Research Foundation Audit Services

The vendor is required to provide audit the financial statements and records of the university, and shall issue an audit opinion on those financial statements.
- The financial statements will be prepared by the university and include management's discussion and analysis (MD&A), statement of net position, statement of revenues, expenses, and changes in net position, statement of cash flows, notes to the financial statements, and optional supplemental schedules
- Independent auditor’s report on internal control over financial reporting and on compliance and other matters
• The vendor shall issue a report on internal control over financial reporting and on compliance and other matters in accordance with government auditing standards
- Management letter
• The vendor shall prepare a comprehensive management letter which includes the audit findings and recommendations relative to the internal control over financial reporting, compliance with laws and regulations, as applicable, and adherence to generally accepted accounting principles
• All findings and recommendations should be fully developed, including a title, statement of condition, cause, criteria, effect, and recommendation.
• Findings should be placed in proper perspective by relating them to the universe tested and be quantified in terms of dollar value, if appropriate
• The vendor shall request written responses from the university officials for each recommendation and shall include such responses in the report or management letter.
• If the university declines the opportunity to respond, the vendor shall so state in their report.
• This response should include the views of responsible officials concerning the findings and recommendations as well as planned corrective actions
• The vendor shall also report on the university’s progress in implementing prior audit recommendations.
- Evaluation of internal controls at the university
• The vendor will evaluate internal controls over key processes in the real estate office and technology licensing office (TLO) and make recommendations to improve controls.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: April 3, 2025