Specifications include, but are not limited to: 1. The audit shall be performed in accordance with generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants; the standards for financial audits set forth in the U.S. General Accounting Office’s Government Auditing Standards; the provisions of the Single Audit Act of 1984 and the Single Audit Act Amendments of 1996 (when applicable); and the provisions of the U.S. Office of Management and Budget (OMB) 2 CFR, Chapter I, Chapter II, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 2. In accordance with Government Auditing Standards, management will be required to review and approve those financial statements prior to their issuance and have responsibility to be in a position, in fact and appearance, to make an informed judgment on those financial statements. 3. The City does anticipate spending in excess of $750,000 in federal awards requiring a Single Audit in compliance with the Single Audit Act of 1984 for fiscal year ending June 30, 2024. It is anticipated this requirement will also apply to future years. 4. Agreed upon procedures as required by the Vermont Economic Progress Council (VEPC) may be required in fiscal year 2025 as the City contemplates the development of a Tax-Increment Financing District. The cost of such procedures shall be estimated in the proposal but not included in the total fixed fee amount at this time. 5. At the conclusion of the audit, a representative of the accounting firm will be expected to appear before the City Council to discuss the financial statements and report any findings resulting from the audit.
