Auditing Services

The Vendor is required to provide audit objectives establish minimum expectations for audit planning and execution of each audit(s):
1. Internal controls review 
•    Assess design and operating effectiveness of internal controls over program transactions (e.g., authorization, segregation of duties, documentation, reconciliation, monitoring, exception handling, change management, and it access).
2. Compliance testing 
•    Organization(s): test compliance with sec. 29.354 of sb2 and all other applicable program requirements, rules, guidance, and contracts (e.g., application and payment administration, participant eligibility and expense verification, complaint handling, and comptroller-defined cybersecurity requirements) 
•    Program participants: test compliance with sec. 29.357(a) of sb2 and all other applicable program requirements (e.g., authorized use of funds, eligibility, and enrollment in school district or open-enrollment charter school, prohibited uses and recordkeeping).
•    Providers and vendors: test compliance with sec. 29.358 of sb2 and other program requirements (e.g., eligibility/approval status, service/product legitimacy, pricing, delivery, documentation).
3. Data integrity and eligibility:
•    Validate accuracy, completeness, and timeliness of participant eligibility data and account data; test controls that prevent ineligible enrollments, funding and transactions.
4. Fraud and abuse detection
•    Identify indicators of fraud, waste, misuse, conflicts of interest, kickbacks, and other violations; quantify exposure and recommend corrective actions.
5. Financial and operational assurance
•    Confirm that program funds are allocated to participant accounts in accordance with statutory requirements and spent for intended purposes; assess financial reporting, reconciliations and variance analyses.
6. Recommendations
•    Prioritized, actionable recommendations with risk ratings and management response plans. 
•    Audit(s), successful respondent may require a program participant, education service provider or vendor of educational products, or organization to provide information and documentation regarding any transaction occurring under the program.