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15 SUNNY clSLES u BEACH ~ ~ . Rachlin will perform a single audit, if applicable, in accordance with generally accepted auditing standards, Government Auditing Standards, the Single Audit Act Amendments of 1996, the provisions of OMB Circular A-133, Audits of State and Local Governments, and the Rules of the Auditor General of the State of Florida. The following additional reports will be issued if a single audit is required: . Report on the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects. . Report on compliance and internal control over compliance applicable to each major federal and state program. Additionally, at the exit conference, we will communicate: . Our responsibility under generally accepted auditing standards . Significant accounting policies . Management judgments and accounting estimates . Significant audit adjustments . Other information in documents containing audited financial statements . Disagreements with management . Management consultation with other accountants . Major issues discussed with management prior to retention . Difficulties encountered in performing the audit Required Standards The firm's audit will be performed in accordance with the following requirements, as applicable: . Government Auditing Standards, published by the Comptroller General of the United States . Codification of Governmental Accounting and Financial Reporting Standards, as promulgated by the Governmental Accounting Standards Board Rachlin~~ Accountants . Advisors . - --q;;- -- . Audit and Accounting Guide, State and Local Governmental Units, published by the American Institute of Certified Public Accountants (AICPA) . Statements on Auditing Standards, issued by the AICPA . Statements and interpretations issued by the Financial Accounting Standards Board . Florida Statutes Section 11.45 . Rules of the Auditor General, State of Florida, Chapter 10.550 . State of Florida Department of Financial Services . United States Single Audit Act of 1996, as amended . Florida Single Audit Act, (Section 215.97, Florida Statutes) and Chapter 270-1, Rules of the Executive Office of the Governor . OMB Circular No. A-133, Office of Management and Budget, Washington, D.C., and any other applicable circular issued . All other applicable provisions of rules, regulations, statutes or orders which may pertain to the engagement 9. IDENTIFICATION OF ANTICIPATED POTENTIAL AUDIT PROBLEMS Rachlin does not anticipate any potential audit problems while performing independent auditing services for the City. If any problems should arise, they will be immediately brought to the attention of the management of the City. The City will need to engage an actuary to compute the amount of post-employment benefits (GASB 45) prior to the implementation year. Rachlin Cohen & Holtz LLP Proposal for Independent Auditing Services Page - 26