The Vendor is required to provide to assist university in reviewing and recommending best practices for its financial reporting processes to ensure compliance with generally accepted accounting principles (GAAP) and governmental accounting standards (GASB).
- The audit firm will focus on key areas such as revenue recognition, deferred revenue, expense accruals, subsequent review of cash receipts and payables, and elimination of internal revenues and expenses.
- Financial Reporting Process Review
• Conduct a comprehensive review of current financial processes and procedures.
• Identify gaps, redundancies, and areas for improvement.
• Review the detailed processes and mechanics used to formulate, track, and properly account for budget allocations and reconcile to actual results.
• recommend process improvements with budget mechanics and how to better connect the budget to financial statements and actual results and to improve how university accounting, finance, and budget office functions work more seamlessly together to foster integrated financial planning, analysis, and reporting and developing a fully budgeted financial statement.
- Compliance assessment
• Ensure compliance with GAAP and GASB standards in financial statement preparation.
• Review key areas such as revenue recognition, deferred revenue, expenditure and expense management, subsequent review of cash receipts and payables for accruals, accounting estimates, capitalization of assets, and elimination of internal revenues and expenses.
• Evaluate other commonly audited items in public higher education to ensure thoroughness and completeness of financial data.
- Best practices research
• Research and identify best practices from other universities and relevant organizations.
• Evaluate the applicability of these best practices to university.
- Staffing assessment
• Assess current university accounting staffing levels and capabilities within the university accounting department against benchmark best practice recommendations.
• Ensure the team has sufficient capacity, capability, and talent to comply with internal controls and ensure accurate financial reporting.
- Policy/procedure development
• Develop updated policies and procedures based on the findings from the financial process review, compliance assessment, and best practices research.
• Ensure the new policies promote efficiency, streamlined operations, and compliance with GAAP and GASB standards.
- Questions/Inquires Deadline: May 9, 2025