Audit Services

The vendor is required to provide audit services starting with the FY 24-25 audit.
- Records to be audited
• The district operates on a July 1st to June 30th fiscal year.
• It is legally separate from and fiscally independent of other state and local governments.
- Basis of accounting
• The government-wide, proprietary, and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting.
• Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. property taxes are recognized as revenue in the year for which they are levied.
• Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. under this method, revenues are recognized when measurable and available.
• The district considers all revenues reported in the governmental funds to be available if the revenues are collected within 60 days after year-end.
• Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they are due and payable.
- Uniform system of financial records (USFR)
• This system has been established in the uniform system of financial records accounting manual.
• The USFR includes a chart of accounts that provides for the establishment of a complete accounting system.
• The USFR also provides comprehensive accounting procedures for accounting records, cash, supplies inventory, property control, revenues, expenditures, payroll, travel, and state and federal financial assistance.
- Report review, timing, and number of copies
• The audit firm must submit two copies of the audit reports, management letter, and the USFR compliance questionnaire to the audit liaison for review.
• The final reports, the audit firm must provide seven bound paper copies and one electronic copy of the audit reports, management letter, and USFR compliance questionnaire to the district.
• The electronic copies shall be in pdf format.
• The audit firm must also provide the electronic copies of the audit reports, management letter, and USFR compliance questionnaire to the office of the auditor general, accounting services division and ADE’s grant management division.
• The audit firm must submit one copy of the audit reporting package and data collection form to the federal audit clearinghouse and provide one copy of the audit reporting package to other pass-through entities when the schedule of findings and questioned costs discloses audit findings related to federal awards that the pass-through entities provided or the summary schedule of prior audit findings reports on the status of prior findings related to federal awards that the pass-through entities provided.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: June 09, 2025