Page 281 - GFOA Draft 2

CITY OF SAGINAW, TEXAS

FINANCIAL MANAGEMENT POLICIES

C. Proposals for the annual audit will be evaluated on the following criteria:
1. The auditor will be a certified public accountant licensed to practice within
the State of Texas.
2. The auditor shall have an understanding of the City' s needs and its plans
for the future.
3. The auditor's approach shall be thorough, comprehensive, and tailored to
the City' s needs.
4. The auditor shall have specialized government audit training and should
have experience in auditing municipal governments of a similar size.
5. The audit firm shall have a demonstrated commitment to local
government audit practice.
6. The audit firm shall have the appropriate resources available to apply to
the audit engagement.
7. The fees proposed by the audit firm shall be reasonable in view of the type
and quality of the services provided. Auditing is a professional service and will not
be purchased solely on the basis of the lowest fee.
8. Recognizing the importance of Continuing Disclosure to the Market Place,
the timeliness of the completed audit shall weigh on the evaluation of the Auditor.
Under current requirements, a Continuing Disclosure filing must be made within
180 days of the end of the fiscal year.

V. Financial Reporting
A. Reporting Entity
The financial statements of the City shall include all activities for which the City

exercises oversight responsibility. The criteria considered in determining oversight
responsibility includes the ability to significantly influence operations, selection of
management, accountability for fiscal matters, and financial interdependency.
B. Reporting Frequency
1. The Comprehensive Annual Financial Report ( CAFR) will be submitted
annually to present the results, financial position, and operations of the City for
the prior fiscal year.
2. Monthly Financial Reports will be presented after the close of each month.

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