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HomeMy WebLinkAboutPre-AttachmentATTACHMENT A — Scope of Work A. Audit shall be performed in compliance within the requirements of: 1) Chapter 79-589 and any other applicable Florida Statutes 2) Regulations of the State of Florida Department of Banking and Finance 3) Rules of the Auditor General, State of Florida, Chapter 10-550 (Local Government Audits) and Chapter 10-600 (Audits of state grants and aids appropriations under Section 216.349 Florida Statutes). 4) Audits of State and Local Government Units, issued by the American Institute of Certified Public Accountants 5) OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations, Office of Management and Budget 6) United States Single Audit Act of 1984 7) United States Single Audit Act Amendments of 1996 8) State of Florida Single Audit Act 9) Statements on Auditing Standards (GAAS) 10) Government Auditing Standards, issued by the Comptroller General of the United States 11) Generally accepted governmental accounting standards 12) Any other applicable federal, state, local regulations or professional guidance not specifically listed above as well as any additional requirements, which may be adopted by these organizations in the future. B. The City expects the auditor to express an opinion on the fair presentation of its basic financial statements in conformity with applicable generally accepted accounting principles. The auditor is to also to provide an opinion on the combining and individual fund statements. The auditor is not required to audit the required supplementary information or the statistical sections contained in the CAFR. C. The audit shall be an annual audit as defined in section 11.45 (1)(b), Florida Statutes, and shall be conducted in accordance with generally accepted auditing standards as well as thc standards listed above. D. A Single Audit in accordance with the Federal and State Single Audit Acts and related professional guidance shall be conducted as required. The auditor shall provide the City with any required letters and schedules related to this audit. E. The audit shall also include a review of the financial report provided to the Department of Banking and Finance to assure consistency with the CAFR. F. A final and complete opinion letter on the financial statements taken as a whole as well as any additional letters required by the United States or State of Florida Single Audit Act shall be delivered to the City no later than March 1 s1 following the end of the fiscal year under audit. These letters shall be included in the Comprehensive Annual Financial Report by thc City. G. The auditor shall submit, not later than March 15E following the end of the fiscal year under audit, a full and complete management letter which shall identify any management 1of3 weaknesses observed, assess their effect on financial management and propose steps to correct or eliminate those weaknesses. It is the City's intent that all fieldwork related to the audit shall be completed by February 1s1 following the end of the fiscal year under audit. H. The auditor shall provide the City with sufficient letterhead to print 300 original copies of all required letters for the Comprehensive Annual Financial Report. I. The partner in charge of the audit and the audit manager or other CPA assigned to the audit agrees to communicate with City Manager or designee, the Audit Advisory Committee, or the City Commission, as deemed necessary. J. The auditor shall assist the City in preparing the Comprehensive Annual Financial Report. The City shall retain ultimate responsibility for preparation of this document, however, the auditor shall provide the following assistance: a. Proof reading of entire document b. Verification of implementation of recommended improvements from prior year submission to GFOA under the Certificate of Achievement program. c. Shall review applications for annual Certificate of Achievement for Excellence in Financial Reporting. d. Overall review including layout, design, and suggested improvements. K. Timeliness is critical in the performance of the audit. The auditor should coordinate with the Finance Director and endeavor to accomplish the audit in a phased in approach throughout the year in order to reduce the year-end workload on both the audit firm and City staff. The City will make necessary records available to the auditor through the year to assist in this regard. In addition, the City will make end -of -year records available to the auditor on' or before November 15'h after the end of the fiscal year under audit. L. The auditor shall report to the City, at least weekly, the status of any potential audit adjustments so that the City may have adequate opportunity to investigate, gather information and respond if necessary. Final audit adjustments shall be submitted to the City no later than February l st following the end of the fiscal year under audit. M. The City may issue one or more official statements for the sale of bonds during the term of the Contract. The official statement will contain the general-purpose financial statements or an extraction from the CAFR. The auditor shall be required to issue, upon request, "comfort letters" and other documents necessary to issue the bonds. Unless significant additional staff time is required of the auditor, fees for such requests made by the City of Miami shall be included in the base fee submitted by Proposer. N. The workpapers are the property of the auditors and shall be held locally for a period of five years. Workpapers shall be available for examination or duplication without charge to authorized City personnel, representatives of Federal or State Agencies upon request of that Agency or the City of Miami in accordance with Federal Law, State Law and other regulations. Working papers will also be made available for examination, at no charge, or duplication, at a reasonable charge, to subsequent auditors engaged by the City. 2of3 O. The auditors agree to notify the City immediately if any regulatory or other government agency request a review of the audit workpapers concerning the City or any other government client audited by the audit firm. P. The auditor agrees to notify the City immediately should any disciplinary actions be taken or complaints filed with any regulatory bodies against any of the firm's staff or the firm itself. The auditor must designate two (2) "key" members of the audit team. The City shall reserve the right to approve any substitutions or changes in those staff designated as "key". R. Auditor shall provide the City with a copy of each external quality control review (peer review) conducted during the time period engaged by the City. In the event that a firm has been formed so recently that no peer reviews have been undertaken. the Proposer should state so in the response to the RFP. If available, the Proposer may submit peer reviews from any predecessor firms, however, a newly formed firm will not be eliminated from the proposal process simply because no peer reviews have been conducted in the new firm's name. S. The City implemented GASI3 No. 34 for the fiscal year ended September 30, 2002. The City will require the auditor's assistance to comply with these reporting requirements. The auditor will be required to provide technical advice and provide reasonable assistance as requested as part of the contract. T. The firm must agree to use City staff in preparation of supporting schedules, reconciliation's and document retrieval. Prior planning and explicit instruction are paramount for timely performance in this regard. The auditor shall provide the City with a list of all schedules to be prepared by the City. Finance Department staff will be available during the audit to provide information, documentation and explanation to the auditors. The firm shall be required to provide additional services, not specifically addressed above. to other City departments, agencies, Boards, Trusts, etc. who may, from time to time, require auditing services. Services may be contracted with that entity(s) at time of need, and a separate Contract executed for provision of said services. Q. 3 ol':