Financial Auditing Services

The Vendor is required to provide financial auditing services to express an opinion on whether the program’s financial statements present fairly, in all material respects, its financial position, results of operations, and cash flows for the applicable state fiscal year.
- Include all funds, accounts, and reserves under the program control, including but not limited to:
•    Loss reserves and loss adjustment expense reserves
•    Premiums receivables
•    Unearned premiums reserves
•    Reinsurance recoverable and payables balances
•    Investment portfolios and related income
•    Administrative and operating expense accounts
- The program’s internal controls and risk areas over:
•    Premium billing, claims administration, and payment processing
•    Investment management and cash controls
•    Actuarial data and estimation processes
•    Compliance with reinsurance agreements
•    Financial reporting and regulatory submissions
- Management plan
•    A timeline detailing important milestones such as the planning phase, fieldwork phase, reporting phase
•    Resource allocation such as travel, software, tools, external expertise needed 
•    Risk assessment and controls, such as risks that may impact the audit process, the organization’s internal controls 
•    Audit methodology, including the audit approach, outline of data collection, the system used to document audit procedures, findings, and evidence
•    Reporting and follow-up processes, including structure and format of the audit report, post-audit review
- Document and track the engagement requirements using quality control methods that comply with all regulatory review agency submittal and approval requirements per applicable laws and rules.