Auditing Services RFP Questions and Answers
Q: Can you provide the fees paid to your auditors for the 2023 audit?
- A: Fees paid for the 2023 Audit were $34,000.
Q: Is it anticipated that your former auditor will be proposing on this RFP?
A: Yes, we anticipate that the former auditor will submit a proposal.
Q: The RFP indicates that the auditor has identified adjustments in prior years. Can you provide copies of the entries prepared by the auditors during the most recent audit?
A: Yes, the FY2023 Audit Journal Entries can be provided by email upon request.
Q: Can you provide any board communication from the prior audit (management letter comments, SAS 114/115 letters)?
A: Yes, the Board communication letter can be provided by email upon request.
Q: Has the RF typically had all requested items ready for the auditors when they first arrive for final fieldwork? If not, what areas are more difficult for the RF to prepare?
A: Most items requested by the auditor have been provided (uploaded to a file share portal) by the beginning of fieldwork, which should be around the middle of February. For example, Minutes, Bank Statements, payment registers, payroll registers are uploaded by the beginning of fieldwork; sometimes we are waiting on the Annual Audited Statements of the Master Custodian which have been available usually around February 12th. In the last couple of years, we have provided the auditors the preaudit TB & GL, and account reconciliations within 2 or 3 days of the beginning of fieldwork.
Q: What have been the Fund’s biggest pain points in preparing for the annual audit?
A: The hardest part is physically pulling member files for testing benefit payments during preliminary fieldwork – around 60 files; this has often been at a time when we are preparing 1099’s and files have been pulled by the Benefits staff from their usual places. When preliminary fieldwork occurs in early February (as opposed to January or December), the process is much easier since most files have been returned to their proper place by that time.
Q: Does the Fund anticipate any significant changes in the Fund’s investment portfolio or strategies in 2024?
A: In 2023 and 2024 the Fund has added the Private Credit asset class to their portfolio; we are not anticipating other significant changes before the end of the year.
Q: Did the auditor provide additional services for the 2023? If so, will it be anticipated that those services will be required in 2024 and beyond?
A: Included in the 2023 Audit services was the Audit of the Schedule of Pension Amounts, required by our plan sponsor. This will be required in 2024 and going forward as well.
Note: please email any requests pertaining to #3 and #4 listed above to Vrinda Kulkarni, Accounting Supervisor, at [email protected].
