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<br /> <br />Required Standards <br />The Firm's audit will be performed in accordance <br />with the following requirements, as applicable: <br /> <br />· Statements on Auditing Standards issued <br />by the AICPA <br />· Government Auditing Standards, issued by <br />the Comptroller General of the United States <br />· Codification of Governmental Accounting <br />and Financial Reporting Standards, as <br />promulgated by the Governmental Accounting <br />Standards Board <br />· Audit and Accounting Guide, State and <br />Local Governments, published by the American <br />Institute of Certified Public Accountants (AI CPA) <br />· Statements and interpretations issued by <br />the Financial Accounting Standards Board <br />· Florida Statutes, Chapter 189 and 11.45 <br />· Florida Statutes, Section 218.39 <br />· Rules of the Auditor General, State of Florida, <br />Chapter 10.550 <br />· State of Florida Department of <br />Financial Services <br />· OMB Circular No. A-133, Office of Management <br />and Budget, Audits of the States, Local <br />Governments and Non-Profit Organizations <br />issued by the United States <br />· United States Single Audit Act of 1996, <br />as amended <br />· Florida Single Audit Act, (Section 215.97, <br />Florida Statutes) and Chapter 270-1, Rules <br />of the Executive Office of the Governor <br />· All other applicable provisions of rules, <br />regulations, statutes or orders which may <br />pertain to the engagement <br /> <br />~ -, -~ <br /> <br />Monitoring and Communication <br />The Firm will report the following information to <br />the City Council. <br /> <br />· The auditor's responsibility under generally <br />accepted auditing standards and Government <br />Auditing Standards <br />· Significant accounting policies <br />· Management's judgments and <br />accounting estimates <br />· Significant audit adjustments <br />· Other information in documents containing <br />audited financial statements <br />· Disagreements with management <br />· Management consultation with other accountants <br />· Major issues discussed with management <br />prior to retention <br />· Difficulties encountered in performing the audit <br /> <br />Should the audit team become aware of fraud, <br />irregularities or illegal acts, they will make an immediate <br />written report to the Assistant City Manager-Finance <br />Director, City Manager and City Commission <br /> <br />MARCUM MarcumRachlin <br />R A C H L I N Proposal for Professional Audit Services <br /> <br />ACCOUNTANTS'" ADVISORS <br />A Division of Marcum LLP Page - 8 <br />