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2 proposals may be solicited before the end of the five year period. C. Subcontracting Following the award of the audit contract, no subcontracting will be allowed without the express written consent of the City. II. NATURE OF SERVICES REQUIRED A. General The City of Arden Hills is soliciting the services of qualified firms of certified public accountants to audit its financial statements for the fiscal year ending December 31, 2018, with the option to audit the City of Arden Hills 's financial statements for each of the four subs equent fiscal years. These audits are to be performed in accordance with the provisions contained in this request for proposals. B. Scope of Work to be Performed The City of Arden Hills desires the auditor to express an opinion on the fair presentation of its financial information of the governmental activities, the business - type activities, each major fund, and the aggregate remaining fund information in conformity with generally accepted accounting principles. The auditor shall also be responsible for performing certain limited procedures involving required supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards. The City of Arden Hills also desires the firm to review the presentation of the statistical section of the financial statements insofar as current generally accepted auditing standards require such review. If the City is required to have a Single Audit for any year covered by this proposal, the auditor would follow the provision of the federal Single Audit Act Amendments of 1996. The pricing for the potential single audit should be reported separately on the fee structure schedule. The auditor is not required to audit the schedule of federal financial assistance. 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. An annual review of the C omprehensive Annual Financial Report shall be done to determine necessary steps so that the City can continue to receive a Certificate of Achievement for Excellence in Financial Reporting during this engagement. C. Auditing Standards to be Followed To meet the requirements of this request for proposals, the audit shall be performed in accordance with generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants , the standards for financial audits set forth in the U.S. General Accounting Office's Government Auditing Standards , the provisions of the Single Audit Act of 1996 and Title 2 U.S. Code of Federal Regulations Part 200, the provision of U.S. Office of Management and Budget (OMB) Circular A-133, Audits of State and Local Governments , Minnesota Legal Compliance for Local Governments, and any other Federal, State and local