Specifications include, but are not limited to: 1. Conduct audits of the financial statements of Highways Division for the fiscal years ending June 30, 2024, 2025, and 2026, in accordance with the U.S. Government Accountability Office’s Government Auditing Standards (Government Auditing Standards), in accordance with generally accepted auditing standards as prescribed by the American Institute of Certified Public Accountants (AICPA), and shall include sufficient testing of the financial data to provide the Contractor with a basis to report on the fairness of the financial statements, on the propriety of the expenditures, and on the accuracy of the accounting of all revenues and other receipts to which Highways Division is entitled have been collected and accounted for in accordance with the laws, rules, regulations, policies, and procedures of the State of Hawaii, and if applicable, the federal government. The audits shall include all fund types. 2. In connection with the financial audits, the Contractor will consider the internal controls over financial reporting as a basis for designing the Contractor’s audit procedures over accounting of revenues, expenditures, assets, and liabilities. The Contractor shall report and make appropriate recommendations for improvements for any significant deficiencies and material weaknesses identified in Highways Division’s financial accounting systems and procedures. 3. Ascertain and report on the adequacy of internal controls over compliance in providing assurance that federal programs are being managed in compliance with the applicable federal laws and regulations.
