A. Audit the statement of net position and the related statements of revenues, expenses, and changes in net position, and of cash flows and the related notes to the financial statements for the years ending December 31, 2025, 2026 and 2027; the audit shall be performed in accordance with GAGAS. At King County's option depending on guidance issued by the Washington State Auditor’s Office contained in Exhibit 2, the Contract may be amended on an annual basis to extend services for an additional three (3) reporting years. In addition, all provisions contained in Exhibit 2 are required to be followed by the Contractor as stated in Exhibit 2, pages 1 and under Responsibilities of the County. B. For each enterprise, prepare a separate signed audit report that expresses Contractor’s independent auditor's opinion on the statement of net position and the related statements of revenues, expenses, and changes in net position, and of cash flows and the related notes to the financial statements. The audit reports shall opine as to the compliance or non-compliance of the financial statements with GAGAS and identify any significant deficiencies related to the internal control structure, assessment of control risk, material errors and any irregularities or illegal acts. C. For Public Transit only, perform agreed upon procedures and issue report(s) as required to comply with the National Transit Database reporting requirements. D. In advance of, and no later than the entrance conference, provide a detailed list of prepared by client schedules (PBCs) expected of King County for each enterprise. E. Perform annual entrance and exit interview meetings with Finance and the staff of the enterprise fund. As appropriate, these meetings should include: the auditor’s responsibility under GAGAS, significant accounting policies of concern to the enterprise, management judgments and accounting estimates, significant audit adjustments, disagreements with management, difficulties encountered in performing the audit, etc.
