§ 118.202. Content of audits by independent certified public accountant.

In every case in which a recipient is required to produce or file with the Council Auditor an audit by an independent certified public accountant, the following documents will be supplied:

(a)

For funding by the City of less than $100,000, an annual report of receipts and expenditures of City funds in such form as the Council Auditor shall prescribe.

(b)

For funding by the City of $100,000 to $500,000, an audit conducted in accordance with Generally Accepted Auditing Standards (GAAS).

(c)

For funding by the City in excess of $500,000, an audit conducted in accordance with both GAAS and GAS, and if applicable the provisions of Office of Management and Budget Circular A-133, "Audits of Institutions of Higher Education and Other Nonprofit Organizations."

(d)

The Council Auditor shall have the authority to waive only the audit requirements related to Government Auditing Standards under any of the following conditions:

(1)

If the Council Auditor recognizes that the cost of implementing such an audit requirement adds substantially to the total cost of the audit; or

(2)

If the City is the only entity that is requiring that the audit be conducted in accordance with Government Auditing Standards; or

(3)

The recipient provides other requested information that in the opinion of the Council Auditor satisfies the Government Auditing Standards requirements; or

(4)

If the recipient will no longer receive funding pursuant to this Chapter from the City in future years due to dissolution of its operations; or

(e)

The required audit shall include a separate statement which identifies the source and use of each appropriation approved by the City pursuant to this Chapter, based on the City's fiscal year. The statement should present the actual receipts and expenditures of City funds as compared to the budget. The statement should use the budget as reflected within the recipient's grant contract. Any approved changes to the original budget should be appropriately reflected on the statement.

(Ord. 2009-868-E, § 2)