The vendor is required to provide that financial statement auditor services by and through the board of pension trustees (the board), the board’s audit committee (audit committee) and the office of pensions (OPEN).
- The following plans/funds (the Plans) are comingled for investment purposes in department trust, and are established in 29 Del. C. §8308 the state Code:
• State employees’ pension plan
• Special fund
• New state police pension plan
• Judiciary pension plans (closed and revised)
• County and municipal police and firefighters’ pension plans
• County and municipal other employees’ pension plan
• State volunteer firemen’s fund
• Closed diamond state port corporation plan
• Closed state police pension plan
- The firm is independent of the engagement entity as defined by engagement standards in government auditing standards, issued by the comptroller general of the country.
- Copies of valid state certified public accountants (CPA) licenses or valid CPA licenses from a substantially equivalent jurisdiction as defined by the uniform accountancy act (“UAA”) for all CPA on the engagement team.
- A CPA holds a valid license from any jurisdiction that is not on the substantially equivalent list1 published by the national association of state boards of accountancy (“NASBA”) may obtain verification from NASBA that such individual's CPA qualifications are substantially equivalent to the UAA.
- Open will also accept screen shots of online license verification from both the state boards of accountancy and website as long as all relevant information is provided in the screen shot, including the name of the state.
- The firm must also indicate the web address, with the date, from information was obtained.
- Engagement description and cycle
• An audit of the department financial statements, the schedules of employer allocations and pension amounts (governmental accounting standards board statement No. 68), the state other postemployment benefits (“OPEB”) fund financial statements, and the schedules of employer allocations and OPEB amounts (governmental accounting standards board Statement No. 75) for fiscal years ending June 30, 2025, 2026, and 2027, subject to two additional optional terms as provided above.
- Engagement standards
• The engagement must be performed in accordance with the applicable standards established by the American institute of certified public accountants (AICPA) and government auditing standards, issued by the comptroller general of the country.
• The pension administrator regarding any known or potential fraud, waste, or abuse identified during the engagement, regardless of materiality.
• The course of action and additional procedures, if necessary, will be determined by OPEN. failure to notify open immediately about any identified known or potential fraud, waste, or abuse is a material breach of contract.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 03, 2025