4CD-84 Independent Audit Service RFQ

Description

Governing Board Andy Li Judy E. Walters, Ph.D. Fernando Sandoval John E. Márquez Rebecca Barrett Chancellor Bryan Reece, Ph.D. President Vice President Secretary College Presidents Damon A. Bell, Ed.D. (Interim) Contra Costa College Susan E. Lamb Diablo Valley College Robert Kratochvil, Ed.D. Los Medanos College Contra Costa Community College District Bid No. 4CD-84 Independent Audit Service RFQ ADDENDUM NO. 1 Question and Answer: 1. Please provide the prior year audit fee for Contra Costa Community College District. Please provide the breakdown. Answer: In 2019-20, our audit expenditures were $191,050 2. Why is the District going out to bid for these services? Answer: Board Policy 5007, External Audit of District Funds, states that an audit firm shall be employed for a period of not less than three consecutive years and no more than five consecutive years. 2020-21 audit is our fifth year with our current audit firm. 3. Has the District experienced any issues with the current audit firm? Are they invited to rebid? Answer: District did not have any issues with the current firm. Change in auditors is necessary per Board Policy 5007, which requires that District change auditors every 3 to 5 years. 4. If sharing with proposing firms, please provide the amount of fees paid for the audit of the year ended June 30, 2020. Answer: $191,050 5. Does the current auditor use a subcontractor for any audit work performed? Answer: No 6. Who prepares the financial statements (including footnotes) and various supplemental schedules? Has much assistance typically has been provided by the audit firm with the preparation? Answer: Audit firm prepares the financial statements (including footnotes). Information needed for the financials and the footnotes are provided by the District through schedule requests. Auditors also prepare District’s conversion entries, which include entries related to pension liabilities, etc. Contra Costa Community College District 500 Court Street, Martinez, California 94553 925.229.1000 www.4cd.edu 7. How many entries/adjustments have the auditors typically proposed in the past? What was the nature of such adjustments, if any? Answer: No adjustments have been proposed during our time with the current auditors. 8. When do you anticipate the books and records being closed after year end? Answer: Most funds are closed by the end of August. Financial Aid fund is closed by the end of September. 9.