RFPs and Bids
TOWN OF FENWICK ISLAND
NOTICE FOR PROPOSALS
PROVISION OF AUDIT SERVICES
NOTICE IS HEREBY GIVEN that proposals for the provision of Audit Services of its financial records will be received by the Town of Fenwick Island. Proposals will be accepted ONLY at the Town Hall, 800 Coastal Highway, Fenwick Island, DE 19944 until 3:00 PM, April 3, 2018. Submissions shall contain one (1) original and five (5) copies of the proposal. The proposal shall be clearly labeled with the firm’s name and “Fenwick Island Proposal – Provision of Audit Services.” Firms assume all responsibility to ensure our successful receipt of proposal packages.
I. INTRODUCTION
General Information
The Town of Fenwick Island, DE requests proposals from qualified certified public accounting firms for the provision of auditing services for the fiscal year(s) ending July 31, 2018 through July 31, 2020 and two one-year extensions.
The Town of Fenwick Island will receive proposals on April 3, 2018 by 3:00 PM local time. A proposal received after the closing date and time for receipt of the proposals is late and shall not be considered.
The audit(s) shall be performed in accordance with generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and Part 200-Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).
The Town reserves the right to reject any or all proposals submitted.
During the evaluation process, the Town reserves the right to request additional information or clarifications from proposers, or to allow corrections of errors or omissions. Firms may be request to make oral presentation to a selection committee as part of the final evaluation process.
The Town reserves the right to retain all proposals submitted and to use any ideas in a proposal regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the contract between the Town and the firm selected.
Fund Types
Fenwick Island, DE complies with Generally Accepted Accounting Principles (GAAP), including all relevant Governmental Accounting Standards Board (GASB) pronouncements. The following fund types are identified in The Town of Fenwick Island’s financial reporting.
Government Funds
- General Fund
- Realty Transfer Tax
- Parks and Recreation Fund
- Dedicated Street Fund
- Municipal Street Aid Fund
- EDIE
- SALLE
II. NATURE OF SERVICES REQUIRED
Scope of Work to be Performed
- The audit services provided shall be for the purpose of expressing an opinion on The Town of Fenwick Island’s basic financial statements taken as a whole, in accordance with generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and Uniform Guidance.
- Audit Services shall include examination of and reporting on The Town of Fenwick Island’s internal control structure, including recommendations on findings, if any.
Reports to be issued
Following the completion of the audit of the fiscal year’s financial statements, the auditor shall issue:
- A report on the fair presentation of the financial statements in conformity with generally accepted accounting principles.
- A report on compliance and internal control over financial reporting based on an audit of the financial statements.
- A report on compliance and internal control over compliance applicable to each major federal program in accordance with Uniform Guidance.
- The Schedule of Expenditures of Federal Awards and related auditor’s reports as well as the reports on compliance and internal controls.
Additional Services
In addition to the audit services described above, the Town is requesting the following addition assistance or services:
- Preparation of all required basic financial statements
- Preparation of the notes to the financial statements
- Preparation of the following additional statements and schedules:
- Combining and individual fund financial statements
- Budgetary comparison schedules
- General capital asset schedules
- Schedule of investments
- Preparation of supporting schedules and trial balances for the financial statements.
- Implementation of GASB 68, Accounting and Financial Reporting for Pensions.
- Typing, copying and binding of the annual financial report. The firm will provide the Town with bound copies and one electronic (PDF) version of the audited financial statements and supplemental information.
- The firm will provide the Town with ten (10) copies of their report(s) on the internal control and compliance in accordance with the audit guide and standards for compliance with the Single Audit Act, as may be required.
- A letter to management containing appropriate suggestions for improvement of accounting procedures and internal controls for the Town’s consideration. This letter should contain comments and recommendations for controlling any internal weaknesses discovered and shall be discussed with appropriate personnel before finalizing.
III. AUDIT COMPLETION
Draft Report
The auditor shall transmit a draft audit report and discuss findings and recommendations with the Town Manager, Audit Committee Chair and the Mayor by November 15 of the following Fiscal Year.
Final Report
The auditor shall transmit completed audit report and present it to the Town Manager and Audit Committee by December 1 of the following Fiscal Year.
Council Presentation
The auditor shall present the Final Audit Report to Fenwick Island Town Council at the December Town Council meeting of the following Fiscal Year.
IV. PROPOSAL REQUIREMENTS
The following information is required for a proposing firm to be considered. Please note that all materials provided by interested proposers as part of the proposal will become public documents at the time of the proposal opening. Interested proposers should include any of their proprietary information they would like in a separate document marked clearly as proprietary information.
License to Practice
The audit firm and all assigned key professional staff must be certified public accountants and licensed to practice in the state of Delaware.
Firm Qualifications and Experience
- The proposal should include a list of contacts and telephone numbers for recent municipal governments audited by the firm; the firm’s experience in auditing municipal entities; the names of partners, managers, supervisors and staff to be assigned to this account and their specific backgrounds in municipal auditing and any other such data that would assist in the review of the firm’s proposal.
- The proposal should also include a copy of the firm’s most recent peer review report, the related letter of comments, and the firm’s response to the letter of comments. Additionally, a statement whether the peer review included specific governmental engagements.
- The proposal should also include information on the circumstances and status of any disciplinary action taken or pending against the firm during the past three (3) years with state regulatory bodies or professional organizations.
Independence
The firm should provide an affirmative statement that is independent of the entity as defined by generally accepted standards/the U.S. General Accounting Office’s Government Auditing Standards.
Fee
The proposed all-inclusive fee by year and a schedule of hourly rates by staff level for additional services. The fee should be broken out between the financial statements.
V. INQUIRIES
If you have questions pertaining to this Request for Proposal, they must be in writing and emailed to Dean Gary at finance@fenwickisland.org. All questions must be submitted no later than March 16, 2018. All questions will be compiled and answered in the form of an addendum and will be emailed to all prospective proposers. All changes or corrections to the Request for Proposal will be handled by addenda issued by Fenwick Island.