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<br /> KJJ7 <br /> (6) Evaluate federal financial assistance for major programs <br /> and test specific and general compliance requirements. <br /> 1.3.4 In performing the final audit the AUDITOR will: <br /> (1) Update controls review and evaluation. <br /> (2) Review confirmation requests. <br /> (3) Observe performance of inventories. <br /> (4) Perform tests of account balances, including <br /> restrictions for debt compliance, and final analytical <br /> review. <br /> (5) Complete evaluation of compliance with debt covenants <br /> and federal financial assistance. <br /> (6) Perform overall evaluation of audit results and document <br /> conclusions. <br /> 1.4 YEAR-END CLOSING AND REPORTING PHASE <br /> The AUDITOR will: <br /> 1.4.1 Hold 'an exit conference with City's appropriate staff to <br /> discuss all audit adjustments to financial statements and management <br /> letter findings. <br /> 1.4.2 Compile a draft of the Comprehensive Annual Financial Report <br /> (CAFR) . <br /> 1.4.3 Evaluate the CAFR for conformity with the Generally Accepted <br /> Accounting Principles (GAAP) and Government Finance Officers <br /> Association (GFOA) Programs. <br /> 1.4.4 Prepare a print-ready copy of the. CITY's CAFR along with <br /> exhibits, supporting spread sheets and audit work sheets in the format <br /> required for submission to GFOA to enable the CITY to receive a <br /> Certificate of Achievement for Excellence in Financial Reporting and <br /> assure delivery of the draft CAFR to the CITY for its review by <br /> December 31st after the respective fiscal year end. The CITY will <br /> provide report covers and specify font style, page references and <br /> report layouts. The final CAFR and management letter will be provided <br /> to the City no later than the second week in January following the <br /> respective fiscal year end. <br /> 1.4.5 Issue a draft management letter covering its findings and <br /> recommendations as a result of the AUDITOR's study and evaluation of <br /> the CITY's system of internal controls, legality of actions, other <br /> instances of noncompliance with laws and any other material matter, and <br /> review with CITY staff before issuing the final management letter. <br /> 1.4.6 Deliver final printed copies of the CAFR and management <br /> letter to City Staff and present findings to the City Council. <br /> 1.5 COORDINATION WITH CITY I S REPRESENTATIVE <br /> 1. 5.1 The CITY's Assistant Director of Finance is designated as the <br /> CITY's representative regarding this Agreement. The AUDITOR will <br /> -3- <br />