a) Provide to SIB audit and examination services for the ScholarShare Administrative Fund (Fund), as described herein: i. An evaluation of systems of internal control, in accordance with generally accepted auditing standards as set forth in Statements on Auditing Standards, and published by the American Institution of Certified Public Accountants. The audit and examination will be conducted so that the Contractor may render an opinion on the financial statements taken as a whole complying with Rule 58.1 of the State Board of Accountancy in conformity with generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASB), and applicable provisions of State law. ii. Contractor will confirm expenses for the Fund. iii. Contractor will treat all information in a confidential manner with all recommendations to be stated only in the audit reports provided to the SIB for appropriate release by SIB as required by law. b) Contractor agrees to provide to SIB an audit report for the Fund as described herein: i. Report shall include a statement of the scope of the audit and examination for the Fund; the period covered by the audit and examination; and a list of the financial statements included in the report. ii. Report shall include a statement of material audit findings and recommendations regarding the financial statements, internal control and accounting systems, and legality of actions for the Fund. iii. Audited financial statements in the report shall include a “Statement of Operations,” “Statement of Assets and Liabilities” (Balance Sheet), and a “Statement of Cash Flows” for the Fund.
