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<br />, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />II. SPECIFICATIONS FOR THE FINANCIAL AUDIT <br /> <br />A. Audit Objectives <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <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 /> <br />B. Audit Scope <br /> <br />1 . Generally <br /> <br />-3- <br />