SIB03-24_-_Responses_to_Questions_(09-13-24).pdf
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- Attached to
- SIB03-24 - Audit Services
- Solicitation number
- 0000032628
- Issued by
- Sacramento County, San Francisco City, California
About this file
This document is a response to written questions regarding Request for Proposals No. SIB03-24 for Audit Services issued by the ScholarShare Investment Board (SIB) in California. SIB is soliciting proposals from qualified public accounting firms to audit the financial statements for the ScholarShare Administrative Fund. The responses indicate that there have been no significant changes to management, accounting staff, or operations over the past year. The books will be ready for the audit, with financial records available electronically, and remote auditing is acceptable to the Board. The auditor that performed the prior year audit has been invited to bid again. The total audit fees for the prior year (fiscal year 2022-2023) were $23,600.00 for the audit of two program funds.
The contract opportunity is open to qualified public accounting firms in the state of California, specifically in the jurisdictions of Sacramento County and San Francisco City. Proposals must comply with the instructions in the attached RFP. There are no known set-asides or special funding requirements mentioned in the document.
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| File | Type | Posted |
|---|---|---|
| SIB03-24_-_FINAL_RFP_(08-30-24).pdf |
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MEMBERS
FIONA MA, CPA, CHAIR
State Treasurer
JOE STEPHENSHAW
Director of Finance
BROOKS ALLEN
Executive Director
State Board of Education
ANGELA ACOSTA-SALAZAR
Senate Rules Committee
Appointee
CATALINA CIFUENTES
Governor Appointee
CA Student Aid Commission
DAVID C. LIZARRAGA
Speaker Appointee
PAUL MARTIN
Governor Appointee
Member at Large
901 P Street, Suite 313B Sacramento, CA 95814 p (916) 651-6380 scholarshare@treasurer.ca.gov www.treasurer.ca.gov/scholarshare
SCHOLARSHARE INVESTMENT BOARD
ScholarShare Investment Board Request for Proposals No. SIB03-24
Audit Services
September 13, 2024
The following information is provided in response to questions received by the ScholarShare Investment Board regarding Request for Proposals No. SIB03-24 for Audit Services.
Responses to Written Questions
1. Has there been any turnover in management during the past year?
Yes, there was a recent change to the Executive Director position at the ScholarShare Investment Board (SIB). The new SIB Executive Director will start on October 1, 2024.
2. Has there been any turnover in accounting staff during the past year?
There have been no changes to primary accounting staff.
3. How many journal entries were proposed by the auditor in the prior year?
None.
4. Are any management letter comments outstanding from the prior year?
5. May we receive a copy of last year's management letter?
Please see last year’s management letter included as Attachment 1.
6. Any known or suspected fraud?
mailto:scholarshare@treasurer.ca.gov http://www.treasurer.ca.gov/scholarshare
7. When will the books be ready for the audit?
The accounting department has reports for fiscal year 2023-2024 available now.
Additional reports and information for the audit are provided by the State Controller’s Office when completed of which timing can range anywhere from now until the spring.
8. Are financial records available electronically?
Yes.
9. Is remote auditing acceptable to the Board?
10. Who prepares the financials?
Refer to the Section A(3) (Scope of Work) in SIB’s Request for Proposals No. SIB 03- 24 (RFP). The accounting department in the State Treasurer’s Office submits a governmental Financial Statement packet to the State Controller’s Office. The auditor audits that and other reports from FI$Cal.
11. Were there any significant transactions (e.g., bond issuance, leases) during the year?
12. Significant changes to operations or funding sources?
13. Significant construction or capital projects?
14. Any audits or inspections by regulatory agencies?
15. Any changes to the governance structure of the organization?
16. Is the incumbent auditor invited to bid?
17. What were the audit fees for the prior year?
The total audit fees for the prior year (fiscal year 2022-2023) were $23,600.00 (for the audit of two (2) program funds).
ATTACHMENT 1
| RFP SIB03-24 - Responses to Written Questions FINAL |
| Att 1 - 2024_06_27 - SIB Mgmt Rep Letter SIGNED |
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