Request for Proposal
Request for Proposal
The Sandhills Community College Foundation, Inc. (hereinafter called Foundation) invites qualified independent auditors (hereinafter called auditor) having sufficient governmental accounting and auditing experience in performing an audit in accordance with the specifications outlined in this Request for Proposal (RFP) to submit a proposal.
There is no expressed or implied obligation for the Foundation to reimburse firms for any expenses incurred in preparing proposals in response to this request.
Type of Audit:
The audit will encompass a financial examination of the Foundations basic financial statements and supplementary information in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Governmental Auditing Standards issued by the Comptroller General of the United States (GASB).‚
The Foundation intends to continue the relationship with the auditor for no less than one year starting with the first audit period of July 1, 2012 “ June 30, 2013.‚ Continuation after the first year will be based on annual reviews of the timeliness of completion of the audit and satisfactory working relations with Foundation staff.‚ In accordance with state regulations, the Foundation will be required to issue a new RFP every three years.‚
- The audit must be conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Governmental Auditing Standards issued by the Comptroller General of the United States.‚
- The auditor will prepare, type, and print the audited financial statements.
- A preliminary draft of the audit, adjusted trial balance, and any required journal entries must be submitted to the Foundations Director of Finance, no later than the 31st of December 2013, for proofing and reconciliation to the Foundations records.‚ The Director of Finance will return the draft with proposed revisions within 15 days.
- The audit must be completed and reports rendered to the Foundation by January 15, 2014.‚ A minimum number of 30 copies of each audit report and other applicable reports must be supplied to the Director of Finance within the time frame cited above.‚
- The financial audit opinion will cover the basic financial statements, the changes in its financial position, and its cash flows for the audit year.‚ Supplemental information, as required by GASB 34 and 35 will be subjected to the tests and other auditing procedures applied in the audit of the basic financial statements, and an opinion will be given as to whether the supplemental information is fairly stated in all material respects in relation to the financial statements taken as a whole.‚
- The audit will include the following:
- Preplanning conference
- Overview of the financial condition and presentation to the Director of Finance and Foundation Staff.
- The working papers shall be retained and made available upon request for no less than three years from the date of the audit report.
- In the event that circumstances arise during the audit that require work to be performed in excess of the original estimates, any additional costs will be negotiated prior to commencement of the work and an amended contract will be approved by the Finance Committee of the Board of Directors.
Audit Contract & Payment of Audit Fees:
The Finance Committee of the Board of Directors as well as the NC State Auditors office must approve the audit contract.‚ Payment of audit fees will be released up receipt of the Final Audit.
Director of Finance
Sandhills Community College