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City of Redwood City 6.1.A. - Page 33 r1 uNt»csi Specif Audit Approach The City desires an audit of the financial records for the City and its component units, and an expression of an opinion in accordance with generally accepted accounting principles on the fairness of presentation of financial statements for the fiscal years ending .tune 30, 2010 — 2012, with the option to extend for two subsequent years. The Firm will: • Express an opinion on the fair presentation of its basic financial statement which includes but is not limited to the financial statements of governmental activities, business type activities each major fund and all aggregate remaining fund information in conformity with generally accepted accounting principles in the United States of America. • Express an opinion on the fair presentation of its combining and individual non -major and fiduciary fund financial statements and schedules in conformity with generally accepted accounting principles. The Firm will provide an "in- relation -to" report on the supporting schedules contained in the comprehensive annual financial report based on the auditing procedures applied during the audit of the basic financial statements and schedules. • Provide an "in- relation -to" report on the schedule of federal financial assistance based on the auditing procedures applied during the audit of the financial statements. • Perform the audit in accordance with generally accepted auditing standards accepted in the United States of America, applicable to the financial audit contained in the Government Auditing Standards issued by the Comptroller General of the United States and the provisions of the U.S. Office of Management and Budget (OMB) Circular A -133, Audits of States, Local Governments and Non- Profit Organizations. • Issue the following reports, following the completion of the audit of the fiscal year's financial statements: > The City. > Single Audit of the City's federal grants in accordance with the Provisions of the Single Audit Act of 1984 and the Office of Management and Budget Circular A- 133. GANN Limitations Calculation review. Measure A Report Redevelopment Agency Communications Users Tax • Provide special assistance to the City as needed. • Retain all working papers and reports at the audit firm's expense for a minimum of 7 years. In addition, make working papers available to the City and/or any government agency as appropriate. Should any conditions be discovered requiring corrective action, the Firm will provide a detailed description of the findings and recommended actions as to their resolution. The Firm will submit a report to the City Council and management detailing any control deficiencies, significant deficiencies or material weaknesses found during the audit. Non - material instances of noncompliance will be reported in a separate management letter, if appropriate, along with any other observations or recommendations determined to be informative to City management. The Firm will be available to provide advice and counsel regarding significant matters during the year. The Firm's Partners and Staff welcome the opportunity to make presentations to the City Council and will be ready to respond to questions from the Council and citizens of the City. Caporicci & [_arson, CPAs 1 l5