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Accounting & Auditing Policy <br />Purpose <br />To ensure accurate and consistent accounting practices that conform to generally accepted accounting <br />principles to ensure public confidence in and ensure the integrity of the City's financial system. <br />Policv <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 standards for <br />local government accounting as established by State law and GAAFR. <br />❖ Regular � and annual financial reports will present a summary of financial activity by <br />major types of funds. <br />❖ As needed , the reporting system will also provide monthly information on the <br />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 all <br />accounts, funds, and activities, and will publicly issue a financial opinion. <br />•3 Independent accounting firms shall be engaged far a period of not mare than three years, <br />selected through an open request for proposal process, and shall � be allowed to renew the <br />City's account for up to �;-� three additional years. <br />Implementation <br />The City has earned the GFOA Excellence in Financial Reporting award each year since 1979. <br />Page 8 of 19 <br />