The vendor is required to provide the annual auditing of the financial statements and internal control performance of authority operations relevant to authority bond program.
- Audit and examination
• A disclosure of fees imposed on borrowers by, or on behalf of, authority bond program.
• A disclosure of expenditures related to those fees made by, or on behalf of, authority bond program.
• The dollar amount and nature of these fees and expenses.
• A disclosure of the amount of bonds authorized by the authority board but unsold at the end of the time period covered by the audit.
• A disclosure of the amount of debt authority has issued during the period covered by the audit and the amount of debt still outstanding at the end of the time period covered by the audit.
- Audit report and findings
• The report shall be prepared in the format outlined in the minimum audit requirements and reporting guidelines of the SCO.
• The report and findings shall include a statement of material audit findings and recommendations regarding the financial statements, internal control and accounting systems, and legality of actions for each bond program fund.
• Audited financial statements in the report shall include a "statement of operations,” "statement of assets and liabilities" (balance sheet), and a "statement of cash flows” for each bond program fund.
• One audit report shall be for fiscal year 2024/2025.
• A second audit report shall be for fiscal year 2025/2026.
• A third audit report shall be for fiscal year 2026/2027.
• If the contract is extended by authority, a fourth audit report shall be for fiscal year 2027/2028.
• The audit must meet the reporting timeframe requirements of the SCO.
• The audit submittal time frame is subject to change upon further instruction from SCO.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: May 13, 2025