Audit and Consultation Services

The vendor is required to provide auditing services of financial statements for authority that may include completion of the closing package forms to be submitted to the finance and administration cabinet as well as a reconciliation of the information reported on the forms to the audited financial statements.
- Comprehensive financial report (ACFR):
• The scope of the audit shall be a financial statement audit of authority to be performed in accordance with auditing standards generally accepted in the country; and the standards applicable to financial audits contained in government auditing standards (GAGAS), issued by the comptroller general of the country.
• This audit should include a determination as to whether authority federal expenditures have met the single audit threshold established by the single audit act and the provisions of 2 cfr 200 uniform administrative requirements, cost principles, and audit requirements for federal awards, and the performance of a single audit in accordance with these standards, if required.
• to facilitate the compilation of the commonwealth’s ACFR:
1. All statements of cash flows should be prepared in the direct method format:
2. All infrastructure should be recorded on the modified approach; and
3. Component auditors must provide the auditor of public accounts (APA), as the group auditor of the commonwealth’s ACFR, information it has deemed necessary to meet relevant auditing standards for group audits.
• The scope shall also include updated subsequent events procedures for the period from the date of the contractor’s report on authority financial statements until December 13, 2025, or a later date as determined by the APA, for consideration of any additional disclosures warranted for the ACFR.
• The contractor shall detail the application of subsequent events audit procedures and report the results of those procedures in a letter that shall be issued to the APA no later than close of business, December 13, 2025, or a later date as determined by the APA
- The APA is required to be in direct communication with the authority auditor as required for the group audit of the ACFR.
-  The following correspondence will be necessary:
• The fac intends to issue the commonwealth’s ACFR by December 12, 2025.
• If this does not occur, it may be necessary for your auditor to extend the subsequent events procedures through a later date.
• The APA will contact you or your auditor if this extension of procedures becomes necessary.
• The audit contract should provide for this contingency and address whether and how your auditor will be compensated for this additional work.
• Auditor shall be available to the APA to address questions about authority financial statements.
• Provide the following items, in either hard copy or electronic format, to the APA no later than the date specified below:
a. Correspondence from your certified public accountant (CPA) firm identifying that the APA will be able to be involved in the work of the authority CPA and whether the APA (as the group engagement team) will be able to obtain information affecting the consolidation process:
1. Provide by: July 15, 2025
b. An auditor representation letter stating the auditor is in compliance with generally accepted auditing standards and government auditing standards concerning continuing education requirements, independence, maintaining an internal quality control system and other peer review requirements.
1. Provide by: July 15, 2025
c. A copy of the certified firm’s most recent peer review, including any letter of comment, if applicable;
1. Provide by: July 15, 2025
d. Audited financial statements and an opinion on them;
1. Provide by: October 3, 2025
e. A report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards;
1. Provide by: October 3, 2025
f. A copy of the letter to those charged with governance and/or management letter when applicable.
1. Provide by: October 3, 2025.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: March 26, 2025