Independent Auditing Services

The Vendor is required to provide accounting firms regarding the audit engagement for fiscal years 2026 and 2027 with an option to renew for an additional year.
- The audit should include the following:
•    Audit of financial statements prepared in conformity with generally accepted accounting principles as prescribed by the board.
•    Audit of federal financial assistance in accordance with the requirements of federal government’s OMB circular a-133, audits of states, local governments and non-profit organizations.
- Financial statement audit
•    Management, discussion and analysis.
•    Independent auditor’s report.
•    Comparative statements of net assets.
•    Comparative statements of revenues, expenses, and changes in net assets.
•    Comparative statement of cash flows.
•    Notes on financial statements.
•    Schedule of federal awards.
•    Schedule of state awards.
•    Independent auditor’s report on compliance and on internal control over financial reporting based on an audit of financial statements performed in accordance with governmental auditing standards.
•    Schedule of findings and questioned costs-federal and state programs. 
•    Management letter. 
•    Any other exhibits, letters, or financial statements that may be required to satisfy audit regulations.
- Enrollment audit
•    Independent auditor’s report.
•    Schedule of total credit-hour enrollments.
•    Schedule of base chargeback rate per credit hour.
•    Note to schedule.
•    Results of audit procedures for total credit-hour enrollments.
- Internal control audit
•    The examination should include a review and evaluation of the college’s internal control system. 
•    This review and evaluation should encompass all business operations within the college including, but not limited to, cash receipts and disbursements, purchasing, payroll, group term life insurance audit, assets, liabilities, investments, student activities, financial aid and the verification of student full-time equated enrollment.
•    A management letter of suggestions for improvements in internal controls, accounting procedures and other matters should be submitted by the firm. 
•    Management’s response to recommendations shall be included in the final management letter presentation. 
•    The firm should be available to discuss the contents of this letter with management at the designated exit conference.
•    The financial audit report is to be presented to the audit and finance committee of the board of trustees at their meeting in preparation for the November board of trustees meeting and to the board of trustees at their November meeting.