Internal Auditing Services

The Vendor is required to provide to conduct the internal audit function.
- The development of risk assessment and annual review of district funds shall be made in accordance with the following:
• Generally accepted auditing standards.
• Applicable standards promulgated by the State.
• Applicable Regulations of the Commissioner, including but not limited to agency.
• Applicable regulations of the federal government as defined in office Circular law.
• Applicable regulations pertaining to GASB pronouncements.
- The school district will provide the internal auditors with the basic information required for the audit.
- The auditor will perform a risk assessment and internal audit of the accounting systems in place.
- The school district will assume responsibility for the preparation of the financial trial balances of all funds.
- All work papers associated with this engagement shall be retained for a minimum of six years from the close of each designated fiscal year. Further, all such work papers shall be available for examination by authorized representatives of cognizant agencies, the Boards of Education and subsequent firm performing the internal audit function or the district’s independent auditors.
- Provide a letter of transmittal containing the prospective auditor's understanding of the work to be performed, a commitment to meet required timelines.
- Provide indication that the accounting firm is local, regional or national.
- Provide a copy of your last peer-review report.
- Provide the address of the office that will assume responsibility for the audit.
- Provide information regarding the expertise and experience in providing ancillary services such as consulting services related to data processing, cash management, tax law, and municipal services, etc.
- Provide information concerning the approach to the audit, e.g. the planned use of audit programs, the organization and composition of the audit team, expectations for tasks performed by school district staff, the type of Management Letter used and the statistical sampling methods used.