Annual Financial and Compliance Audit

2026-11-03

The Richmond County School System ( hereinafter called " school system ") invites qualified independent certified public accountants ( hereinafter called " auditor ") to submit proposals for the performance of financial and compliance audits of its financial records and accounts for the five fiscal years ending June 30 , 2026 ; June 30 , 2027 ; June 30 , 2028 ; June 30 , 2029 ; and June 30 , 2030 . These audits shall be performed for the purpose of rendering an auditor ' s opinion regarding the fairness of applicable financial statements and the compliance of the Richmond County School System with applicable legal provisions , in accordance with generally accepted auditing standards , and for other purposes stated herein . PERFORMANCE REQUIREMENTS Your proposal should indicate if you agree to meet or exceed the following performance specifications and should detail any exceptions you have regarding them . A . The audit shall be conducted in order to meet the requirements of the Georgia Department of Audits . Acceptance by the Georgia Department of Audits of the auditor ' s report is an essential obligation of the firm conducting the audit . B . The audit shall be performed in accordance with generally accepted auditing standards , promulgated by the American Institute of Certified Public Accountants ( AICPA ), Government Auditing Standards , issued by the Comptroller General of the United States , the Single Audit Act of 1984 , Single Audit Amendment of 1996 and the Office of Management and Budget ( OMB ) Circular A - 133 . C . The audits shall be designed to accomplish the following objectives : 1 . To determine whether the financial statements of the school system present fairly , in all material respects , the respective financial position of the governmental activities , the business - type activities , the aggregate discretely presented component units , each major fund , and the aggregate remaining fund information and the respective changes in financial position and , where applicable , cash flows thereof and the respective budgetary comparison for the major governmental funds in conformity with accounting principles generally accepted in the United States of America . In addition , to determine whether the combining and individual non - major fund financial statements are fairly stated in all material respects in relation to the basic financial statements taken as a whole . 2 . To obtain an understanding of the five components of internal control that is sufficient to assess the risks of material misstatement of the financial statements whether due to error or fraud , and to design the nature , timing , and extent of further audit procedures . The auditor ’ s consideration of internal control in assessing the risks of material misstatement should address each opinion unit . The auditor should obtain sufficient understanding by performing risk assessment procedures to evaluate the design of controls and determine whether they have been implemented . The auditor should use such knowledge to identify types of potential misstatements ; consider factors that affect the risks of material misstatement ; and design tests of controls , when applicable , and subsequent procedures . In acquiring an understanding of and assessing internal control , the auditor should consider computer controls as well as the controls over manual portions of the system . 3 . To plan and perform the audit to obtain reasonable assurance about whether the financial statements , including note disclosures , are free of material misstatement , whether caused by error or fraud , and material misstatements arising from illegal acts that have a direct and material effect on the determination of financial statement amounts . Illegal acts are defined in auditing standards as violations of laws or government regulations . Although not explicitly stated in auditing standards , the phrase “ laws and governmental regulations ” generally has been interpreted to implicitly include the provisions of contract and grant agreements . The AICPA Codification of Statements on Auditing Standards , Section AU 317 requires the auditor to consider laws and regulations that are generally recognized by auditors to have a direct and material effect on the determination of financial statement amounts . The auditor ’ s responsibility to detect and report misstatements resulting from illegal acts having a direct and material effect on the determination of financial statement amounts is the same as that for misstatements caused by error or fraud . In addition , the auditor should be aware of the possibility that illegal acts that may , in particular circumstances , be regarded as having material but indirect effects on financial statements may have occurred . If specific information comes to the auditor ’ s attention that provides evidence concerning the existence of possible illegal acts that could have a material indirect effect on the financial statements , the auditor should apply audit procedures specifically directed to ascertaining whether an illegal act has occurred . 4 . To provide reasonable assurance of detecting material misstatements that result from violations of provisions of contracts or grant agreements that could have a direct and material effect on the determination of financial statement amounts or other financial data significant to the audit objectives . If specific information comes to the auditor ’ s attention that provides evidence concerning the existence of possible violations of provisions of contracts or grant agreements that could have a material indirect effect on the financial statements , the auditor should apply audit procedures specifically directed to ascertaining whether such violations have occurred . If during the course of the audit , auditors become aware of abuse that could be quantitatively or qualitatively material to the financial statements , the auditor should apply audit procedures specifically directed to ascertain the potential effect on the financial statements or other financial data significant to the audit objectives . 5 . To evaluate whether the school system has taken appropriate corrective action to address findings and recommendations from previous engagements that could have a material effect on the financial statements . Auditors should use this information from previous engagements in assessing risk and determining the nature , timing , and extent of current audit work , including determining the extent to which testing the implementation of the corrective actions is applicable to the current audit objectives .

Georgia

2026-04-29