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Accounting & Auditing Policy <br />Purpose <br />To ensure accurate <br />accounting principle <br />financial system. <br />Policy <br />Attachment A <br />and consistent accounting practices that conform to generally accepted <br />s to ensure public confidence in and ensure the integrity of the City's <br />❖ The City will establish and maintain a high standard of accounting practices. <br />❖ The Accounting system will maintain records on a basis consistent with accepted <br />standards for local government accounting as established by State law and GAAFR. <br />❖ Regular �^„*'�'�� ^„�' annual financial reports will present a summary of financial <br />activity by major types of funds. <br />❖ As needed , the reporting system will also provide monthly information <br />on the total cost of specific services by type of expenditure and, if necessary, by fund. <br />❖ An Independent public accounting firm shall be engaged to perform an annual audit of <br />all accounts, funds, and activities, and will publicly issue a financial opinion. <br />❖ Independent accounting firms shall be engaged for a period of not more than three <br />years, selected through an open request for proposal process, and shall � be allowed to <br />renew the City's account for up to � three additional years. <br />Im�lementation <br />The City has earned the GFOA Excellence in Financial Reporting award each year since 1979. <br />