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It is anticipated the selection of a firm will be on October 27, 2025. Following the <br />notification of the selected firm, it is expected a Letter of Engagement will be executed. <br />C. Term of Engagement <br />An initial three-year contract is contemplated, subject to annual review and renewal. Based <br />on satisfactory performance, the concurrence of the Orono City Council and the annual <br />availability of an appropriation, the City may extend the agreement annually without <br />solicitations from other firms. In the event of unsatisfactory performance, or when in the <br />best interest of the City, proposals may be solicited before the end of the three-year period. <br />The City reserves the right to negotiate all terms and conditions of the contract. In the event <br />the City and the firm are unable to agree upon all contract provisions, the City reserves the <br />right to cease negotiations, reject the firm's proposal, and proceed to negotiate with the next <br />selected firm. <br />D. Subcontracting <br />Following the award of the audit contract, no subcontracting will be allowed without the <br />express prior written consent of the City of Orono. <br />II. NATURE OF SERVICES REQUIRED <br />A. General <br />The City of Orono is soliciting the services of qualified firms of certified public accountants <br />to audit its financial statements for the fiscal years ending December 31, 2025, 2026, and <br />2027. These audits are to be performed in accordance with the provisions contained in this <br />request for proposal. <br />B. Scope of Work to be Performed <br />The City of Orono will retain the accounting firm to perform the following tasks: <br />1. Audit the City's financial processes, records and statements in order to express an <br />opinion on the fairness of the presentation of its government -wide, governmental <br />major fund, business -type major fund and aggregate remaining non -major <br />governmental and business -type fund financial statements in conformity with <br />generally accepted accounting principles. <br />2. Perform the tests and procedures involving required supplementary information <br />required by the Governmental Accounting Standards Board (GASB) as mandated by <br />generally accepted auditing standards. <br />3. Review the presentation of the statistical section of the financial statements insofar as <br />current generally accepted auditing standards require such review. <br />5 1 P a g e <br />172 <br />