Professional Audit Services

The Teacher Retirement System of Texas (TRS) has issued a Request for Proposals for professional audit services to support its public pension fund operations. The procurement seeks a qualified audit firm to provide comprehensive financial statement audits, Government Accounting Standards Board (GASB) schedules (Statements 67/68 and 74/75), internal controls and compliance reviews, required supplementary information, and ACFR compliance reviews for fiscal years 2026 through 2032. The contractor must deliver an independent auditor's report expressing opinions on TRS financial statements in accordance with Generally Accepted Auditing Standards (GAAS) and government auditing standards, provide reports on internal controls and compliance with applicable laws and regulations, furnish GASB 68 and 75 schedule opinions, submit management letters, and deliver required governance communications to the TRS Board of Trustees. Key personnel requirements include an engagement partner with a minimum of ten years of relevant CPA experience and an engagement lead with at least three years of relevant CPA experience. Mandatory qualifications for respondents include a minimum of five consecutive years of pension plan professional audit services experience, demonstrated experience serving as group auditor for group financial statements audits in accordance with AICPA AU-C Section 600A, current and maintained business and professional licenses and certifications, and submission of the most recent peer review report. The RFP evaluation criteria are weighted as follows: Respondent Qualifications, Past Performance, and Client References (30%), Proposed Performance Details and Respondent's Key Personnel (30%), Proposed Pricing (20%), with an optional presentation/interview/demonstration round worth up to 10 points. Critical deadlines include a mandatory pre-proposal conference on May 7, 2026 at 9:00 a.m. Central Time via Microsoft Teams, a question submission deadline of May 12, 2026 at 3:00 p.m. Central Time, and a proposal due date of May 29, 2026 at 3:00 p.m. Central Time; top-ranked respondents will be invited for presentations and site visits in June 2026, with final selection by the TRS Board of Trustees anticipated in September 2026.

The RFP does not identify any specific set-aside designations or restrictions limiting the types of organizations that may respond to this solicitation. TRS has determined that no probable subcontracting opportunities exist and does not require a VetHUB Subcontracting Plan; however, should subcontracting become necessary, prior written approval from TRS is required. No incumbent vendors or current contractors are identified in the procurement documents. The contractor will be required to integrate with TRS' Procurement and Vendor E-System (PAVES) for invoicing purposes and must maintain Professional Liability Insurance of $2 million per occurrence and $5 million in the aggregate, Security and Privacy Liability Insurance of $10 million in the aggregate, and other required coverages. The initial contract term is two years from the effective date with three optional one-year renewal terms available. Respondents must submit fully loaded, firm-fixed prices or hourly rates inclusive of all costs of performance, with no price escalation permitted for optional renewal terms; travel expenses may be reimbursed on a case-by-case basis with prior written approval at State of Texas per diem rates. No specific budget range or award value is listed in the procurement documents, and respondents are responsible for all costs associated with proposal preparation and submission.