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REV: 04-09-25 MI concerning material weaknesses and/or reportable conditions, if any, as defined by the AICPA. Silicon Valley Clean Water Authority 1. Financial Audit – The independent auditor shall review all financial records and fund of SVCW and prepare a separate financial statement, in accordance with auditing standards generally accepted in the United States of America, the standards set forth for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, as well as other applicable laws, regulations and rules. The auditor shall use the general ledger information provided by SVCW to prepare the necessary financial statement and footnotes for the separate statement. 2. Single Audit - The selected firm will prepare and perform a single audit on the expenditures of federal grants in accordance with U.S. Office of Management and Budget (OMB) Grant Guidance/Super Circular and render the appropriate audit reports on the Internal Control over Financial Reporting based upon the audit of the City’s financial statements in accordance with Government Auditing Standards and the appropriate reports on compliance with Requirements Applicable to each Major Program and on Internal Control over Compliance Required by the Uniform Guidance. The single audit report will include appropriate schedule of expenditures of federal awards, footnotes, findings, and questioned costs, including reportable conditions and materials and weaknesses, and follow up on prior audit findings where required. 3. SCO Report – California State Controller’s Annual Financial Transactions (SCO) Report- preparation and submission of the California State Controller’s Annual Financial Transaction Report. 4. Management Report- An annual letter to management addressing any observations concerning the internal control structure, as well as areas of potential economy and efficiency. The auditor shall include any matters from the prior fiscal year(s) letter to management that have not been addressed during the subsequent fiscal year to the auditor’s satisfaction. In addition, this annual letter should include a report to management concerning material weaknesses and/or reportable conditions, if any, as defined by the AICPA. South Bayside Waste Management Authority 1. Financial Audit – The independent auditor shall review all financial records and fund of SBWMA and prepare a separate financial statement, in accordance with auditing standards generally accepted in the United States of America, the standards set forth for financial audits contained ATTY/AGR.2025.070/Pun Group (Audit Services) (Page 14 of 34)