Proposals are accepted by email to firstname.lastname@example.org no later than 2/10/22 at 5:00 pm. Hard copies are NOT required.
The District has received questions about the Professional Auditing Services RFP. The following questions and answers are provided for those firms interested in submitting a proposal. Additional questions and answers may be added if/when received by the District.
1. What do you like about the service provided by your current auditing firm? What don't you like? Our auditors are very responsive to our needs and available all year round to answer questions we may have on our business processes and accounting treatments. We are confident in their knowledge and experience. Overall, the audit runs smoothly. There were some last minute questions that could have been asked earlier on in the audit process.
2. How long has the current auditors been performing the audit for the District? At least since FYE 1995.
3. How many auditors and how many weeks were the auditors on-site for both interim and year-end fieldwork? A remote audit was performed for both interim and year-end fieldwork. Interim: 1 week with 3-4 auditors. Year-End: 1 week with 2-3 auditors.
4. What is the desired timeline for Interim: April or May. Year-End: Early October Draft Reports: November 15. Final Report: November 30.
5. Are your prior year auditors included or excluded from the current RFP process? Included.
6. Please provide a list of firms that have been sent an RFP. Fedak and Brown LLP.
7. Were there any major changes in the engagement requested in the RFP compared to last year's engagement? No.
8. Will there be a Single Audit? (If so, please include the most recent copy of the report with your response.) No.
9. If required, who does the State Controller's Financial Transaction Report preparation and submission? If the auditors, how much was the last year's fees? The audit firm completes the report and preparation and submission. Last year's fees were $1,000.00.
10. What were the fees for the previous audit? Please identify the audit fees for each audit task. What is the approved budget for financial audit fees for fiscal year 2022?
|Federal and State Exempt Tax Returns||1,800.00|
|State Controller's Report||1,000.00|
We have an approved budget of $35,000 for financial audit fees for fiscal year 2022.
11. Do you prefer the audit staff to be onsite at your location or expect the audit to be performed remotely? We prefer onsite but are ok with remote as well.
12. What were the expected and proposed annual hours of the previous audit contract? 244 hours.
13. Does the District prepare its own Financial Report or is the auditor responsible for preparation and assembly? The auditor is responsible for the preparation and assembly of our Financial Report.
14. How many journal entries were proposed by the auditors? Were there any findings? Nine. No.
15. Were there any material adjustments made by the auditors in connection with the examination of the prior year Financial Statements? The auditors calculate our GASB 68 and GASB 75 entries during the year-end audit, and we post those journal entries during the year-end fieldwork. Other than that, there were no other adjustments.
16. Has the District entered into any Major Contracts, Studies, and/or Started any Projects in the Current Fiscal Year that would not be reflected in the Prior Year Financial Statements? No.
17. Any New Debt Issuances in the Current Fiscal Year? No.
18. Is the District involved in any litigation not included in the Prior Year Financial Statements? Yes.
19. Any other Major Changes in the Current Fiscal Year that would affect the operations of the District? No.
20. How did you measure the quality of the audit performed? We measure the quality by which and how many questions are asked by the auditors. As well as the professional relationship we're able to build between our team and the audit partner/manager.
21. What audit areas, in your opinion, were cumbersome? Overall, the audit runs smoothly. There were some last minute questions that could have been asked earlier on in the audit process.
22. What efficiencies would you like to see in the audit of the District's financials? The questions/open items in between the final audit fieldwork and the draft financial statements creates a bit of scrambling during those few weeks (November 15 - 30). We'd like to reduce the number of questions by perhaps resolving them during interim and/or increase the amount of time to respond.
23. Why is the District considering the change in auditor? The District last sent out a request for proposal in 2016.
24. Is there read-only access to the accounting system remotely? Yes.
25. Did the District have any layoffs, retirements, or replacements of key employees in the finance department due to COVID-19 or otherwise? No.
26. Have there been any changes in your accounting system or other software since last year? No.
27. Has there been any turnover in management during the past year? No.
28. Has there been any turnover in accounting staff during the past year? No.
29. What accounting software do you use? Any plans for change? Tyler Eden, Yes.
30. Any known or suspected fraud? No.
31. When will books be ready for the audit? Typically in October.
32. Significant changes to operations or funding sources? No.
33. Significant construction or capital projects? We are a capital-intensive agency.
34. Any audits or inspections by regulatory agencies? No.