Agreement for Professional Services for Financial Auditing Services V1

The West Basin Municipal Water District is seeking a qualified certified public accounting firm to conduct its financial statement audits for three consecutive fiscal years, beginning with the year ending June 30, 2026. The selected auditor will be required to perform the work in accordance with Generally Accepted Auditing Standards (GAAS), Generally Accepted Accounting Principles (GAAP), Government Auditing Standards issued by the U.S. Government Accountability Office (GAGAS), and other relevant standards. The scope of work includes auditing the District's financial statements, preparing the Annual Comprehensive Financial Report, and conducting a Single Audit if required. The auditor will also be required to provide ongoing consultation and be available on a day-to-day basis to respond to auditing-related needs. • The District is a public agency that provides imported drinking water and recycled water to 17 cities and nearly one million people in the coastal Los Angeles area. • The District's fiscal year runs from July 1 to June 30, and it applies enterprise-fund accounting principles, recognizing revenues and expenses on an accrual basis. • The District has adopted various Government Accounting Standards Board (GASB) statements, including 68, 75, 96, 87, and 101. • The District's primary revenue stream is derived from the sale of potable and recycled water, with other revenue sources including grants and fixed capital payments.