The contractor will perform a financial audit of the NMB's financial statements

The Contractor shall perform an audit of NMB's financial statements for the fiscal year ended September 30, 2011, and succeeding years, in accordance with Government Auditing Standards issued by the Comptroller General of the United States (subsequent revisions), and OMB Bulletin No. 07-04, Audit Requirements for Federal Financial Statements (Bulletin). The Contractor shall follow the Government Accountability Office /President's Council on Integrity and Efficiency (GAO/PCIE) Financial Audit Manual (FAM) and subsequent issuances. Accordingly the Contractor shall perform the following:

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• Determine whether the basic statements and related notes present fairly, in all material respects, the assets, liabilities, and net position; net costs; changes in net position; budgetary resources; and, if applicable, custodial activity and social insurance in conformity with accounting principles generally accepted in the United States accordance with paragraph 6.2 of the Bulletin.
  
• Obtain an understanding of the components of internal control and assess the level of control risk relevant to the assertions embodied in the classes of transactions, account balances, and disclosure components of the financial statements in accordance with paragraph 6.8 of the Bulletin.
  
• Perform tests of compliance with laws and regulations in accordance with 6.12 of the Bulletin.
  
• Prepare separate audit reports on the financial statements, internal control, and compliance with laws and regulations in accordance with Section 7 of the Bulletin.