Government Contract | Connecticut
Auditing Services

Bid Information


Bid Alert No: 00000536390

Bid Title: Auditing Services

Agency Bid No. Title: 2015-16

Received Date: 04/11/2016

Close Date: 04/29/2016

Purchase Type: Not Stated

Delivery Point: Newington, Connecticut

Delivery Date: Not Stated

Specifications

Specifications include, but are not limited to:. INTRODUCTION A. General Information The Town of Newington is requesting proposals from qualified firms of certified public accountants to audit its financial statements for the fiscal year ending June 30, 2016 with the option of auditing its financial statements for each of the two (2) subsequent fiscal years. These audits are to be performed in accordance with generally accepted auditing standards, the standards set forth for financial audits in the U.S. General Accounting Office's (GAO) Government Auditing Standards, the provisions of the federal Single Audit Act and U.S. Office of Management and Budget (OMB) Circular A-133, Audits of State and Local Governments as well as requirements of the Office of Policy and Management of the State of Connecticut concerning municipal audits, requirements of the Board of Education of the State of Connecticut, and such other requirements as shall be promulgated by various oversight agencies. The Town will not be liable for any cost incurred in the preparation of the proposals. Please note that individual meetings will not be held with prospective proposers to respond to questions. Proposers who want additional information or clarifications should submit such requests in writing only. Responses to these requests will be made in writing only and will be furnished to all parties receiving this RFP. To be considered, one (1) original and five (5) copies shall be delivered in a sealed package to the Town Manager's Office at 131 Cedar Street, Newington, Connecticut, 06111 no later than 2:30 p.m. on Friday, April 29, 2016. The sealed p a c k a g e s h a l l b e c l e a r l y m a r k e d RFP No. 2, 2015-16 Professional Auditing S e r v i c e s . The Town reserves the right to reject any and all proposals; the right to, at its sole discretion, accept the proposal it considers most favorable to its interests; and the right to waive minor irregularities in the procedures. The Town further reserves the right to reject all proposals when such procedure is reasonably within the best interest of the Town. Proposals submitted will be evaluated by a three (3) member Audit Committee selected by the Town Council. The Town Council's Audit Committee and the Director of Finance will conduct oral interviews with the highest ranked firms. During the evaluation process, the Audit Committee and the Town reserve the right, where it may serve the Town's best interest, to request additional information or clarifications from proposers, or to allow corrections of errors or omissions.RFP No. 2, 2015-16 2 Acting on the recommendation of the Town Council's Audit Committee, selection of auditors is expected within one week of Town Council appointment. B. Term of Engagement The Contract will begin upon award and will be subject to annual renewal and Council re-appointment for a maximum of two (2) years. However, either party can terminate the agreement for auditing services by serving written notification to the other no later than January 31st of the fiscal year to be audited. NATURE OF SERVICES REQUIRED A. General The Town of Newington is soliciting the services of qualified firms of certified public accountants to audit its financial statements for the fiscal year ending June 30, 2016, with the option to audit the Town of Newington's financial statements for each of the two (2) subsequent fiscal years. These audits are to be performed in accordance with the provisions contained in this request for proposals. B. Scope of Work to be Performed 1) The audit firm will perform an audit of all funds of the Town of Newington. The audit will be conducted in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. The Towns comprehensive annual financial report (CAFR) will be finalized and printed by the audit firm. The audit f i r m w i l l r e n d e r t h e i r a u d i t o r s r e p o r t o n t h e b a s i c f i n a n c i a l s t a t e m e n t s w h i c h w i l l include both government-wide financial statements and fund financial statements. The audit firm will also apply limited audit procedures to M a n a g e m e n t s D i s c u s s i o n a n d A n a l y s i s a n d o t h e r r e q u i r e d s u p p l e m e n t a r y information. In addition, the audit firm will render the appropriate report on compliance and on internal control over financial reporting based on an audit of the basic financial statements performed in accordance with Government Auditing Standards. 2) The audit firm will perform a single audit of the expenditures of federal financial assistance in accordance with OMB Circular A-133 and render the appropriate reports on compliance with requirements applicable to each major program, internal control over compliance in accordance with OMB Circular A- 133, and on the schedule of expenditures of federal awards. The single audit report will include the appropriate schedule of expenditures of federal awards, footnotes, findings and questioned costs, and follow up on prior audit findings where required. 3) The audit firm will perform a single audit of the expenditures of state financial assistance in accordance with Connecticut General Statutes 4-230 through 4- 236 and render the appropriate reports on compliance with requirements applicable to each major program, on internal control over compliance in accordance with the state single audit act, and on the schedule of awards/ expenditures of state financial assistance. The state single audit report willRFP No. 2, 2015-16 3 include the appropriate schedule of awards/expenditures of state financial assistance, footnotes, and findings and questioned costs. 4) All reports will be delivered by early December of each year for the previous fiscalyear.APDForsimilarfileofthe r e p o r t s t h a t c a n b e p o s t e d o n t h e T o w n s website will be provided to the Town at that time. 5) The Management Letter included as part of the "Recommendations to Management" shall cover audit findings and recommendations affecting internal control, accounting systems, legality of actions and any other material matters and shall include management's responses to auditors' recommendations. 6) Separate reports shall be prepared and submitted for the ED001 and other audit reports as required by the State Department of Education. C. Working Papers Retention and Access to Working Papers All working papers and reports must be retained, at the auditor's expense, for a minimum of five (5) years unless the firm is notified in writing by the Town of Newington of the need to extend the retention period. The auditor will be required to make working papers available, upon request by the Town of Newington. In accordance with the requirements of Government Auditing Standards and of the Single Audit Act Amendments of 1996, the auditor is required to provide access to the working papers and photocopies thereof to a federal agency or the Comptroller General of The United States upon their request for their regulatory oversight purposes. If such a request is made, the auditor will inform the Director of Finance prior to providing such access. In addition, the firm shall respond to the reasonable inquiries of successor auditors and allow successor auditors to review working papers relating to matters of continuing accounting significance. D. Other Audit Services Periodically the Town of Newington is required or desires to have separate advisory services performed. The auditor will be expected to perform these audits and any other audit services requested by the Town of Newington outside of the standard audit. Any additional services authorized by the Town will be performed for a mutually agreed upon fee between the firm and the Town. E. Implied Requirements All services not specifically mentioned in this request for proposal that are necessary to provide the functional capabilities described by the auditor shall be included in the Scope of Services. F. Special Considerations The Town of Newington will submit its comprehensive annual financial report to the Government Finance Officers Association of the United States and Canada for review in its Certificate of Achievement for Excellence in Financial Reporting program. The auditor will be required to provide special assistance to the Town of Newington to meet the requirements of that program.RFP No. 2, 2015-16 4 The schedule of federal and state financial assistance and related auditor's reports, as well as the reports on the internal control structure and compliance, are to be issued separately from the comprehensive annual financial report. Prior to submission of the final report, the firms staff will provide a copy of the report marked Draft for Discussion Only. A copy of all audit adjustments shall be furnished to the Director of Finance. The selected firm shall be available on occasion to assist in certain accounting issues if they arise during the course of the year. These issues may include advice on implementation of new governmental accounting pronouncements and internal control procedure improvements

Product Code: 94631

Agency Information


Issuing Agency: Town of Newington

State: Connecticut

Agency Type: State and Local

Contact: Ann J. Harter Office of the Town Manager, 131 Cedar Street, Newington, Connecticut, 06111

Email: aharter@newingtonct.gov

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