News Column

Provision for Financial Auditing Services

June 7, 2014



Tenders are invited for City of Grand Terrace RFP for Financial Auditing Services. Scope of Work to be Performed The City desires a Comprehensive Annual Financial Report (CAFR) to be prepared by the independent auditor and to be fully compliant with all Governmental Accounting Standards Board (GASB) pronouncements. The City will submit the CAFR to the Government Finance Officers Association (GFOA) for review in its Certificate of Achievement for Excellence in Financial Reporting program. The City s previous audit firm has prepared an Annual Financial Report (available on the City s web site www.cityofgrandterrace.org) but has not met the GFOA requirements for a CAFR. The most recent Annual Financial Report completed is for the fiscal year ended June 30, 2012. The audit for the fiscal year ended June 30, 2013 is currently being finalized. The selected independent auditor will be required to perform the following tasks: The audit firm will perform an audit of all funds of the City. The audit will be conducted in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Office of Management and Budget (OMB) Circular A-133 Audits of State and Local Governments and Non-Profit Organizations. The City s CAFR will be prepared by the audit firm. The CAFR must be in full compliance with all applicable GASB pronouncements. The audit firm will render its auditors report on the basic financial statements, which will include both Government-Wide Financial Statements and Fund Financial Statements. The audit firm will also apply limited audit procedures to Management s Discussion and Analysis and required supplementary information pertaining to the General Fund and each major fund of the City. The audit firm shall issue a separate management letter that includes recommendations for improvements in internal control, accounting procedures and other significant observations that are considered to be non-reportable conditions. The audit firm shall issue an Independent Accountant s Report on Agreed-Upon Procedures applied to Appropriations Limit (Gann Limit) Worksheets. The audit firm shall prepare the City s annual State Controller s Report. The audit firm shall prepare the City s annual Street Report. The audit firm shall prepare a Single Audit Act Report if needed. Note: The City s federal grant revenues do not currently meet the minimum threshold for this report. B. Auditing Standards to be Followed To meet the requirements of this RFP, the audit shall be performed in accordance with the following: Generally Accepted Auditing Standards, as set forth by the American Institute of Certified Public Accountants; The standards applicable to financial audits contained in the most current version of the Generally Accepted Government Auditing Standards (Yellow Book), issued

Major organization : CITY OF GRAND TERRACE

Address : City of Grand Terrace, 22795 Barton Road, Grand Terrace, CA 92313 Contact Person : Cynthia A. Fortune

Country :United States

Email : cfortune@cityofgrandterrace.org

Notice type : Tender Notice

Open date : 2014-07-07



Tender documents : T22522929.pdf


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Source: TendersInfo (India)


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