Posted Date : May 21,2021
Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : ACCT-11507
Government Authority located in Rhode Island; USA based organization looking for expert vendor for auditing services tobacco settlement financing corporation.
[A] Budget: Looking for Proposals
[B] Scope of Service:
Vendor needs to provide auditing services tobacco settlement financing corporation to the government authority located in Rhode Island.
- The audit for fiscal years 2021, 2022 and 2023 shall be completed and final audit reports (inclusive
of all audit communications) related to the financial statements must be delivered to the TSFC, the
Department of Administration—Office of Accounts and Control, and the Office of the Auditor
General.
- Failure to comply with the statutory submission date may result in termination of a firm’s
audit engagement.
1. The firm selected for the audit shall be a firm of certified public accountants holding a valid
practice permit in the State of Rhode Island (issued by the Rhode Island Board of
Accountancy).
2. The senior accountant in charge of the fieldwork shall be a certified public accountant.
3. The audit organization and the individuals responsible for planning, directing, conducting
substantial portions of the fieldwork, or reporting on government audits shall meet the
continuing educational requirements of Government Auditing Standards issued by the
Comptroller General of the United States.
4. The audit organization shall have an appropriate internal quality control system in place
and participate in an external quality control review program as required by Government
Auditing Standards.
5. The audit organization shall provide a copy of their most recent external quality control
review report and submit the results of any subsequent review performed during the term
of the contract to the TSFC, the Auditor General and the State Controller.
6. The audit firm shall have at the time of proposal, and throughout the period of engagement,
professional liability insurance coverage of not less than $1 million.
Audit Scope
1. The scope of the audit shall be clearly defined by the agency in the request for proposals.
2. The basic financial statements to be presented, audited, and reported upon by the private
auditor shall be identified:
• Statement of Net Position (full accrual)
• Statement of Activities (full accrual)
• Statement of Cash Flows
• Balance Sheet-Governmental Fund with a reconciliation to the Statement of Net
Position
• Statement of Revenues, Expenditures, and Changes in Fund Balance-Governmental
Fund with a reconciliation to the Statement of Activities
• Notes to the financial statements
3. Management will prepare the Management’s Discussion and Analysis to be included in the
financial statements.
4. Supplemental Schedules to be presented, audited, and reported on include:
• Supplemental Calculation of Debt Service Ratios
• Supplemental Schedule of Actual MSA Receipts Compared to Base Projections at
Time of Sale
5. A detailed schedule of travel and entertainment expenses shall be included as
supplementary information with reference in the auditor’s opinion on the financial
statements to the supplementary information. Guidance on the preparation of the Schedule
of travel and entertainment expenses is included as Appendices 3 (A) and 3 (B).
6. Supplementary Schedule of Expenditures of Federal Awards with auditor’s opinion
thereon (required if the agency receives federal funds, regardless of whether there are any
major programs).
[C] Eligibility:
- Onshore (USA Organization Only);
[D] Work Performance:
Performance of the work will be Offsite. Vendor needs to carry work in their office location.
Budget :
Deadline to Submit Proposals: June 10,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$
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Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : ACCT-11507
Government Authority located in Rhode Island; USA based organization looking for expert vendor for auditing services tobacco settlement financing corporation.
[A] Budget: Looking for Proposals
[B] Scope of Service:
Vendor needs to provide auditing services tobacco settlement financing corporation to the government authority located in Rhode Island.
- The audit for fiscal years 2021, 2022 and 2023 shall be completed and final audit reports (inclusive
of all audit communications) related to the financial statements must be delivered to the TSFC, the
Department of Administration—Office of Accounts and Control, and the Office of the Auditor
General.
- Failure to comply with the statutory submission date may result in termination of a firm’s
audit engagement.
1. The firm selected for the audit shall be a firm of certified public accountants holding a valid
practice permit in the State of Rhode Island (issued by the Rhode Island Board of
Accountancy).
2. The senior accountant in charge of the fieldwork shall be a certified public accountant.
3. The audit organization and the individuals responsible for planning, directing, conducting
substantial portions of the fieldwork, or reporting on government audits shall meet the
continuing educational requirements of Government Auditing Standards issued by the
Comptroller General of the United States.
4. The audit organization shall have an appropriate internal quality control system in place
and participate in an external quality control review program as required by Government
Auditing Standards.
5. The audit organization shall provide a copy of their most recent external quality control
review report and submit the results of any subsequent review performed during the term
of the contract to the TSFC, the Auditor General and the State Controller.
6. The audit firm shall have at the time of proposal, and throughout the period of engagement,
professional liability insurance coverage of not less than $1 million.
Audit Scope
1. The scope of the audit shall be clearly defined by the agency in the request for proposals.
2. The basic financial statements to be presented, audited, and reported upon by the private
auditor shall be identified:
• Statement of Net Position (full accrual)
• Statement of Activities (full accrual)
• Statement of Cash Flows
• Balance Sheet-Governmental Fund with a reconciliation to the Statement of Net
Position
• Statement of Revenues, Expenditures, and Changes in Fund Balance-Governmental
Fund with a reconciliation to the Statement of Activities
• Notes to the financial statements
3. Management will prepare the Management’s Discussion and Analysis to be included in the
financial statements.
4. Supplemental Schedules to be presented, audited, and reported on include:
• Supplemental Calculation of Debt Service Ratios
• Supplemental Schedule of Actual MSA Receipts Compared to Base Projections at
Time of Sale
5. A detailed schedule of travel and entertainment expenses shall be included as
supplementary information with reference in the auditor’s opinion on the financial
statements to the supplementary information. Guidance on the preparation of the Schedule
of travel and entertainment expenses is included as Appendices 3 (A) and 3 (B).
6. Supplementary Schedule of Expenditures of Federal Awards with auditor’s opinion
thereon (required if the agency receives federal funds, regardless of whether there are any
major programs).
[C] Eligibility:
- Onshore (USA Organization Only);
[D] Work Performance:
Performance of the work will be Offsite. Vendor needs to carry work in their office location.
Budget :
Deadline to Submit Proposals: June 10,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$