08-11-2025 - Agenda Packet City Council - regular meeting

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Non -reportable conditions discovered by the auditors will be reported in the separate letter to City management, which shall be referred to in the report(s) on internal controls. The audit firm will be required to make an immediate, written report of all irregularities and illegal acts or indications of illegal acts of which they become aware to the City Administrator, the Finance Director, and the Mayor of the City. 5. If applicable, issue a report on the Schedule of Expenditures of Federal Awards required by OMB Circular A-133. 6. Prepare any other requested or required reports agreed upon in the annual engagement letter. Final reporting to the City Council. Auditors will ensure that the partner in charge of the audit and/or the Audit Manager is available to attend public meetings for discussion of the final report should his/her attendance be requested by the City Council. Auditors will assure themselves that the Orono City Council is informed of each of the following: a) The auditor's responsibility under generally accepted auditing standards and government auditing standards. b) Significant accounting policies. c) Management judgments and accounting estimates. d) Significant audit adjustments. e) Other information in documents containing audited financial statements. 0 Disagreements with management. g) Management consultation with other accountants. h) Major issues discussed with management prior to retention. i) Difficulties encountered in performing the audit. j) Performance/efficiency of the City in the fiscal year versus prior years and as compared to other government agencies. k) Assumed potential that a single audit may need to be performed and the reports that may have to be included. E. Special Conditions 1. The City of Orono may occasionally request the auditors to present information or provide routine guidance related to new GASB requirements to the City Council or City staff. 7 1 P a g e 174