Specifications include, but are not limited to: We are requesting the following services for preparing and auditing our annual financial statements and performing our Single Audit: 1. Firm shall develop a scope for each audit and review scope with the Financial Services Department to ensure adequacy and compliance with the intent of the preparation of the financial statement and audit plan. 2. Firm will, at a minimum, provide bi-weekly updates to the Financial Services Department on progress and findings for each audit. If significant issues are noted during the fieldwork, more frequent updates should be provided. 3. For each audit completed, Firm will: a) Provide recommendations for improvement accompanied by a description of the conditions in need of improvement. Recommendations should be practical and achievable within current funding and staffing limitations. If additional resources are necessary to implement recommendations, the report should include descriptions of and justifications for the additional resources. b) Rank or prioritize recommendations using the County’s 3-point scale which is based on the potential loss of assets and the overall impact of the finding on department operations. Priority rankings are based on whether the finding includes one or more of the following: Priority 1 moderate to high potential of loss of Outagamie County assets critical impact on operational efficiency and effectiveness of the department critical impact on implementation of other recommendations in the report Priority 2 limited potential of loss of Outagamie County assets significant impact on operational efficiency and effectiveness of the department significant impact on implementation of other recommendations in the report Priority 3 limited potential of loss of Outagamie County assets limited impact on operational efficiency and effectiveness of the department limited impact on implementation of other recommendations in the report
