Audit Services

The California Educational Facilities Authority (CEFA) has issued a Request for Proposal (RFP #CEFA 05-15) seeking audit services for its program funds, specifically targeting certified public accounting firms to conduct comprehensive financial audits. The procurement focuses on auditing the Educational Facilities Authority Fund (EFAF) and student loan programs, including the Student Loan Authority Fund (SLAF) and California Student Loan Refinancing Program fund. The selected firm will be responsible for reviewing internal operations, outstanding tax-exempt bond issues, trustee-held funds, loss reserve accounts, loan servicer activities, and program administrator reports. Key deliverables include detailed financial statement audits for fiscal years ending June 30, 2016 and June 30, 2017, with a potential one-year renewal option. Proposals will be evaluated across four criteria: qualification of personnel (20 points), accounting/auditing firm experience (25 points), experience with California governmental agencies (25 points), and cost (30 points). The RFP was issued with a proposal due date of April 5, 2016 at 4:00 PM, with evaluation and selection scheduled for April 12, 2016, and an anticipated contract start date of June 1, 2016.

The solicitation includes several important restrictions and preferences for potential bidders. Firms must have an office in California, be licensed to do business in the state, have been in operation for at least three years, and have completed a minimum of five audits of California state or local governmental agencies within the past four years. Small Business/Microbusiness preferences are available, and Disabled Veteran Business Enterprise (DVBE) incentives are offered, though DVBE participation is not mandatory. The RFP was prompted by increased reporting requirements established by Senate Bill 99, which expanded auditing standards for conduit issuers. Pricing for the contract must include a maximum amount for each fiscal year audit, structured on an hourly rate with progress payments permitted and a 10% withholding applied to all invoices pending final completion. While a specific contract value is not explicitly stated, the comprehensive nature of the audit and the multiple fund reviews suggest a substantial engagement that would require significant technical expertise and resources from the selected accounting firm.