Financial Auditing Services

2026-11-03

1 . The financial statements will be audited in accordance with either ( 1 ) auditing standards generally accepted in the United State of America ; or ( 2 ) auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the Government Auditing Standards , issued by the Comptroller General of the United States . If the organization spends more than $ 500 , 000 in combined federal and / or state financial assistance ( e . g . contracts and grants ), the audit must be conducted in accordance with both set standards . 2 . The Office of State Auditor will be permitted to review the audit documentation for the engagement and such audit documentation will be retained for a period of at least three years . 3 . The Vendor shall furnish the University with an electronic copy of the resultant audit report for lawful distribution ; a copy shall be furnished to the State Auditor ’ s office for audit completed , and a copy to the Office of State Controller . The Vendor shall retain all working papers generated during this audit for a period of three ( 3 ) years at the office of the Vendor . 4 . The audit report will be delivered in time to meet the needs of the affected parties . Certain entities must be audited so that the Office of the State Auditor can use the report as a basis for the audit reports on the Annual Comprehensive Financial Report ( ACFR ) on individually issued reports on universities and colleges . When this is the case , state agencies and institutions will be informed on an individual basis . Audit reports may be required by a certain date to meet other needs as well and care should be taken to ensure that all reporting deadlines are addressed in contracts . 5 . The vendor shall perform examinations of the financial statements and records of University of North Carolina School of the Arts Housing Corporation , University of North Carolina School of the Arts Program Support Corporation , and The Thomas S . Kenan Institute for the Arts Supporting Organization for the purpose of rendering an opinion as to their fairness . In determining compliance with provisions of the applicable state laws and regulations under which the University is required to function , this examination shall include sufficient testing of internal controls to assure disclosure of any material errors or omission related to the financial statements . Assets shall be reviewed to any extent necessary in order to reveal findings that address the merchantability or obsolescence that might exist in property records . 6 . Upon request , the Vendor shall submit working papers for a quality review by authorized representative of the State Auditor of North Carolina . Any such review shall be performed on the Vendor ’ s premises during reasonable office hours . The Vendor shall provide working space for this review . This shall be provided by the Vendor at no additional cost . 7 . The Vendor must meet all North Carolina registration requirements and State Quality Review Program requirements of the N . C . State Board of Certified Accountants . A copy of the most recent peer review report will be provided to the University and to the Office of the State Auditor prior to execution of the contract . 8 . The Vendor shall have an adequate number of staff on hand to complete the audit in the time specified in the RFP and shall assign a licensed Certified Public Accountant ( CPA ) to oversee the audit . The Vendor shall provide proof certification that the person overseeing the audit is currently - licensed CPA . 9 . The Vendor shall agree that any and all records , documents , reports and or working papers furnished or generated by the Vendor or University for the purpose of preparing this audit report are to be kept strictly confidential between the Vendor and the University , except for any quality review by the State Auditor or upon authorized subpoena by a court of law . 10 . The Vendor shall submit a management letter advising the University of opportunities observed for economics in operations or improvements in internal control . The contents of the letter shall be discussed with the Contract Administrator ( s ) for accuracy before the final document is prepared .

North Carolina

2026-05-01