Professional Auditing Services

The vendor is required to provide professional auditing services to express an opinion on the presentation of its financial statements in conformity with generally accepted accounting principles in accordance with generally accepted governmental auditing standards.
- Auditor to audit the books of the commission based on information provided by the agency, which will include all activity, trial balances and journal entries as well as create work papers to support the audit and preparation of the financial statements.
- Auditor shall communicate and maintain a working relationship with the commission staff before, during, and at the conclusion of the audit regarding proposed revisions, entries, questions, procedures, and policies that affect the financial statements.
- Assist with the creation of the annual comprehensive financial report (ACFR) including development of the basic financial statements, footnotes, certain required supplemental information and any additional information required for presentation purposes; final printing of 30 copies ACFR.
- Review of the completed ACFR in connection with the government checklist and suggestions for improvements from prior audit submissions to the certificate of award program.
- Assistance with development of complicated closing adjustments related to the determination of contract revenues under federal hydropower contracts.
- Annual audit conference to determine audit timing and provide specific guidance and training of any new government pronouncement implementation needed for that or future audits.
- Provide as much information as possible regarding the number, qualifications, experience and training, including relevant continuing professional education, of the specific staff to be assigned to this engagement; indicate how the quality of staff over the term of the agreement will be assured.
- The auditor must complete the audit of books and records as described, including review of annual comprehensive financial report in connection with the agency certificate checklist and assistance in responding to the agency suggestions for improvement.
- The auditor must assist with the required supplemental information included in the final section of the ACFR.
- The auditor must adhere to the deadlines given by the state controller; final numbers and audit opinion by the middle of November each year.
- Issuance of a “consent and citation of expertise” as the auditor and any necessary “comfort letters,” the commission may need in preparation of one or more official statements in connection with the sale of debt securities.
- The auditor must evaluate the internal controls of the commission in compliance with accepted government and assist the commission with the revision of its internal control manual which identifies the internal controls procedures of the commission.