Contracting – Request for Proposal Questions and Answers – UZAP
The Office has just issued a Request for Proposal (RFP) for audit services including financial and compliance audit engagements for Utah Cultural Entities for the year ending June 30, 2021 and the succeeding four years.
As questions are received, they will be posted below with responses from the Office.
Q – Is a GAS report required?
A – No. The audit of the University of Utah Cultural Entities does not need to be performed in accordance with Government Auditing Standards?
Q – What were the actual fees for 2020 and 2019 for all services in the RFP? Is there a specific limitation on the budget for these engagements for fiscal year 2021?
A – The total fees for the 2020 and 2019 audits of the University of Utah Cultural Entities were $84,233 and $86,975, respectively. The cost of the fiscal year 2021 and future audits is something we will determine as part of this competitive bid process.
Q – Approximately how many staff were engaged (either on-site or off-site) from the independent certified public accountant for fiscal year 2020 during preliminary fieldwork and year-end fieldwork (indicated in September or October)?
A – The proposer is responsible for determining the appropriate size of the audit team necessary to perform the work on the University of Utah Cultural Entities in a competitive and timely way.
Q – Where any audit adjustments made during the 2020 audits? If so, what was the nature of those adjustments and which entities required adjustment?
A – Yes, there were audit adjustments made in each of the seven Cultural Entities during the 2020 audits. Generally the audit adjustments that were communicated to the Audit Committee included reclassification entries to report revenue, expenses, and transfers on the correct line of the financial statements and to recognize revenues and expenses in the proper periods.
Q – The RFP requires that the audits be completed by December 31 each year; however, we noted that the prior auditor issued the 2020 reports in January 2021. Was this due to an issue at the University? Or an auditor issue?
A – The 2020 delay was due to turnover and vacancies in the offices responsible for being liaisons with the Audit Committee and the completion of audits for 2020 was not managed to a particular timeline. As a result, the pace developed organically depending on auditor and staff availability. The University’s Audit Committee has expressly set timeline expectations for the 2021 audits. Those dates are reflected in the RFP.
Q – When is the 2020 report for the Natural History Museum of Utah expected to be issued? What is the issue causing the delay and can it be reasonable expected to reoccur for the 2021 audit?
A – The 2020 report has been finalized. However, since the report has not been formally presented to the University’s Audit Committee, the University of Utah will not release it publicly until that presentation. The delay was a combination of both auditor and staff resource constraints, some of which were due to challenges as a result of COVID precautions. The University does not anticipate these delays recurring in 2021.