The State Education Resource Center (“SERC”) is seeking Proposals from qualified public accounting firms to perform certain audit functions for all or part of fiscal years 2019, 2020 and 2021. These functions shall include, but are not limited to:
- Audit of annual financial statements prepared by SERC, beginning with the fiscal year ending June 30, 2019
- Federal Single Audit beginning with the fiscal year ending June 30, 2019
- State Single Audit beginning with the fiscal year ending June 30, 2019
This engagement will begin immediately following (or as soon as practicable after) the awarding of this contract.
A CPA firm with experience handling Quasi-Public Financial Statement Audits; in addition to State and Federal Single Audits.
Proposal Submission Deadline:
Noon, August 30, 2019
State Education Resource Center (SERC)
100 Roscommon Drive, Suite 110, Middletown, CT 06457
Please Note: The deadline for submitting questions is Thursday, August 15, 2019. Responses will be posted on this web page, and at the State Contracting Portal website on Monday, August 19, 2019.
Received Questions and Answers
Who prepares the annual statements? Management? The CPA firm?
A combination: Management prepares draft financial statements (Balance Sheet and Statement of Revenue and Expense) CPA Firm prepares Cash Flow Statement, footnotes and supplemental reports
What accounting system does the Center utilize?
Is the year end trial balance that agrees to the financial statements available for review?
Were there any adjusting entries proposed/recorded by the CPA firm?
Was a management letter issued and if so, is it available for review?
No Management Letter was issued.
Is there an audit committee? Was there a presentation by the CPA firm to the audit committee? Board?
There is no Audit Committee but there is a Finance Committee.
There has not been a presentation to the Board/Committee previously but SERC would like to implement this going forward.
Is the required communications presented available for review?
Please provide a timeline for the audit engagement….was there planning performed prior to year-end? Also, understanding that this year’s audit engagement will begin later than usual, what is the preferred timeline with future audit engagements?
The timeline for this year’s audit is for an immediate (as soon as possible) start after firm is selected with a target completion date of December 1st. Preferred timeline is for September 1 start date with Oct 31st completion date.
Was any of the fieldwork performed remotely, or all on site? How many days were the auditors on site?
There was a combination of remote and on site.
The auditors were on-site for approximately 3 days in total.
How long as the current CPA firm been auditing the Center?
If available, what were the fees charged for the audit engagement?
We choose not to disclose current fees.
Does the audit also include the Foundation? Is there a reason that the Foundation is not included within the Center’s financial statements?
No the audit does not include the Foundation and has been the case since inception.