Agenda - Council - 10/09/2007 - Laserfiche WebLink

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CITY OF RAMSEY REQUEST FOR PROPOSALS FOR PROFESSIONAL AUDIT SERVICES d) Reports to be Issued The auditor shall prepare and present the following reports at the completion of the audit: A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles. A report on the internal controls over financial reporting based on an audit of financial statements performed in accordance with Government Auditing Standards. A report on compliance with applicable laws and regulations based on an audit of financial statements performed in accordance with Government Auditing Standards and pursuant to the Minnesota Legal Compliance Audit Guide for Local Government. The auditor shall communicate in a letter to management any reportable conditions found during the audit. A reportable condition shall be defined as a significant deficiency in the design or operation of the internal control structure, which could adversely affect the organization's ability to record, process, summarize, and report financial data consistent with the assertions of management in the financial statements. Reportable conditions that are also material weaknesses shall be identified as such in the reports. Auditors shall be required to make an immediate, written report of all irregularities and illegal acts of which they become aware to the Finance Officer and City Administrator. If a Single Audit is required, the auditor shall prepare and present the following reports: Independent auditor's report on internal control over compliance for major federal programs in accordance with OMB Circular A -133. Independent auditor's report (opinion) on compliance with requirement applicable to each major federal program in accordance with OMB Circular A -133. A summary of auditor's results and a schedule of findings and questioned costs, if any, required by OMB Circular A- 133. -88- Page 3 of 14