(1) Vendor needs to provide professional auditing services for the fiscal year ending June 30, 2023, to the government authority located in Newport, RI.
- The firm selected for the audit shall be a firm of certified public accountants holding a valid certification in the state of another state having equal professional standards.
- The private auditor must meet the independence requirements of the americans institute of certified public accountants and the independence requirements of government auditing standards.
- The senior accountant in charge of the fieldwork shall be a certified public accountant.
- 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.
- 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.
- The audit organization shall provide a copy of their most recent external quality control review report and also submit the results of any subsequent review performed during the term of the contract to the municipality engaging the auditor.
- The audit organization shall identify any sub-contractors, co-proposers, or other entity that will be used to provide the professional services sought by the request for proposal
- The audit contract will cover three fiscal years audit period july 1, 2022-june 30, 2023 audit period july 1, 2023-june 30, 2024 audit period july 1, 2024-june 30, 2025
- Audit contracts covering more than one year shall specify an audit fee for each year. the audit contract will state a composite hourly rate and a not to exceed all-inclusive audit fee for each of the proposed audits described herein the contract should specifically identify the fee for the audit services and the fee for the agreed upon procedure.
- Any amendments to the contract for additional work will be negotiated in good faith. provided however, in the event that the parties cannot mutually agree on additional work to be performed and the cost of the said work, then the town department, as its option may rescind the option period.
- In accordance with Government Auditing Standards, if the firm provides non-audit services, it must evaluate whether providing the services creates independence impairment with respect to the audit.
- Continuation beyond the initial fiscal year of the three-year contract will be at the discretion of the town.
(2) All question must be submitted no later than April 24,2023.
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