Specifications include, but are not limited to: The audit engagement period shall cover the period beginning with the fiscal year ending December 31, 2021, and ending with fiscal year ending December 31, 2023, and the auditors shall render opinions on the financial statements for the years then ended. The audit will be conducted in accordance with Generally Accepted Auditing Standards, the Single Audit -2 CFR part 200, subpart F, GASB Statement 34, and the Federal and Part 43 of the New York State Codification of Rules and Regulations (43 NYCRR) that are applicable to the transportation assistance programs offered by the New York State Department of Transportation (NYSDOT). A Management Letter shall also be prepared with recommendations for improving internal accounting controls. At the conclusion of the audit, a senior representative of the accounting firm shall appear before the Controller/Auditor and the City Administration Committee, and if requested, the full Common Council, to discuss the findings of the resulting audit and recommendations for improving the City’s systems of internal control. Over the course of the audit engagement period, the accounting firm shall, at no additional cost to the City, make qualified staff members available to the City for general consultation regarding financial accounting and reporting issues.
