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<br /> and regulations. <br /> (2) Complete final evaluation of controls. <br /> (3) Perform substantive tests, including analytical reviews <br /> of selected account balances, e.g. major capital <br /> projects, payroll expenses and utility sales. <br /> (4) Review status of pension plans, commitments, <br /> contingencies and litigation for potential effects at <br /> year end. <br /> (5) Evaluate federal financial assistance for major programs <br /> and test specific and general compliance requirements. <br /> 1.3.3 In performing the final audit the AUDITOR shall: <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 ARD REPORTIIIG PHASE <br /> The AUDITOR shall: <br /> 1.4.1 Compile a draft of the Comprehensive Annual Financial Report <br /> (CAFR). <br /> 1.4.2 Evaluate the CAFR for conformity with the GAAP and GFOA Program. <br /> 1.4.3 Prepare a print-ready copy of the CITY's CAFR 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 by December 31st after <br /> the fiscal year. The final CAFR and management letter will be provided <br /> to the City no later than the second week in January following the <br /> fiscal year end. <br /> 1.4.4 Issue a draft management letter covering its findings and <br /> -3- <br />