Summary of Specifications:
The City of Farmington Hills is requesting proposals from qualified firms of certified public accountants to audit its financial statements for the fiscal years ending June 30, 2006, 2007, 2008 with the option of auditing its financial statements for subsequent fourth and fifth years (2009 and 2010). It is also the City’s intent to solicit a separate proposal for the City’s Retirement System consisting of the General Pension Plan and the Retiree Healthcare Plan.
The accounting policies of the City of Farmington Hills conform to generally accepted accounting principles (GAAP) as applicable to governmental units.
These audits are to be conducted in accordance with the American Institute of Certified Public Accountants, Audits of State and Local Governmental Units, General Accounting Office (GAO) set by the Comptroller General of the United States, the standards applicable to financial units and governmental audits contained in, the Single Audit Act, and Office of Management and Budget’s (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
The purpose of this document is to ultimately select the services of a professional firm to provide the City of Farmington Hills with consulting and auditing services for its financial and compliance audits. The City of Farmington Hills has provided specifications and requirements, which will assist in the selection of the highest quality services possible to meet the requirements and needs of the City.
With a view to obtaining the most acceptable services, these specifications cover the general requirements. Recommendations from proposers are encouraged and will be reviewed and evaluated based on the best interests of the City.
