Res 2017-087/Audit Services Contract

Home Browse Search

2.0.12 Review the City's compliance with requirements of the State of Texas Public Investment Funds Act. 2.0.13 Conduct a federal single audit in accordance with OMB Uniform Guidance, the annual compliance supplement, and Generally Accepted Government Auditing Standards. In addition, the Auditor will use a risk-based approach to determine major programs to be tested for internal controls used in administering federal funds and compliance with laws and regulations. 2.0.14 Provide the following reports: a) Comprehensive Annual Financial Report ("CAFR"1: A CAFR report that is prepared in conformity with accounting principles generally accepted in the United States. The CAFR will state the scope of the examination that the audit was performed in accordance with generally accepted auditing standards and will include an opinion as to whether the statement conforms to accounting principles generally accepted in the United States. The CAFR will be prepared in accordance with the following: 1) The most recently issued Governmental Accounting Auditing and Financial Reporting ("GAAFR"); 2) The standards promulgated by the Governmental Accounting Standards Board ("GASB"); and 3) In the format and with the content necessary to ensure that the City retains its Certificate of Achievement for Excellence in Financial Reporting issued by the Government Finance Officers Association of the U.S. and Canada (GFOA). The Auditor will provide any special assistance needed by the City to meet the requirements of this GFOA program. In addition, the Auditor will ensure that the City's CAFR is reviewed by at least one of the firm's GFOA Special Review Committee members prior to its final printing. Upon completion of the CAFR, the Auditor will provide the City with an electronic file in Microsoft Word and as a pdf file, and in addition, will print and bind twenty (20) copies of the CAFR for the City sufficient to distribute to City Council, City Staff, and any external agencies requesting a hard copy of the report. b) Management Letter: A management letter that details the City's internal control structure based on the Auditor's documentation over the City's processes and the Auditor's understanding of the control structure and assessment of control risk. The management letter will: 1) Detail audit findings and recommendations affecting financial statements, internal controls, accounting, data processing systems, legality of actions, other instances :Auditing Services Agreement 2017