SERVICES REQUIRED: The audit is to include an examination for the basic financial statements of the District and the examination shall be made in accordance with generally accepted auditing standards promulgated by the American Institute of Certified Accountants. The auditor shall also perform tests of compliance with the Uniform Guidance as required by the Office of Management of the Budget, and render a separate opinion on the internal controls over financial reporting and tests of compliance in accordance with the Uniform Guidance. The auditor shall: A. Prepare and express an opinion on the fair presentation of the District’s financial statements in conformity with generally accepted accounting principles and prepare reports required to be submitted to the Illinois State Board of Education and any other regulatory agencies under the Government Auditing Standards, issued by the Comptroller General of the United States and the provisions of the Uniform Guidance. This includes but is not limited to the following: Annual Comprehensive Financial Report, ISBE Annual Financial Report, Annual Federal Financial Compliance Report (single audit), student activities report and all other reports consistent with the prior year audit. Reports shall be provided to the district as follows: 1. Five (5) printed and bound copies 2. One (1) master unbound set 3. An electronic copy of all documents B. Prepare a Management Letter to the Board of Education: The purpose of the letter shall be to identify areas of risk in the in the District’s internal control system and to provide recommendations of the auditor, which if implemented, would in the auditor’s opinion, increase efficiency, improve internal accounting control and assist in effective accounting procedures. All comments and recommendations shall be discussed with, and a draft of the letter provided to, the CFO (or designee) prior to issuance. C. Prepare for filing purposes all documents for the Illinois Board of Education, the Regional Office of Education and the United States Office of Management and Budget. Filing purposes are defined as organization of required documents and providing filing directions to the District. Retain all audit work papers and reports, at the auditor’s expense, for a minimum of five (5) years, unless the firm is notified in writing by the District of the need to extend the retention period. Audit work papers shall remain in the custody of the auditor. The auditor will be required to make working papers available, upon request, to the following parties or their designees: • Evanston/Skokie School District 65 • Illinois State Board of Education • U.S. General Accounting Office (GAO) • Parties designated by the federal or state governments or by the District as part of an audit quality review process audit • Auditors of entities of which the District is a sub-recipient of grant funds. D. In addition, the firm shall respond to the reasonable inquiries of successor Auditors and allow successor Auditors to review working papers relating to matters of continuing accounting significance. E. Present a summary of the audit and applicable management letter to the Board Finance Committee and School Board on an annual basis.
