The vendor is required to provide that audit process service audit, and recommend improvements to state agencies and statewide issues at high risk for waste, fraud, abuse, or mismanagement, or for having major challenges associated with their economy, efficiency, or effectiveness.
- The performance audit objectives will be finalized following vendor selection, but will generally consist of the following:
• Evaluate the effectiveness and efficiency of the department process for compiling the agency, including an evaluation of:
o Its project management efforts and the use of its authority to compel timely reporting by state entities.
o Its financial reporting instructions to state entities, as well as department ability to support state entities with generally accepted accounting principles (GAAP)-compliant reporting.
o Its process for compiling department GAAP entries and financial statements to prepare the agency, and whether the department has taken sufficient action to address previously reported internal control findings on financial reporting.
• Assess department responsibilities and efforts to assist with the preparation of the agency, including an assessment of the following:
o The fiscal and accounting policies it sets for state departments and agencies assist with agency preparation.
o whether the training it provides to state agencies regarding accounting principles assists with agency preparation, and how such training could be enhanced.
• Assess the effectiveness and efficiency of the state auditor's role in state agency process, including an evaluation of the following:
o Whether or not the state auditor has developed an effective and efficient audit approach. evaluate the quantity and quality of the audit work and provide suggestions where the state auditor may be "over" or "under" auditing the state's financial records.
o The state auditor's project management efforts related to the assignment of audit staff and the office's ability to efficiently complete audit work with timely and GAAP-compliant reporting from state departments and control agencies.
o The quality of the state auditor's agency-related communications, including the specificity of its comments to state departments and control agencies regarding departures from GAAP and the need for audit adjustments and other corrective actions.
o The state auditor is sufficiently staffed to conduct its agency audit in a timely manner.
• For a selection of up to five state entities whose financial data were material to the state's financial statements and who did not provide timely and/or accurate financial reports in FY 2022-23, determine the following:
o These state entities did not report GAAP-compliant financial information and journal entries within the required timeframes, and the extent to which they received technical assistance from the department.
o Whether or not each state entity's accounting office and other key units possess a sufficient understanding of GAAP to facilitate timely financial reporting for the agency.
o For each selected state entity, determine what additional support, training, or other resources are required to better ensure timely GAAP-compliant reporting
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: January 22, 2025