Schenectady Auditing Services

The Vendor is required to provide county auditing services for its fiscal years ended august 31, 2026, 2027, and 2028.
- Engagement administration, fees, and other
•    College employees will furnish clerical assistance to locate pertinent documents required to support such tests of transactions performed as part of the audit engagement.
•    Auditor will seek to utilize college personnel to reduce its own time requirements and reduce costs.
•    The auditor is not expected to submit the form and reporting package (which includes financial statements, schedule of expenditures or federal awards, summary schedule of prior audit findings, auditors’ reports, and corrective action plan) to the federal audit clearinghouse but is expected to coordinate the electronic submission and certification with the college.
•    The auditor is required to have in place a records retention policy consistent with generally accepted accounting principles and to share that policy with the college.
•    The auditor will identify an engagement director who is responsible for supervising the engagement and signing the report, presenting the audit findings to the board of trustees, if requested, and answering any questions concerning the audit report.
•    The auditor should expect to begin its first audit in June 2026 (for fiscal year ending august 31, 2026) and issue its report no later than January 2027, contingent on the college completing its management discussion and analysis. 
•    The auditor should expect to begin its second audit in September 2027 (for fiscal year ending august 31, 2027) and issue its report no later than January 2028, contingent on the college completing its management discussion and analysis. 
•    The auditor should expect to begin its third audit in September 2028 (for fiscal year ending august 31, 2028) and issue its report no later than January 2029, contingent on the college completing its management discussion and analysis.
- Audit procedures – compliance
•    As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, the auditor will perform tests of the county compliance with provision of applicable laws, regulations, contracts, and agreements, including grant agreements.
•    The auditor will plan and perform the audit to obtain reasonable assurance about whether the college has complied with applicable laws and regulations and the provisions of contracts and grant agreements applicable to major programs.
•    The audit procedures will consist of tests of transactions and other applicable procedures described in the OMB uniform guidance for the types of compliance requirements that could have a direct and material effect on each of the college’s major programs.
- Audit procedures – internal controls
•    The audit will include obtaining an understanding of the college and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures.
•    The auditor will perform tests of controls over compliance to evaluate the effectiveness of the design and operation of controls that it considers relevant to preventing or detecting material non-compliance with compliance requirements applicable to each major federal award program.
•    The audit, the auditor is expected to communicate with college management and those charged with governance internal control related matters that are required to be communicated under professional standards, government auditing standards, and OMB uniform guidance.
- Audit procedures – general
•    The auditor will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the college or to acts by management or employees acting on behalf of the college.
•    The auditor will inform the appropriate level or management of any material errors, any fraudulent financial reporting or misappropriation of assets that come to its attention.
•    The auditor will also inform the appropriate level of management of any violations of laws or government regulations that come to its attention, unless clearly inconsequential, and of any material abuse that comes to its attention. 
•    The auditor will include such matters in the reports required for a single audit.
•    The audit procedures will include tests of documentary evidence supporting the transactions recorded in the accounts and may include direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions.