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REV: 04-09-25 MI 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 to prepare the necessary financial statement and footnotes for the separate statement. 2. SCO Report – California State Controller’s Annual Financial Transactions (SCO) Report- preparation and submission of the California State Controller’s Annual Financial Transaction Report. 3. Calendar year review and financial statement- The independent auditor shall prepare financial statements and issue a review report for each calendar year. 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. The auditor should also be familiar with and prepared to advise City staff on how best to implement both current and proposed GASB statements. In addition, the City requires ongoing consulting services for financial and compliance issues that may occur throughout the year. The selected vendor will be expected to be present at the Finance/Audit Sub-Committee, Board of Port Commissioners, Board of Silicon Valley Clean Water Commissioners (at least once a year to present the audit report), and City Council meetings when the contract is being awarded or amended and when the annual reports and management letter are being presented. As necessary, the auditor shall meet with the Finance Director, the Financial Services Manager, and his/her management staff to discuss the status of the audits: outstanding items, information requests, proposals for any cost overruns (which must be approved in advance by the Financial Services Manager), total hours incurred, potential management comments or audit findings, potential audit adjustments, and estimated completion date. Reports to Be Issued each fiscal year Following completion of the audit of the financial statements, schedules, supplementary financial information and other information as outlined above, the auditor shall, at a minimum, issue the following reports: City of Redwood City 1. Auditor’s Opinion report on the fair presentation of the City’s basic financial statements in conformity with accounting principles generally accepted in ATTY/AGR.2025.070/Pun Group (Audit Services) (Page 15 of 34)