Financial Auditing Services

The Vendor is required to provide financial audits will cover the fiscal year ending June 30, 2026.
•    The financial statements will be audited in accordance with either (1) auditing standards generally accepted in the country; or (2) auditing standards generally accepted in the country and the standards applicable to financial audits contained in the government auditing standards, issued by the comptroller general of the country. 
•    If the organization spends more than $500,000 in combined federal and state financial assistance (e.g. Contracts and grants), the audit must be conducted in accordance with both set standards. 
•    State auditor will be permitted to review the audit documentation for the engagement and such audit documentation will be retained for a period of at least three years. 
•    Furnish the university with an electronic copy of the resultant audit report for lawful distribution; a copy shall be furnished to the state auditor’s office for audit completed, and a copy to the office of state controller. 
•    Retain all working papers generated during this audit for a period of three (3) years at the office of the vendor. 
•    The audit report will be delivered in time to meet the needs of the affected parties. 
•    Certain entities must be audited so that the office of the state auditor can use the report as a basis for the audit reports on the annual comprehensive financial report (ACFR) on individually issued reports on universities and colleges. 
•    When this is the case, state agencies and institutions will be informed on an individual basis. Audit reports may be required by a certain date to meet other needs as well and care should be taken to ensure that all reporting deadlines are addressed in contracts.
•    Institute for the arts supporting organization for the purpose of rendering an opinion as to their fairness. 
•    In determining compliance with provisions of the applicable state laws and regulations under which the university is required to function, this examination shall include sufficient testing of internal controls to assure disclosure of any material errors or omission related to the financial statements. 
•    Assets shall be reviewed to any extent necessary in order to reveal findings that address the merchantability or obsolescence that might exist in property records. 
•    Any such review shall be performed on the vendor’s premises during reasonable office hours. 
•    Provide working space for this review. 
•    This shall be provided by the vendor at no additional cost. 
•    A copy of the most recent peer review report will be provided to the university and to the office of the state auditor prior to execution of the contract. 
•    Have an adequate number of staff on hand to complete the audit in the time specified in the RFP and shall assign a licensed certified public accountant (CPA) to oversee the audit. 
•    Provide proof certification that the person overseeing the audit is currently-licensed CPA. 
•    Agree that any and all records, documents, reports and or working papers furnished or generated by the vendor or university for the purpose of preparing this audit report are to be kept strictly confidential between the vendor and the university, except for any quality review by the state auditor or upon authorized subpoena by a court of law. 
•    Shall submit a management letter advising the University of Opportunities observed for economics in operations or improvements in internal control. 
•    The contents of the letter shall be discussed with the contract administrator(s) for accuracy before the final document is prepared.