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F. 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 meetings may also be requested. <br />G. If requested by the member of the bond financing team, the auditor may be asked 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 <br />in connection with sale of debt securities. <br />H. Internal Audit Function <br />The City is currently developing an internal audit program via the hiring of an Internal Auditor <br />(Senior Accountnant). Due to the City currently developing its internal audit program, the <br />auditors would be responsible for conducting Agreed Upon Procedures to review the City's <br />internal control processes in addition to the regular annual audit. The scope of the review will <br />be defined by the Finance and Management Services Agency. A report from the auditors would <br />be required giving the scope of the work performed and recommendations the City should <br />implement to improve internal controls in the areas examined. <br />I. 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 />J. Subcontracting <br />Should any firm submitting a proposal consider subcontracting portions of the engagement, that <br />fact must be clearly identified in the proposal along with the name of the proposed <br />subcontractor. Following the award of the audit contract, no additional subcontracting will be <br />allowed without prior written consent by the City's Executive Director of Finance and <br />Management Services Agency. <br />4) TIME REQUIREMENTS <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 and <br />interim audit procedures (such as gaining an understanding of relevant systems, procedures <br />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 Financial <br />Statements, preparing opinion letters and other relevant financial reports. The final fieldwork Is <br />to begin no earlier than October 1, and shall be completed no later than November 15. This <br />schedule may be altered only by mutual agreement between the City and the auditor. Any <br />proposed audit adjustments must be identified no later than the conclusion of audit field work. <br />C. Draft Reports <br />The CAFR will be prepared by City staff. The Auditor will review the draft CAFR prepared by <br />the City and provide recommendations. The complete final draft of the City and its component <br />units' financial statements, including footnotes and supplementary schedules shall be <br />25E-20 <br />