Financial Process Review

Washington State University (WSU) has issued Request for Proposals (RFP) No. 25-0502JMC for a comprehensive Financial Process Review, seeking a qualified audit firm to review and recommend best practices for its financial reporting processes. The project aims to ensure compliance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards Board (GASB) standards. Key focus areas include revenue recognition, deferred revenue, expense accruals, cash receipts and payables review, and elimination of internal revenues and expenses. The proposal evaluation will utilize a point system, allocating 40 points for bidder qualifications, 25 points for plan of approach and timeline, and 35 points for cost factors. Minimum bidder qualifications require eligibility to contract with a Washington state agency, licensing capability in Washington, and at least two years of experience conducting financial statement audits. The proposal is due on May 30, 2025, at 3:00 pm Pacific Time, with an estimated project performance period of approximately three months. Preferred qualifications include experience with multi-campus R1 public university audits, expertise in Single Audits, knowledge of OMB guidance, and effective project management practices.

The RFP does not explicitly outline specific set-aside designations or restrictions for disadvantaged enterprises. The procurement appears open to audit firms meeting the specified qualifications, with WSU reserving the right to select the most beneficial proposal and potentially conduct oral interviews with top-scoring firms. While no incumbent vendors are directly mentioned, the model contract indicates the project will be funded by a Federal Financial Assistance Award governed by 2 CFR Part 200. The contract will include a total cost limitation to be specified during contract completion, with compensation structured as an hourly/daily/monthly rate not exceeding a predetermined Contract Fee Limitation. Reimbursable expenses include transportation costs (mileage, parking, car rentals), lodging, and subsistence, which will be compensated at current applicable GSA travel reimbursement rates. Invoicing is required within 60 days after the performance period, with payment to be made within 30 days of receiving a properly completed invoice. While specific budget ranges are not explicitly stated, the comprehensive nature of the financial process review suggests a significant investment in improving WSU's financial reporting infrastructure.