Independent Audit Services

Solicitation # BPM050931
Posted 4/28/25, 9:38 AM
No Updates
Due 6/6/25, 5:00 PM
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The Maryland Automobile Insurance Fund (Maryland Auto) is seeking independent audit services for its Insured and Uninsured Divisions, covering five consecutive fiscal years from 2025 through 2029. The Request for Proposal (RFP) requires a qualified firm to conduct comprehensive financial audits of both divisions, with the Insured Division having admitted assets of $167,300,000 and net earned premiums of $122,700,000, and the Uninsured Division reporting total assets of $9,500,000 and revenue of $8,500,000 as of December 31, 2024. The financial statements for the Insured Division will be prepared on a statutory basis following National Association of Insurance Commissioners (NAIC) guidelines, while the Uninsured Division statements will follow US GAAP. The audit work will be conducted remotely within the United States, with support from Maryland Auto's Fiscal Department, Information Technology Department, and Internal Audit staff. Proposal submissions are due by June 6, 2025, at 5:00 pm EST, with preliminary questions to be submitted by specified dates in May 2025. Evaluation criteria will include price/cost of service, relevant industry experience, quality, references, peer review results, and company stability.

The RFP encourages participation from minority business enterprises and will be governed by Maryland law with standard contractual provisions covering termination, record-keeping, and non-discrimination. While specific set-aside percentages are not detailed, the emphasis on minority business enterprise participation suggests a preference for diverse vendor engagement. The contract does not specify an exact award value, but the financial scope suggests a substantial engagement based on the reported assets and premiums of the Insured and Uninsured Divisions. No incumbent vendor information is provided in the available documentation. The remote audit arrangement indicates that proposing firms will need robust technological capabilities to effectively conduct financial reviews without on-site presence. Standard integration will be facilitated through collaboration with Maryland Auto's internal departments, which will provide necessary documentation and support throughout the audit process.

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