TAK-PSC-Audit and Consultation Services

The Commonwealth of Kentucky's Finance and Administration Cabinet and Turnpike Authority of Kentucky (TAK) are seeking a Certified Public Accounting (CPA) firm to provide comprehensive audit and consultation services. The primary objective is to conduct financial statement audits for TAK, including completion of Closing Package Forms and reconciliation of financial information. The selected contractor will be responsible for performing audits in accordance with government auditing standards, potentially including Single Audit requirements, and preparing documentation for the Commonwealth's Annual Comprehensive Financial Report (ACFR). Evaluation of proposals will be based on a 1,000-point system, with 800 points allocated to the technical proposal, 100 points to the cost proposal, and an optional 100 points for oral presentations. The RFP requires firms to be Kentucky-licensed CPA firms with demonstrated relevant experience, strong staff qualifications, and a detailed work plan/audit approach. Key dates include the RFP release on 03/19/2025, with proposals due by 04/16/2025 at 2:00 PM Eastern Time. The initial contract term is set for July 1, 2025 through June 30, 2026, with potential renewals for two additional two-year periods.

The solicitation does not explicitly mention specific set-aside designations or restrictions for disadvantaged enterprises. The contract includes provisions for potential performance reductions, with fees reduced by 25% if work products are not delivered within required timeframes. Funding for the contract is contingent upon appropriations and will not be effective until approved by the Secretary of the Finance and Administration Cabinet and filed with the Legislative Research Commission's Government Contract Review Committee. While no incumbent vendor is specifically identified, the RFP indicates a focus on auditing TAK's funds and accounts pledged to outstanding bond payments. The most sensitive accounting estimate involves the fair value of investments, which will be based on quoted market prices of identical or similar assets traded in active markets. Although a specific budget range is not explicitly stated, the comprehensive nature of the audit and consultation services suggests a significant professional services contract with potential for multiple years of engagement.