2007 08-21 CCP - Laserfiche WebLink

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The auditor shall complete all forms mandated to be sent in to the stat for reporting purposes. There is a possibility of additional auditing for cities in joint ventures and/or joint boards. This shall not be included in the base price. The City of Gem Lake will request these services at a later date, if deemed necessary. C. Auditing Standards to be Followed To meet the requirements of this request for proposal, 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 US General Accounting Office's Government Auditing Standards (1994), the provisions of the Single Audit Act of 1996 and the provisions of US Office of Management and Budget (OMB) Circular A-133. D. Reports to be Issued Following the completion of the audit of the fiscal year's financial statements, the auditor shall issue: 1. A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles. 2. A report on compliance and on internal control over financial reporting based on an audit of financial statements performed in accordance with Government Auditing Standards. 3. A report on compliance with applicable laws and regulations. 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. Reportable conditions that are also material weaknesses shall be identified as such in the report. 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. 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 mayor of Gem Lake. Auditors shall assure themselves that the City of Gem Lake's City Council is informed of each of the following: 1. The auditor's responsibility under generally accepted auditing standards 2. Significant accounting policies 3. Managements judgments and accounting estimates 4. Significant audit adjustments 5. Other information in documents containing audited financial statements 6. Disagreements with management 7. Management consultation with other accountant 8. Major issues discussed with management prior to retention 9. Difficulties encountered in performing the audit E. Working Paper Retention and Access to Working Papers All working papers and reports must be retained, at the auditor's expense, for a minimum of three (3) years, unless the firm is notified in writing by the City of Gem Lake of the need to extend the retention period. The auditor will be required to make working papers available, upon request, to the following parties or their designees: 2