• April 27, 2017
  • 3:00 am

Request for Proposal

Independent Auditing Services

Due by 3pm, April 27, 2017

 

The Town of Sharon, Vermont invites qualified, independent Certified Public Accountants, licensed to practice in the State of Vermont, to submit proposals to conduct audits of its financial accounts and records for Fiscal Years 2017, 2018, and 2019.  The Town’s fiscal year commences July 1st and ends June 30th.  All proposals must conform to the specifications listed below.

 

General Information:

Annual audit services are being requested for the Town of Sharon for governmental activities, business-type activities, each major fund, the aggregate remaining fund information and budgetary comparisons, exclusive of the Sharon School District. The Town of Sharon has an annual operating budget of approximately $1.5 million.  The Town has been on a modified accrual basis since January 1, 1991.  The Town uses the NEMRC accounting software, Excel software, and payroll services provided by Compucount. Sharon has had annual audits since FY94.

 

Scope of Services:

Annual examinations of the Town’s financial statements will be made in accordance with generally accepted auditing standards in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

 

The audit will obtain evidence about the amounts and disclosures in the financial statements, whether those statements are free from material misstatement, test internal controls, consider the appropriateness of accounting policies used, the reasonableness of estimates made by management, and the overall presentation of the financial statements.

 

An electronic file and seven copies of the audit reports are required, as well as a formal letter outlining recommendations.

 

Qualifications and Staffing:

The proposal shall contain a brief description of the firm’s structure and documentation of its experience with Vermont municipal government audits, including single audits.  Your proposal should also include two or more references of municipalities you have audited within the past three years.  In addition, please list the names and qualifications of personnel to be assigned to the Sharon audit if you were to receive the bid award.  A certificate showing general and professional liability, workers compensation and errors & omissions insurance coverage is also required.

 

 

Town Assistance During Audit:

All information deemed necessary to commence these annual audits shall be requested in writing prior to the audit. All additional requests for information shall be made in a timely manner. Town assistance will be provided by the Finance Manager, Deborah Jones, with additional assistance from the Treasurer, Margaret Raymond, and the Selectboard Administrative Assistant, Margy Becker.

 

Compensation:

The Town of Sharon requests proposers bid for the three-year period as outlined above, commencing July 1, 2017 and ending when the FY2019 audit is complete.  The proposal shall state the number of estimated hours for each category of staff member assigned to the audits extended at their hourly rates plus out-of-pocket expenses.  The proposal shall also contain the total maximum fee to be charged. See Appendix A for proposal form.

 

Although there are no known reasons for a single audit to be conducted during this time period, the proposal shall show separately the estimated cost of a single audit.

 

Manner of Payment

Progress payments will be made on the basis of hours of work completed during the course of the engagement in accordance with the firm’s dollar cost proposal. Interim billings shall cover a period of not less than a calendar month. The Town reserves

the right to withhold ten percent (10%) from each billing pending delivery of the firm’s final reports.

 

Retention of Working Papers:

The proposal shall state the auditors will retain the audit work papers for a period not less than five years after the date of the audit report, and that the work papers will be made available upon written authorization from the Sharon Town Treasurer or the Chairperson of the Selectboard.

 

Timing Considerations:

Four (4) copies of proposals must be received by 3:00PM, April 27, 2017 at the Sharon Town Offices, c/o Sharon Selectmen, P.O. Box 250, 69 Rte. 132, Sharon, VT  05065.  All firms will be notified as to the bid award.

 

It is requested that audit reports for each fiscal year be presented at a board meeting on or around the third Monday in November with final written report to be submitted to the Selectboard by December 15th.

 

For Further Inquiries:

Contact Deborah Jones, Finance Manager at 802-763-8268 ext. 8, or email her at financemgr@sharonvt.net. A copy of the Town’s audit for FY2016 is available to bidders upon request. The annual town report is posted online at www.sharonvt.net

 

 

Proposal Requested by the Sharon Selectboard:

Mary Gavin – Chair, Luke Pettingill – Vice Chair, Kevin Gish – Clerk

APPENDIX A

PROPOSAL FOR AUDITING SERVICES DUE BY 3PM APRIL 27, 2017

 

Name of firm _________________________________Contact Person ______________

Location of office staffing the audit _______________________ Phone ______________

Professional audit staff assigned to Town of Sharon per year (Number) _____________

Certified professional audit staff assigned to Sharon per year (Number) _____________

Hours provided for in stated fees:

Partner-in-charge and review partner _______________________________________

Supervising manager ___________________________________________________

Audit Staff ___________________________________________________________

 

Audit Fees for Year 1

Audit of governmental activities, business-type activities, each major fund, the aggregate remaining fund information and budgetary comparisons $___________________

Hourly rate(s) in excess of fixed fee allowance or for audit services outside the scope of the annual audit $ ___________________________________________________

Single audit $ ______________________________________________________

 

Audit Fees for Year 2

Audit of governmental activities, business-type activities, each major fund, the aggregate remaining fund information and budgetary comparisons $___________________

Hourly rate(s) in excess of fixed fee allowance or for audit services outside the scope of the annual audit $ _________________________________________________

Single audit $ ____________________________________________________

 

Audit Fees for Year 3

Audit of governmental activities, business-type activities, each major fund, the aggregate remaining fund information and budgetary comparisons $___________________

Hourly rate(s) in excess of fixed fee allowance or for audit services outside the scope of the annual audit $ _________________________________________________

Single audit $ ____________________________________________________