Lee College District Purchasing Dept. Sealed Solicitation

Title: Annual Audit Services

Deadline: 3/2/2023 10:00 AM   (UTC-06:00) Central Time (US & Canada)

Status: Deadline Expired

Solicitation Number: RFQ 230302-01

Description: Lee College is requesting Statements of Qualifications (SOQs) for the annual independent audit of the College’s financial records, as required by state law or federal regulations. Lee College will select an independent auditing firm who will commit to a one-year engagement and possible four- year extension.

Lee College will accept proposals submitted in response to this RFQ until 10:00 AM, Central Time on Thursday, March 2, 2023 (the “Submittal Deadline”). All proposals shall be submitted to
Vendor Registry.

Questions regarding this solicitation must be submitted via Vendor Registry. For questions related to using Vendor Registry, use the help option/chat for assistance on their website. If you need further assistance, please contact lcsolicitations@lee.edu.

Publication in Baytown Sun of RFP #1 Thursday, February 9, 2023
Publication in Baytown Sun of RFP #2 Thursday, February 16, 2023
Deadline for Submission of Written Questions Wednesday, February 22, 2023
Deadline for Submission of Written Answers Friday, February 24, 2023
Due Date for Proposal Submission/Opening Proposal Meeting Thursday, March 2, 2023, 10:00 AM 

Documents:

Documents as of 2/24/2023
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Question 1

Posted: 2/17/2023

Question: What is the reason for going out for bids?

Response: The College has reached the end of the contract with the current audit firm.

Question 2

Posted: 2/17/2023

Question: How many fiscal years has the College been with the current audit firm?

Response: 5 years.

Question 3

Posted: 2/17/2023

Question: Does the College have a mandatory audit firm rotation policy?

Response: No.

Question 4

Posted: 2/17/2023

Question: Were there any problems with audit and/or audit firm for fiscal year 2022?

Response: No.

Question 5

Posted: 2/17/2023

Question: For fiscal year 2022, were there any AJEs? If yes, how many?

Response: 13

Question 6

Posted: 2/17/2023

Question: For fiscal year 2023, does the College anticipate to have a single audit report?

Response: Yes.

Question 7

Posted: 2/17/2023

Question: Has there been any staff changes recently that work on the audit?

Response: The previous Controller has assumed a new role as the Internal Auditor for the District. Therefore, a new Controller was hired in October 2022.

Question 8

Posted: 2/17/2023

Question: So that we can ensure our costs are as competitive as our services, can you please provided us a copy of the most recent engagement letter, as well as the prior auditor fees for the last three fiscal years for the College?

Response: See attached for engagement letter. Fiscal Year 2020 $58,620 Fiscal Year 2021 $45,860 Fiscal Year 2022 $54,538

Question 9

Posted: 2/17/2023

Question: Was a management letter comment issued for fiscal year 2022? If yes, may we have a copy?

Response: No.

Question 10

Posted: 2/22/2023

Question: Is the auditor for the 2022 audited financial statements included in this RFP process? If so, why is the College going through the RFP process?

Response: Yes. They were included in the solicitation. The College has reached the end of the contract with the current audit firm.

Question 11

Posted: 2/22/2023

Question: What were the audit fees for the 2022 audit and does this fee include out-of-pocket expenses? Were there any additional billings outside the fee estimate in the engagement letter?

Response: $54,538. There were no additional billings.

Question 12

Posted: 2/22/2023

Question: What current year events do you feel will have an impact on the audit?

Response: None.

Question 13

Posted: 2/22/2023

Question: How many adjusting journal entries were proposed by the audit firm as part of the 2022 fiscal year audit?

Response: 13

Question 14

Posted: 2/22/2023

Question: Is the expectation for the audit to be performed on-site, remotely, or a hybrid?

Response: Hybrid

Question 15

Posted: 2/22/2023

Question: Can interim audit work be performed and if so, what is the preferred timing of this work?

Response: Yes. May.

Question 16

Posted: 2/22/2023

Question: When can year-end fieldwork begin for the 2022 audit?

Response: October 24, 2023

Question 17

Posted: 2/22/2023

Question: Will College personnel provide assistance in the completion of the Annual Financial Report?

Response: Yes.

Posted: 2/17/2023

Question: What is the reason for going out for bids?

Response: The College has reached the end of the contract with the current audit firm.

Posted: 2/17/2023

Question: How many fiscal years has the College been with the current audit firm?

Response: 5 years.

Posted: 2/17/2023

Question: Does the College have a mandatory audit firm rotation policy?

Response: No.

Posted: 2/17/2023

Question: Were there any problems with audit and/or audit firm for fiscal year 2022?

Response: No.

Posted: 2/17/2023

Question: For fiscal year 2022, were there any AJEs? If yes, how many?

Response: 13

Posted: 2/17/2023

Question: For fiscal year 2023, does the College anticipate to have a single audit report?

Response: Yes.

Posted: 2/17/2023

Question: Has there been any staff changes recently that work on the audit?

Response: The previous Controller has assumed a new role as the Internal Auditor for the District. Therefore, a new Controller was hired in October 2022.

Posted: 2/17/2023

Question: So that we can ensure our costs are as competitive as our services, can you please provided us a copy of the most recent engagement letter, as well as the prior auditor fees for the last three fiscal years for the College?

Response: See attached for engagement letter. Fiscal Year 2020 $58,620 Fiscal Year 2021 $45,860 Fiscal Year 2022 $54,538

Posted: 2/17/2023

Question: Was a management letter comment issued for fiscal year 2022? If yes, may we have a copy?

Response: No.

Posted: 2/22/2023

Question: Is the auditor for the 2022 audited financial statements included in this RFP process? If so, why is the College going through the RFP process?

Response: Yes. They were included in the solicitation. The College has reached the end of the contract with the current audit firm.

Posted: 2/22/2023

Question: What were the audit fees for the 2022 audit and does this fee include out-of-pocket expenses? Were there any additional billings outside the fee estimate in the engagement letter?

Response: $54,538. There were no additional billings.

Posted: 2/22/2023

Question: What current year events do you feel will have an impact on the audit?

Response: None.

Posted: 2/22/2023

Question: How many adjusting journal entries were proposed by the audit firm as part of the 2022 fiscal year audit?

Response: 13

Posted: 2/22/2023

Question: Is the expectation for the audit to be performed on-site, remotely, or a hybrid?

Response: Hybrid

Posted: 2/22/2023

Question: Can interim audit work be performed and if so, what is the preferred timing of this work?

Response: Yes. May.

Posted: 2/22/2023

Question: When can year-end fieldwork begin for the 2022 audit?

Response: October 24, 2023

Posted: 2/22/2023

Question: Will College personnel provide assistance in the completion of the Annual Financial Report?

Response: Yes.