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a <br /> II.• <br /> SPECIFICATIONS FOR THE FINANCIAL AUDIT <br /> A. Audit Objectives <br /> 1 . To provide a basis for an opinion by the Contract Auditor of the <br /> reasonable accuracy of the financial statements of the County of Hawaii <br /> and all its agencies, including the Department of Water Supply (DWS), and <br /> of operations for which the County is responsible. <br /> 2. To ascertain whether or not expenditures and other disbursements have <br /> been made, and all revenues, receipts and receivables to which the <br /> County is entitled or is responsible for having collected and accounted for <br /> in accordance with the laws, rules and regulations, and policies and <br /> procedures of the County, the State of Hawaii and the federal government <br /> (where applicable) have been satisfied. <br /> 3. To evaluate the adequacy, effectiveness, and efficiency of the systems <br /> and procedures for financial accounting, internal and operational controls <br /> of the County and of operations for which the County is responsible. <br /> 4. To ensure that: (1) the funds appropriated to the agencies are being <br /> expended in accordance with the purposes for which they were <br /> appropriated and in accordance with applicable laws, ordinances and <br /> regulations; (2) adequate accounting systems and procedures have been <br /> established to safeguard the public funds and property; (3) accurate and <br /> reliable fiscal records are being maintained; and (4) there is efficiency in <br /> operations. <br /> 5. To test, study, examine, evaluate and report on financial statements, <br /> internal accounting and other control systems, and other compliance <br /> requirements for federal assistance programs in accordance with the <br /> provisions of the Single Audit Act of 1984, the Single Audit Act <br /> Amendments of 1996, as may be amended, and OMB Circular No. A-133. <br /> 6. As appropriate, to recommend improvements to the internal control, <br /> reporting and accounting systems and procedures of the County agencies. <br /> It is recognized that ordinarily, an audit is not primarily designed to detect <br /> loss, fraud or waste of funds, if such exists. However, the Contract <br /> Auditor shall be mindful of and be alert to such possibility during the <br /> course of this audit and to report such irregularities. <br /> B. Audit Scope <br /> 1 . Generally <br /> -3- <br />