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when in the. best interest of the City, proposals maybe solicited before. the end of the five year period. G. Subcontracting Following the .award of the audit contract, no subcontracting will be allowed without the expressed prior written consent of the City of Gem Lake. 11. NATURE OF SERVICES REQUIRED A. General The City of Gem Lake is soliciting the services of qualified firms and certified public. accountants to audit its financial statements for the fiscal year ending December 31, 2020, with the option to audit .the City of Gem Lake's financial statements for each of the four subsequent 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 Gem Lake desires the auditor to express an opinion on the fair presentation of its financial Wormation.of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information in conformity with generally accepted accounting principles. 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 -tap report on that schedule based on the auditing procedures applied during .the. audit of the financial statements. 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 setforth in.the U.S. General Accounting Office's Government Auditing Standards, the provisions of the Single Audit Act of 1996 and Tifle 2 U.S. Code of Federal Regulations Part 200, the provision of U.S. Office of Management.and Budget (OMiB) Circular A-133, Audits of State. and Local Governments Minnesota Legal Compliance for Local Governments, and any other Federal, State and local requirements in effect now or placed in to effect during the engagements, D. Reports to be Issued 2