REQUEST FOR QUALIFICATIONS - AUDIT
REQUEST FOR QUALIFICATIONS - AUDIT
For Fiscal Year Ended June 30, 2025
Wake County Housing Authority is soliciting proposals for an audit of its accounting and other records for the period of July 1, 2024, through June 30, 2025.
Proposals should be mailed to Wake County Housing Authority at 100 Shannon Drive, Zebulon, NC 27597, in a clearly marked envelope indicating its contents or the proposal can be hand delivered to the Wake County Housing Authority Administrative Office located at 100 Shannon Drive, Zebulon, NC 27597 in a sealed, marked envelope. Felts Lewis, Executive Director, shall receive proposals. For more information, email flewis@hacwnc.org or call (919) 269-6404 ext. 211.
The Housing Authority must receive proposals (hard copy only) no later than December 16, 2025 by 3:00 p.m.
At a minimum, the proposal should include the following:
Provide a detailed cost proposal itemized by service, staff level, and estimated hours, including all professional fees and out-of-pocket expenses. Include hourly rates for each professional level.
A statement summarizing the bidder's proposed approach to the audit.
Provide a statement describing the type and extent of assistance the bidder will require from Housing Authority staff and the Fee Accountant during the course of the audit.
Provide a detailed project timeline outlining the anticipated duration of fieldwork, the total number of days required to complete the audit, and the expected delivery dates for the audited financial statements and the management letter.
Additional details of these requirements are indicated below: The audit shall be conducted in accordance with generally accepted auditing standards and must include compliance testing and an evaluation of internal accounting controls. The auditor must affirm that all work was performed in accordance with Uniform Guidance. Additionally, the audit must comply with auditing standards established by the AICPA (GAAS), the Government Accountability Office (GAO 'Yellow Book' or generally accepted governmental auditing standards), and the Uniform Guidance requirements in 2 CFR 200.5XX. In accordance with the Uniform Financial Reporting Standards for HUD housing programs, the audit report submitted to HUD must conform to Generally Accepted Accounting Principles (GAAP) for governmental entities. The final audit report must also be provided in a format acceptable for electronic submission to HUD/REAC (e.g., Word for MS 365, PDF, or RTF).
The Wake County Housing Authority was most recently audited for the fiscal year ending June 30, 2024. The Authority is seeking audit services for the fiscal year ending June 30, 2025, with the option, subject to mutual agreement, to extend the engagement for up to three (3) additional years.
The audit will cover the following:
Public Housing (343 units)
Capital Fund Program Grants (TBD)
Housing Choice Voucher (approx. 1,000 local and ports)
The Wake County Housing Authority may, prior to or during the audit, request modifications to the scope of services to be performed by the auditor. Any changes, including adjustments to compensation or deadlines for submission of the audit report, must be mutually agreed upon and documented as written amendments to the contract.
Provide a statement describing the level of assistance the firm will require from the Housing Authority, including the type of support and any schedules or documents that Authority staff will need to prepare before or during the audit.
Provide a certified statement affirming that the firm or individual is not debarred, suspended, or otherwise prohibited from practicing professionally by any federal, state, or local agency.
Copies of all required licenses (both for the Firm and the Auditor)
Provide documentation demonstrating that all staff assigned to the audit meet the required training standards, including records showing compliance with all CPE requirements of the GAO and their respective licensing boards.
Upon completion of the audit, the auditor shall meet with the Board to review the report for approval. Following Board approval, the auditor shall submit the audit report, including all elements specified in the Audit Guide, to the local HUD Management Office for Audit, and provide ten (10) copies to the Wake County Housing Authority. Payment to the auditing firm will be made upon completion of the audit and delivery of the required copies. The auditing firm is also required to retain the audit working papers, which shall be accessible to the government and/or the Housing Authority, for a period of five (5) years.
The auditor warrants that no person has been employed to solicit or secure this contract on the basis of a commission, percentage, brokerage, or contingency fee. A breach of this warranty shall entitle the Wake County Housing Authority to either terminate the contract or, at its discretion, deduct from the auditor's fee the amount of any such commission, percentage, brokerage, or contingency fee. Audits must be submitted by March 31 of each year, beginning with the fiscal year ending June 30, 2025. The selected auditor will be required to address the status of any prior year audit findings and confirm that all recommended adjustments and corrective actions have been implemented, if applicable.
Prospective bidders may request a copy of the audit report for the fiscal year ending June 30, 2024. Issuance of this Request for Proposals does not obligate the Housing Authority to reimburse any costs incurred in the preparation or submission of proposals. The selection of the auditing firm will be based on:
Experience of the firm and those persons who will perform the audit: 30%
Performance of the firm on prior audits of the same or similar nature: 40%
Proposals:
That indicates a knowledge and understanding of the scope of work to be performed: 5%
That indicate a proper approach to the audit: 5%
That indicate a realistic time and expense budget: 5%
The care and quality evidenced in the preparation of the proposal: 5%
The fee for which the firm is willing to perform the audit: 10%
Proposals must include the following information:
Firm and Personnel Information: Provide details about your firm, including the names of the partner and staff who will be assigned to conduct the audit. Include prior experience and qualifications of these individuals.
Client References: Supply references for audit clients for whom your firm has served as the auditor of record, or clients who have approved being listed as references. Clearly indicate the nature of the services provided for each client.
Audit Time Budget: Present a detailed time budget for the audit of each program specified in this Request for Proposals.
Peer Review Documentation: Include a copy of your most recent peer review report, the letter of comments (LOC) if issued, or a statement confirming that no LOC was issued, and the acceptance letter for the peer review.
This Audit Will Be Conducted As A Financial And Compliance Audit In Accordance With Government Auditing Standards And Will Fulfill All Submission Requirements Set Forth By REAC.