Section C Statement of Work
Auditor will conduct an audit that covers the Authority's financial statements, internal control systems, and compliance with laws, regulations, and contract provisions or grant agreements that may have a direct and material effect on each of its major programs. The audit shall be performed in accordance with the following standards and guidelines:
- Generally Accepted Auditing Principals (GAAP) promulgated by the American Institute for Certified Public Accountants (AICPA).
- Generally Accepted Government Auditing Standards (GAGAS) as published by the Government Accounting Office (GAO).
- The provisions of the Single Audit Act of 1984 as amended and as prescribed by the U.S. Office of Management and Budget (OMB) Circular A-133, Audits of State, Local Government, and Non-Profit Organizations.
- The Federal compliance Supplement for Single Audits for State and Local Governments.
- Auditing and reporting provisions of the applicable HUD Audit Guide for Lower Income Housing Program for use by Independent Public Accountants.
- Any applicable requirements promulgated and adopted by the Federal Government and/or State of North Carolina including individual grantor agency rules and regulations.
- Any applicable requirements of the Governmental Accounting Standards Board (GASB).
- Any and all other applicable local, State and Federal regulations.
- Closeout of the Capital Funds Program grant will require closeout audit along with the current year activity of approximately $100,000.
- The Authority has two (2) 501c3 entities that are to be included in the scope of audit as follows.
- Transformation Venture Capital (TVC - an affiliate)
- Better Vision Housing (BHV - an instrumentality)
Both entities are reported as a blended component unit in the Authority's Financial Data Schedule (FDS).
The Single Audit reporting package will be submitted to the Single Audit Clearinghouse, the U.S. Department of HUD, and NBHA's Board of Commissioners. The report will consist of the following items and any other pertinent information required as part of the HUD REAC GAAP flyer #6 and the Single Audit Act A-133, or as required by HUD. The auditor shall comply with all applicable authoritative guidance to include but not limited to:
- SSAE No. 4
- GASB standards.
It will be the responsibility of the chosen audit firm to prepare the Financial Statement, Schedules, Notes, etc., into a single PDF file, to prepare and deliver three (3) hard bound copies to the Authority, and to attend and present the report to NBHA's Board of Commissioners and its Audit committee on Monday, August 15, 2022.
The report will contain the following information at a minimum:
- Introductory Section
- Management's Discussion and Analysis
- Required Financial Statements (including all applicable footnotes)
- Footnotes on the Summary of Significant Accounting Policies and Federal Non-cash Assistance.
- Auditor's opinion on the financial statements and required supplementary schedules, (Schedule of Grant Costs, Financial Data Schedule, et al.)
- Report on Compliance and on Internal Control Over Financial Reporting based on an audit of financial statements performed in accordance with Government Auditing Standards (GAS) and/or Generally Accepted Auditing Standards (GAAS).
- Report on Compliance with requirements applicable to each "major program" and internal control over compliance in accordance with OMB Circular A-133.
- Schedule of Expenditures of Federal Awards and any applicable notes.
- Schedule of Findings and Questioned Costs (includes "summary of auditor's results" and findings in the current and prior year audits).
- Statistical Schedules
- Corrective Action Plan
The Auditor will be responsible for the certification of the following reports.
- Financial Data Schedules (FDS)
- Data Collection Form (DCF)
- Local Government Commission (LGC 203)
The Authority wishes the audit to commence by Monday, May 16, 2022, and to be completed by Friday, July 29, 2022. Auditor's opinions are to be delivered by Monday, August 15, 2022. In addition, a report including all findings and management points must be reviewed with the Authority during an exit conference. All adjusting entries must first be reviewed with the DOF before completion of fieldwork.