A. AUDIT STANDARDS The offeror shall perform a financial audit, a state compliance audit, and (as applicable) a single audit of the City for each fiscal year of the contract period in accordance with the following: • Auditing standards generally accepted in the United States of America, as promulgated by the American Institute of Certified Public Accountants (“AICPA”). • The AICPA Audits of State and Local Governmental Units audit and accounting guide. • The most current revision of Government Auditing Standards, published by the U.S. Government Accountability Office. • For the state compliance audit: The State Compliance Audit Guide, issued by the Office of the Utah State Auditor. • For the single audit: OMB Circular A-133 Audits of States, Local Governments, and Non-Profit Organizations and related OMB A-133 Compliance Supplement (as applicable). B. REPORTING REQUIREMENTS 1. Financial Report – The offeror shall audit the financial statements and records of the City and shall issue an auditor’s opinion on those financial statements. Such financial statements shall be prepared by City staff in conformity with accounting principles generally accepted in the United States of America. The offeror may assist the City’s efforts to obtain the Government Finance Officers Association’s Certificate of Achievement of Excellence in Financial Reporting. 2. Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters – The offeror shall issue a report of internal control over financial reporting and on compliance and other matters in accordance with Government Auditing Standards.
