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4. The auditor is required to prepare the Annual Comprehensive Financial Report and <br />perform an annual review to determine necessary steps so that the City may apply to <br />try to receive a Certificate of Achievement for Excellence in Financial Reporting <br />during this engagement. <br />C. Auditing Standards to be Followed <br />To meet the requirements of this Request for Proposal, the auditor's work shall be <br />performed in accordance with: <br />• Generally accepting auditing standards in the United States of America; <br />• The standards applicable to financial audits contained in Government Auditing <br />Standards, issued by the Comptroller General of the United States. <br />• The provisions of U.S. Office of Management and Budget (OMB) Circular A-133, <br />Audits of State and Local Governments; <br />• The provisions of the Minnesota Legal Compliance Audit Guide for Local Governments; <br />• The provisions of the Single Audit Act (as amended). <br />• Any other Federal, State and local requirements in effect now or placed into effect <br />during the engagements. <br />D. Reports to be Issued <br />Following the completion of the audit of the fiscal year's financial statements, the auditor <br />shall: <br />1. Issue a report on the fair presentation of the financial statements in conformity with <br />generally accepted accounting principles. <br />2. Issue a report on the internal control structure based on the auditor's understanding <br />of the control structure and assessment of control risk. <br />3. Issue a report on compliance with applicable laws and regulations. <br />4. Communicate in a letter to City management any reportable conditions found during <br />the audit. A reportable condition shall be defined as a significant deficiency in the <br />design or operation of the internal control structure, which could adversely affect the <br />organization's ability to record, process, summarize, and report financial data <br />consistent with the assertions of management in the financial statements. <br />Reportable conditions that are also material weaknesses shall be identified as such in <br />the reports. <br />6 1 P a g e <br />173 <br />