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Certified Public Accountants and the standards for financial and <br /> compliance audits contained in the U.S. General Accounting Office's <br /> Government Auditing Standards (1994), as may be further amended. <br /> 2. Standards for Reporting on Audit of Financial Statements <br /> a. The report shall: <br /> State whether the financial statements are presented in <br /> accordance with generally accepted accounting principles; <br /> ii. State whether such principles have been consistently <br /> observed in the current period in relation to the preceding <br /> period and if any material change has occurred to explain its <br /> effect(s) on the financial reports; <br /> iii. Contain the following financial statements: <br /> (a) General Purpose Financial Statements: <br /> Combined Balance Sheet - All Fund Types and <br /> Account Groups <br /> Combined Statement of Revenues, Expenditures, and <br /> Changes in Fund Balances - All Governmental Fund <br /> Types and Expendable Trust Funds <br /> Combined Statement of Revenues, Expenditures, and <br /> Changes in Fund Balances - Non-GAAP Budgetary <br /> Basis - General and Special Revenues Fund Types <br /> Combined Statement of Revenues, Expenses and <br /> Changes in Retained Earnings - Proprietary Fund Type <br /> Combined Statement of Cash Flows - Increase <br /> (Decrease) in Cash and Cash Equivalents - <br /> Proprietary Fund Type <br /> Notes to the Combined Financial Statements <br /> (b) Individual or Combining Financial statements for each <br /> fund which provide further analysis of the <br /> statements indicated in (a) above. <br /> (c) Other financial statements, schedules, statistical <br /> data and comments that would contribute to an <br /> understanding of the financial operations of the <br /> -6- <br />