08-1901 External Auditing Services

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information referred to in the first paragraph when considered in relation to the financial statements taken as a whole. The objective also includes reporting on the City's compliance with laws and regulations and the provisions of contracts and grant agreements (that may apply) and its internal controls as required by the Single Audit Act Amendments of 1996 and OMB Circular A-133, Audits of States. Local Governments, and Non-Profit Organizations and the Florida Single Audit Act. The reports on internal control and compliance will each include a statement that the report is intended for the information and use of the audit committee, management, specific legislative or regulatory bodies, federal awarding agencies, and if applicable, pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. The audit will be conducted in accordance with generally accepted auditing standards; the standards for financial audits contained in Government Auditing Standards. issued by the Comptroller General of the United States; the Single Audit Act Amendments of 1996 (if applicable); and the provisions of OMB Circular A-133, the Florida Single Audit Act (if applicable), the Rules of the Auditor General, and will include tests of the accounting records of the City and other procedures the Auditor will consider necessary to enable them to express such an opinion and to render the required Single Audit reports. If the Auditor's opinion on the financial statements or the Single Audit compliance opinion is other than unqualified, they will fully discuss the reasons with management of the City in advance. If, for any reason, they are unable to complete the audit or are unable to express an opinion, they may decline to express an opinion or may not issue a report as a result of this engagement. The management of the City is responsible for establishing and maintaining internal control and for compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. In fulfilling this responsibility, estimates and judgements by management are required to assess the expected benefits and related costs of the controls. The objectives of internal control are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that federal award programs and state projects are managed in compliance with applicable laws and regulations and the provisions of contracts and grant agreements. Management is responsible for making all financial records and related information available to us, including any significant vendor relationships in which the vendor has the responsibility for program compliance. The Auditor understands that management will provide them with such information required for their audit and that management is responsible for the accuracy and completeness of that information. Management's responsibilities include adjusting the financial statements to correct material misstatements and for confirming to the Auditor in the representation letter that the effects of any uncorrected misstatements aggregated by management during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. Management is responsible for establishing and maintaining internal controls, including monitoring ongoing activities; for the selection and application of accounting principles; and for the fair presentation in the financial statements of the respective financial position of the 2