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<br />The City of Sunny Isles Beach will have all records ready for audit and all <br />management personnel available to meet with the firm's personnel as of the last week <br />of November, 2007. <br /> <br />The required Schedule for the 2007 Fiscal Year Audit will be for the firm to submit <br />25 copies of the audit report no later than February 28, 2008. A representative will <br />present the findings at the March commission meeting. For subsequent audits, the <br />audit copies should be delivered no later than January 3l and the findings presented <br />at the February commission meeting. <br /> <br />C. Reports to be Issued <br /> <br />Following the completion of the audit of the fiscal year's financial statements. the <br />auditor shall issue: <br /> <br />l. A report on the fair presentation of the financial statements in conformity with <br />generally accepted accounting principles. <br /> <br />2. A report on compliance and internal control over financial reporting based on an <br />audit of the financial statements. <br /> <br />3. In the required reports on compliance and internal controls, the auditor shall <br />communicate any reportable conditions found during the audit. A reportable <br />condition shall be defined as a significant deficiency in the design or operation of <br />the internal control structure, which could adversely affect the organization's <br />ability to record, process, summarize and report financial data consistent with the <br />assertions of management in the financial statements. <br /> <br />4. Reportable conditions that are also material weaknesses shall be identified as such <br />in the report. Nonreportable conditions discovered by the auditors shall be <br />reported in a separate letter to management, which shall be referred to in the <br />report[ s] on compliance and internal controls. <br /> <br />5. The reports on compliance and internal controls shall include all instances of <br />noncompliance. <br /> <br />6. Report preparation, editing and printing shall be the responsibility of the auditor. <br /> <br />Irregularities and illegal acts. Auditors shall be required to make an immediate, <br />written report of all irregularities and illegal or indications of illegal acts of which <br />they become aware to John Szerlag, City Manager and Doug Haag, Assistant City <br />Manager - Finance. <br /> <br />4/4/2007 <br /> <br />City of Sunny Isles Beach: Request for Proposal - Audit Services <br /> <br />7 <br />