RFP for financial audit of ASU

The Colorado Office of the State Auditor issued a Request for Proposal on February 8, 2018, for financial and compliance audit services for Adams State University (ASU) covering the fiscal year ended June 30, 2018. The procurement encompasses a comprehensive independent audit of ASU's basic financial statements, federal grant programs (with particular emphasis on the Student Financial Aid Cluster), state-funded student financial assistance programs, compliance with state and federal regulations, and NCAA agreed-upon procedures for the Division II Intercollegiate Athletics Program. Deliverables include independent auditors' reports on financial statements, internal controls, compliance matters, and statements of appropriations for state-funded student financial assistance, with a draft report due by early October 2018 and final report delivery by October 31, 2018. The proposal submission deadline was February 21, 2018, at 5:00 PM Mountain Time, with an inquiry deadline of January 24, 2018, bid selection anticipated on March 5, 2018, and contract execution approximately March 19, 2018. Interim completion milestones include IT general control testing by May 31, 2018, and non-IT internal control and compliance work by July 31, 2018. Required qualifications include current Colorado CPA firm licensing, quality control reviews completed within three years, demonstrated independence from ASU, and maintenance of appropriate insurance policies including workers' compensation, general liability with $1,000,000 each occurrence limits, automobile liability, protected information liability, professional liability, and crime insurance. Evaluation criteria encompass proposal completeness and adequacy, breadth and depth of applicable experience, organizational size, proposed costs, and comprehensiveness of the work plan.

Procurement is restricted to eligible firms meeting the specified licensing and independence requirements, with no set-aside designations mentioned for disadvantaged enterprises. The incumbent contractor, Wall Smith Bateman, Inc., which has performed the audit since fiscal year 2013, is eligible to propose for renewal consideration. Prior audit fee benchmarks are available, with costs of $40,300 for fiscal year 2015, $53,700 for fiscal year 2016, and $48,920 for fiscal year 2017, indicating anticipated compensation in the $40,000 to $55,000 range for the FY 2018 audit, with additional anticipated fees of $7,650 for federal major program audits and $4,900 for NCAA agreed-upon procedures. The contract includes a one-year initial term with potential renewal on an annual basis for up to four additional years contingent upon acceptable performance and cost competitiveness. The State Auditor will withhold ten percent of the total contract amount pending satisfactory completion of the audit, and funding is appropriated from the State's general fund. Travel costs must be included within proposed hourly rates and are not separately reimbursable.