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(9)CITY OF SANTA ANA <br />implementation of new Governmental Accounting Standards Board (GASB) and Statement on <br />Auditing Standards (SAS) requirements and provide expertise and recommendations regarding <br />specific of Federal and State regulations as to how they may impact local government accounting. <br />E. If requested, the Auditor may be required to meet with staff and Council Members to review the <br />Management Letter and Audit. Attendance at Council and Board meetings may also be required <br />of the Auditor by the City. <br />F. If requested by the member of the bond financing team, the Auditor may be required to issue a <br />"consent and citation of expertise" and any necessary "comfort letters" in relationship to City <br />financial statements and auditors' report, which are included in the Official Statement prepared in <br />connection with sale of debt securities. <br />G. The Auditor might be asked to conduct Agreed -Upon Procedures to review the City's internal <br />control processes in addition to the regular annual audit. The scope of the review will be defined <br />by the Finance and Management Services Agency. A report from the Auditor would be required <br />giving the scope of the work performed and recommendations the City should implement to <br />improve internal controls in the areas examined. <br />H. Working Paper Retention and Access to Working Papers: <br />Working papers are to be retained for a period of five years and are to be made available (upon <br />reasonable notice) to City staff as well as any third parties authorized by the City. <br />I. Time Requirements <br />1. ACFR and Related Reports <br />It is anticipated that the audit work will be performed in two phases, Interim and Final Fieldwork: <br />a) Interim Fieldwork <br />Interim Fieldwork shall take place in late May or early June and would consist of planning <br />and interim audit procedures, such as gaining an understanding of relevant systems, <br />procedures and internal controls, selected compliance and transaction testing, etc. <br />b) Final Fieldwork <br />Final Fieldwork would involve completing the examination of the General Purpose <br />Financial Statements, preparing opinion letters and other relevant financial reports. The <br />Final Fieldwork is to begin no earlier than October 1, and shall be completed no later than <br />November 15. This schedule may be altered only by mutual agreement between the City <br />and the Auditor. Any proposed audit adjustments must be identified no later than the <br />conclusion of audit field work. <br />c) Draft Reports <br />• The ACFR will be prepared by City staff. The Auditor will review the draft ACFR <br />prepared by the City and provide recommendations. The complete final draft of <br />the City and its component units' financial statements, including footnotes and <br />supplementary schedules shall be completed by third week of November. A draft <br />of the management letter is due no later than November 30. <br />• Drafts of the AQMD Audit Report, GANN Limit Reports and review of the City's <br />Investment Policy are due no later than November 30. <br />City of Santa Ana RFP No. 24-009 Page 22 of 37 <br />