Committee tightens RFP scope to reference GAGAS and clarify MD&A assistance
During a page-by-page review the committee added language to the RFP to reference both GAAP and GAGAS standards and discussed limits on auditor assistance for the management discussion and analysis (MD&A). Members emphasized the city retains responsibility for MD&A content.
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Committee members recommended explicitly referencing both generally accepted accounting principles (GAAP) and generally accepted government auditing standards (GAGAS, the "Yellow Book") in the RFP's scope of services. The change is intended to make clear the standards auditors must follow when expressing opinions on the city's financial statements.
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