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II. NATURE OF SERVICES REQUIRED A. Engagement The City of Sunny Isles Beach is requesting proposals from qualified firms of certified public accountants to audit its financial statements for three years, with the initial fiscal year ending September 30,2007. We also will consider an option of auditing the financial statements an additional two fiscal years, for a total of five audits. The City of Sunny Isles Beach recognizes the potential disruption in connection with the independent audit. It is also hoped that such a multi-year agreement will help reduce audit costs by allowing the successful firm to recover the initial startup costs over several years. The successful firm is required to enter into a consultant agreement with the City. A three to five-year contract is contemplated, subject to the annual review and recommendation of city staff, the satisfactory negotiation of terms (including a price acceptable to both the City of Sunny Isles Beach and the selected firm), the concurrence of the City Commission and the annual availability of an appropriation. These audits are to be performed in accordance with the provisions contained in this request for proposals. B. Scope of Work to be Performed The City of Sunny Isles Beach desires the auditor to express an opinion on the fair presentation of its general purpose financial statements in conformity with generally accepted accounting principles. The auditor shall also be responsible for performing certain limited procedures involving required supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards. To meet the requirements of this request for proposals, the audit shall be performed in accordance with: Generally Accepting Auditing Standards as set forth by the American Institute of Certified Public Accountants, the standards for financial audits set forth in the U.S. General Accounting Office's Government Auditing Standards (1994) issued by the U.S. General Accounting Office. the provisions of the Single Audit Act of 1984 (as amended in 1996), the provisions of U.S. Office of Management and Budget (OMB) Circular A-l33. Audits afStates. Local Governments. and Non-Pr<d'it Organiz.ations, and the State of Florida, Rules (d' the Auditor Geneml. 4/4/2007 City of Sunny Isles Beach: Request for Proposal - Audit Services 6