Item 15 - Agreement for Professional Auditing Services

Home Browse Search

"I) CITY OF SANTA ANA G. The auditors shall be required to make an immediate, written report of irregularities and illegal acts or indications of illegal acts of which they become aware to the following parties: City Manager and the Executive Director of Finance and Management Services. H. If requested by the member of the bond financing team, the auditor may be asked to issue a "consent and citation of expertise" and any necessary "comfort letters" in relationship to City financial statements and auditors' report, which are included in the Official Statement prepared in connection with sale of debt securities at no additional cost to the City. Working Paper Retention and Access to Working Papers Working papers are to be retained for a minimum of five (5) years following completion of the audit and are to be made available (upon reasonable notice) to City staff as well as any third parties authorized by the City. The auditor will be required to make working papers available to the City or government agencies included in the audit of federal grants. In addition, the firm shall respond to reasonable inquiries of successor auditors and allow successor auditors to review working papers relating to matters of continuing audit significance. Subcontracting Should any firm submitting a proposal consider subcontracting portions of the engagement, that fact must be clearly identified in the proposal along with the name of the proposed subcontractor. Following the award of the audit contract, no additional subcontracting will be allowed without prior written consent by the City's Executive Director of Finance and Management Services. IV. TIME REQUIREMENTS A. CAFR and Related Resorts It is anticipated that the audit work will be performed in two phases, Interim and Final Fieldwork: 1. Interim Fieldwork Interim fieldwork shall take place in late May or early June and would consist of planning and interim audit procedures (such as gaining an understanding of relevant systems, procedures and internal controls, selected compliance and transaction testing, etc.). 2. Final Fieldwork Final fieldwork would involve completing the examination of the General Purpose Financial Statements, preparing opinion letters and other relevant financial reports. The final fieldwork is to begin no earlier than October 1, and shall be completed no later than November 15. This schedule may be altered only by mutual agreement between the City and the auditor. Any proposed audit adjustments must be identified no later than the conclusion of audit field work. 3. Draft Reports • The CAFR will be prepared by City staff. The Auditor will review the draft CAFR prepared by the City and provide recommendations. The complete final draft of the City and its component units' financial statements, including footnotes and supplementary schedules shall be completed by third week of November. A draft of the management letter is due no later than November 30. RFP No. 21-024 Professional Auditing Services Page 6 of 34