Government Contract | Kentucky
Auditing Services 2020-2021 Fiscal Year

Bid Information

Bid Alert No: 00002462835

Bid Title: Auditing Services 2020-2021 Fiscal Year

Agency Bid No. Title: 2020-029

Received Date: 01/11/2021

Close Date: 01/29/2021

Purchase Type: Not Stated

Delivery Point: Pikeville, Kentucky

Delivery Date: Not Stated


Specifications include, but are not limited to: 1.To determine whether the financial statements present fairly the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, blended component units, each major fund, and the aggregate remaining fund information and the respective changes in financial position and cash flows, where applicable, thereof and the respective budgetary comparisons for the major funds in conformity with accounting principles generally accepted in the United States of America. 2.To obtain an understanding of internal control over financial reporting sufficient to plan the audit by performing procedures to understand both the design of controls relevant to an audit of financial statements and whether they have been placed in operation, and assess control risk, in accordance with the American Institute of Certified Public Accountants Statement on Auditing Standards. 3.To provide reasonable assurance that the financial statements are free of material misstatements resulting from violations of laws and regulations that have a direct and material effect on the determination of financial statement amounts. 4.To provide reasonable assurance of detecting material misstatements resulting from noncompliance with provisions of contracts or grant agreements that have a direct and material effect on the determination of financial statement amounts or other financial data significant to the audit objectives. 5.To determine whether the government entity complied with laws, regulations, and the provisions of contracts or grant agreements pertaining to federal awards that have a direct and material effect on each major program. With regard to internal control over compliance, the auditor is required to do the following (in addition to the requirements of Government Auditing Standards): (1) perform procedures to obtain an understanding of internal control over federal programs that is sufficient to plan the audit to support a low assessed level of control risk for major programs, (2) plan the testing of internal control over major programs to support a low assessed level of control risk for the assertions relevant to the compliance requirements for each major program and (3) perform tests of internal control (unless the internal control is likely to be ineffective in preventing or detecting noncompliance).6.The auditor shall also be responsible for performing certain limited procedures involving supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards. 7.All working papers and reports must be retained at the auditors expense for a minimum of five (5) years, unless the firm is notified in writing by the City of the need to extend the retention period. Work papers will be made available to the City upon request.8.Reporting and Delivery Requirements: The auditor will prepare the required audit reports including those required by Government Auditing Standards and Office of Management and Budget Circular A-133: a.Prepare, edit, and print the financial statements, notes, and all required supplementary schedules and statistical data, including individual major fund financial statements and schedule of the citys proportionate share of the net pension liability-county employee retirement system including assistance with the net pension liability entries, combining financial statements.b.Standard report on the financial statements. c.Report on Internal Controls. As stated in Government Auditing Standards, auditors should report, as applicable to the objectives of the audit (1) deficiencies in internal control considered to be reportable conditions as defined in AICPA standards, (2) all instances of fraud and illegal acts unless clearly inconsequential, and (3) significant violations of provisions of contracts or grant agreements and abuse.d.Report on Compliance with Requirements applicable to each major program and on internal control over compliance in accordance with OMB Circular A-133 and Government Auditing Standards. In accordance with OMB Circular A-133, a schedule of findings and questioned costs is required and should include the following three components: (1) a summary of the auditor's results; (2) findings related to the financial statements which are required to be reported in accordance with generally accepted government auditing standards; and (3) findings and questioned costs for federal awards.e.Provide 1 electronic searchable PDF copy and 15 bound copies of full report. 9.Assist in the filing of the audit to the federal audit clearinghouse.

Bid Related Documents

Download Solicitation Notice

Product Code: 94620

Agency Information

Issuing Agency: City of Pikeville

State: Kentucky

Agency Type: State and Local

Contact: 243 Main Street, Pikeville, Kentucky, 41501



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