, of which they become aware to the following parties:
1. Mayor and council, city;
2. City administrator;
3. City attorney;
4. Director of finance.
• The auditors shall assure themselves that the director of finance is informed of each of the following:
1. The auditor’s responsibility under general accepted auditing standards;
2. Significant audit adjustments;
3. Other information in documents containing audited financial statements;
4. Disagreements with management;
5. Management consultation with other accountants;
6. Major issues discussed with management prior to retention;
7. Difficulties encountered in performing the audit.
- Contract Period/Term: 5 years