Audit Services and Forensic Audit Services

MADISON COUNTY
REQUEST FOR PROPOSAL (RFP)
FY25 ANNUAL AUDIT SERVICES
and
FORENSIC AUDIT, FINANCIAL RECONSTRUCTION, AND INTERNAL
CONTROL REVIEW SERVICES
Issue Date: June 24, 2026
Proposal Due Date/Time: August 24, 2026 5:00PM
Submitted To:
Madison County Board of Supervisors
c/o Madison County Auditor's office
112 John Wayne Dr PO Box 152, Winterset, IA 50273
cosupervisors@madisoncounty.iowa.gov
I. PURPOSE
Madison County, Iowa is requesting proposals from qualified certified public accounting firms and forensic
accounting firms to provide:
Part A - Annual Audit Services for the fiscal year ended June 30, 2025
Part B - Forensic Audit, Financial Reconstruction, and Internal Control Review Services related to
financial records, reconciliations, fund balances, internal controls, and findings identified in prior County
audits, including matters that may affect the FY2025 audit.
Firms may submit proposals for:
* Part A only
* Part B only
* Both Part A and Part B
Madison County reserves the right to award either part separately or both parts to a single firm.
Each bidding firm will submit three sealed (4) hard copies and one sealed (1) digital copy (USB) of its
proposal by the deadline of 3:00 p.m., August 24, 2026, to:
Madison County Board of Supervisors
Attn: County Auditor Michele Brant
112 N. John Wayne Dr.
Winterset, IA 50273
Mark the envelope: "Proposal for Audit Services RFP - [Firm Name]".

Faxed proposals will not be accepted.
Emailed proposals will not be accepted.
For further information, submit questions, and provide notice of intent to bid, please send an email to
both contacts below:
Name: County Auditor Michele Brant
Email: mbrant@madisoncounty.iowa.gov
Name: Supervisor Chair Heather Stancil
Email: hstancil@madisoncounty.iowa.gov
To ensure a fair and transparent procurement process, all communication regarding this solicitation shall
be directed solely as directed to both the designated County contact(s) identified above. Vendors shall
not seek information regarding this solicitation from elected officials, department personnel, evaluation
committee members, or other County representatives who are not designated contacts. Failure to comply
with this requirement may result in disqualification or other action deemed appropriate by the County.
II. GENERAL INFORMATION
1. Madison County reserves the right to reject any and all proposals received.
2. Only proposals received at the location described and in the timeframe given will be considered.
3. The audit and audit report shall be in accordance with the following: Chapter 11 of the Code of
Iowa, Generally accepted auditing standards set forth by the American Institute of Certified Public
Accounts (AICPA), the standards for financial audits contained in the most recent U.S. General
Accounting Office's Government Auditing Standards, Office of Management and Budget (OMB)
Circular A-133, Audits of State, Local Governments and Non-Profit Organizations.
4. The auditor shall communicate in a letter to the BOS and County Auditor any reportable
conditions found during the audit. A reportable condition shall be defined as a significant
deficiency in the design or operation of the internal control structure, which could adversely affect
the organization's ability to record, process, summarize, and report financial data consistent with
the assertions of management in the financial statements.
5. Reportable conditions that are also material weaknesses shall be identified as such in the report.
6. Auditors or forensic firms shall immediately notify the Iowa State Auditor, County Attorney, Board
of Supervisors, and County Auditor of any irregularities, illegal acts, material misstatements, fraud
indicators, or other reportable matters of which they become aware.
7. There is no expressed or implied obligation for Madison County to reimburse responding firms for
any expenses incurred in preparing proposals in response to this request.
8. Madison County desires that the County Auditor assist in preparation of the Annual Financial
Report, in compliance with Iowa Code 331.403.
9. Madison County will need to comply with the applicable GASB standards over the course of this
contract. Any costs associated with assisting the County in implementing these standards should
be included in the proposal. Any preliminary work to achieve compliance with these items and
any additional GASB standards going forward should also be included.
10. Working papers and reports must be retained, at the auditor's expense, for a minimum of five (5)
years unless notified otherwise in writing by Madison County of the need to extend the retention
period. The auditor will be required to make working papers available to authorized County staff
upon request.
11. The firm shall respond to reasonable inquiries of successor auditors and allow review of relevant
working papers.
12. Four (4) bound copies and one (1) electronic copy of the audit report (including management
letter, detailed per-diem audit bill, and news release) shall be provided.
13. All tasks to be performed by the County staff (e.g., confirmations, file retrieval, etc.) must be
specified, with estimates of staff time.
14. The County will provide workspace, desks, chairs, telephone lines, internet access, photocopying
facilities; but report preparation, editing, printing is auditor's responsibility.
15. Either party may terminate this agreement by 90-day written notice.
16. The auditor shall be an independent contractor; payroll taxes, liability, workers' compensation are
the firm's responsibility.

17. All other terms and conditions per Attachment A.
18. The firm shall maintain adequate liability insurance in form(s) and amount(s) sufficient to protect
Madison County, its agencies, its employees, its clients and the general public against loss,
damage and/or expense related to performance under this agreement.
19. Certificate of Insurance as specified in Attachment B must be submitted.
20. The firm must immediately notify Madison County of any changes in insurance coverage. If at any
time during the contract period the company fails to maintain the minimum insurance coverage,
the contract may be canceled at the County's option.
21. There shall be no cost to the County for any required insurance coverage or certification.
22. This RFP document and its attachments shall be incorporated by reference into any contract
arising from this RFP.
23. Madison County is soliciting proposals for both annual audit services and forensic audit/financial
reconstruction services through this RFP. Firms shall identify whether they are proposing on Part
A, Part B, or both.
24. SPECIAL INSTRUCTION: Madison County requires completion of the forensic engagement no
later than December 31, 2026. Firms unable to meet this requirement shall clearly identify any
scheduling limitations in their proposal, along with expected completion date.
25. FY23, FY24 and past Madison County audits and financial statements can be found at the Iowa
State Auditor's website by going here and searching by "Madison County":
https://www.auditor.iowa.gov/reports/audit-reports
III. DATA TO BE INCLUDED IN PROPOSAL
* Letter of Transmittal
(Optional) Briefly state your understanding of the work; provide key contact person, local office
address, telephone, email.
* Table of Contents
Include sections and pages; if no transmittal letter, clearly show contact person and local office
info here.
* Profile of Firm
o Size, type (local, national, etc.)
o Registration/licensing/compliance status in Iowa
o Local office location and staffing by level (partner, manager, senior, etc.)
o Any joint venture or consortium arrangements
o Most recent external quality control review (peer review), including results of government
engagements
o Any desk reviews or field reviews in any of its audits in the last 3 years
o Any disciplinary actions taken or pending in the last 3 years with either government
regulatory bodies or professional organizations
* Qualifications for both Part A & Part B
o List clients similar in size and audit complexity
o Resumes of key personnel (partner, on-site in-charge, etc.) with relevant governmental
audit experience
o Continuing professional education in government accounting/auditing in last 3 years
o Policy for notification of changes in key personnel
o Number of professionals with local governmental auditing experience
o Access to experts for consultation
o Quality control systems
* Additional qualifications for Part B:
o Governmental forensic accounting experience.
o Experience reconstructing books and records.
o Experience with qualified audit opinions.
o CPA, CFE, CFF, or equivalent credentials.
o Ability to provide expert testimony if necessary.
* Scope & Proposed Schedule
o PART A: FY2025 ANNUAL AUDIT SERVICES
a. Your understanding of the services to be provided

b. Proposed timeline for fieldwork, review, report drafts, final report, etc., assuming
contract awarded on the approximate date given in Section IV.
c. The selected firm shall evaluate whether conditions identified in FY2023 and
FY2024 continue to affect balances reported for FY2025.
1. Deliverables:
a) Audit report
b) Management letter
c) Required communications
d) Board presentation
o PART B: FORENSIC AUDIT, FINANCIAL RECONSTRUCTION, AND INTERNAL
CONTROL REVIEW
a. Purpose: The purpose of this engagement is to independently evaluate,
reconstruct, reconcile, and validate County financial records and balances.
b. Timeline: Proposed timeline for fieldwork, review, report drafts, final report, etc.,
assuming contract awarded on the approximate date given in Section IV.
c. Scope: the selected firm shall:
1. Review FY2023, FY2024, and FY2025 records.
2. Review all prior audit findings.
3. Reconcile all material bank accounts.
4. Validate fund balances.
5. Review Treasurer operations.
6. Review property tax reconciliations.
7. Review receipts, deposits, transfers, and disbursements.
8. Identify unsupported balances.
9. Evaluate internal controls.
10. Determine whether balances can be substantiated.
11. Recommend corrective actions.
d. Financial reconstruction: Where records are incomplete or unreliable, the
selected firm shall perform reconstruction procedures sufficient to establish the
most accurate balances possible from available evidence.
1. Deliverables:
a) Work plan
b) Monthly status reports
c) Interim findings report
d) Draft forensic report
e) Final forensic report
f) Board presentation
g) Corrective action roadmap
2. Completion date: December 31, 2026
a) Failure to meet this deadline without County-approved extension
may constitute breach of contract.
e. Additional: All workpapers, schedules, reconciliations, supporting documentation,
and electronic work products created under Part B shall become the property of
Madison County upon payment and shall be made available to successor
auditors, the Iowa State Auditor's Office, law enforcement agencies, insurers,
and legal counsel as authorized by law.
* Fees, Compensation & Duration
o Estimated total hours for Part A & Part B
o Estimated out-of-pocket expenses
o Hourly rates by staff classification
o Not-to-exceed amounts for Part A & Part B
o Separate fees for each additional major program audited
o Frequency and timing of billing
* Independence statement
If proposing on both Part A and Part B, explain whether forensic services could impair audit
independence and how independence will be maintained.
* Proposed Contract
Submit two (2) manually signed copies of the proposed contract for these audit services.

IV. CALENDAR
Bid Milestone Date
RFP Issued Tuesday, June 23, 2026
Questions Due Friday, July 17, 2026
Notice of intent to bid via email due Monday, August 24, 2026
Proposals Due Monday, August 24, 2026
Bid Opening / Firm Selected / Notified Between August 25, 2026 and September 1, 2026
Contract date (approximate) Between August 25, 2026 and September 1, 2026
Forensic milestone Date
Kickoff Within 14 days of award/contract date
Preliminary Assessment Within 30 days of award/contract date
Interim Findings due By October 15, 2026
Draft Report due By November 30, 2026
Final Report due By December 31, 2026
V. EVALUATION CRITERIA
Proposals will be evaluated on:
For Part A:
* Cost
* Qualifications
* Governmental audit experience
* Staffing
* Schedule
For Part B:
* Governmental forensic experience
* Methodology
* Team qualifications
* Ability to address FY23/FY24 findings
* Cost
SEE ATTACHMENTS
* Attachment A - Instructions to Bidders & General Terms and Conditions
* Attachment B - Minimum Insurance Requirements

ATTACHMENT A
INSTRUCTION TO BIDDERS AND GENERAL TERMS AND CONDITIONS
1. LANGUAGE, WORDS USED INTERCHANGEABLY - The word "COUNTY" refers to the COUNTY
OF MADISON, IOWA throughout these Instructions to Bidders and General Terms and Conditions.
Similarly, BIDDER refers to the person or company submitting an offer to sell its goods or services to
the COUNTY. The words QUOTATION, BID and PROPOSAL are all offers from a BIDDER, but may
represent different methods of obtaining price and other information from the BIDDER.
2. BIDDER QUALIFICATIONS - No Bid shall be accepted from, and no contract will be awarded to, any
person, firm or corporation that is in arrears to the County upon debt or contract, that is a defaulter, as
surety or otherwise, upon any obligation to the County, or that is deemed irresponsible or unreliable
by the County. If requested, Bidders shall be required to submit satisfactory evidence that they have a
practical knowledge of the particular supply/service bid and that they have the necessary financial
resources to provide the proposed supply/service as described in the attached Technical Proposal
specifications.
3. BID FORM - Each Bidder must submit an original Bid (if a bid form is attached it must be used) plus
any additional sheets provided by the Bidder that may be required for additional information. The Bidder
shall sign his/her Bid correctly, and the Bid may be rejected if it shows any omissions, alterations of the
form, additions not called for in the Bid, or any irregularities of any kind. If a bid form is attached, the
County will not consider replies that are not on the County's form. Bidders may submit additional
information and brochures relative to the services for which they are offering pricing, but those
submittals will only be considered in addition to, not in lieu of, any bid submitted on the County's form.
In case of a discrepancy between the unit price and the extended price, the unit price shall prevail.
4. SPECIFICATION DEVIATIONS BY THE BIDDER - Any deviation from this specification MUST be
noted in detail and submitted in writing and attached to the Bid Form. Completed specifications
should be attached for any substitutions offered, or when amplifications are desirable or necessary.
The absence of the specification deviation statement and accompanying specifications will hold the
Bidder strictly accountable to the specifications as written herein. Failure to submit this document of
specification deviation, if applicable, shall be grounds for rejection of the item when offered for
delivery. If specifications or descriptive papers are submitted with Bids, the Bidder's name should be
clearly shown on each document.
5. BIDDER REPRESENTATION - Each Bidder must sign the Bid with his/her usual signature and shall
give his/her full business address on the form provided in this Bid.
6. COLLUSIVE BIDDING - The Bidder certifies that the bid submitted by said Bidder is done so without
any previous understanding, agreement or connection with any person, firm, or corporation making a
bid for the same contract, without prior knowledge of competitive prices, and it is, in all respects, fair,
without outside control, collusion, fraud or otherwise illegal action.
7. BROCHURES - Bids may include adequate brochures and advertising literature describing the
service offered in such fashion as to permit ready comparison with our specifications where
applicable.
8. SPECIFICATION CHANGES, ADDITIONS AND DELETIONS - All changes in Bid documents shall
be through written addendum and furnished to all Bidders. Verbal information obtained otherwise will
not be considered in awarding of Bids.
9. BID CHANGES - Bids amendments thereto or withdrawal requests received after the time advertised
for Bid Opening will be void regardless of when they were mailed.
10. HOLD HARMLESS AGREEMENT - The Bidder agrees to protect, defend, indemnify and hold
harmless the County of Madison, its officers, and its employees, their agencies and agents, from any
and all claims and damages of every kind and nature made, rendered or incurred by or on behalf of
every person or corporation whatsoever, including the parties hereto and their employees that may
arise, occur, or grow out of any acts, actions, work or other activity done by the Bidder, its employees,

subcontractors or any independent contractors working under the direction of either the Contractor or
subcontractor in the performance of this contract.
11. COMPLETION DATE - The completion as stated in the Bid Form shall be the time required to
complete project after the award of the Contract. Where multiple items appear on a Bid request, the
Bidder shall, unless otherwise stated by the County, show the completion date for each item
separately. If only a single completion date is shown, it will mean that all tasks of the project included
in the Bid can and will be delivered on or before the specified date. The Bidder agrees that the project
will be completed in the time stated, assuming that the time between the Bid Opening and the Notice
to Proceed does not exceed the number of days so stipulated. The right is reserved to reject any Bid
in which the completion time indicated is considered sufficient to delay the operational needs for
which the service is intended.
12. BID REJECTION OR PARTIAL ACCEPTANCE - The County reserves the right to reject any or all
Bids. The County further reserves the right to waive technicalities and formalities in Bids, as well as to
accept in whole or in part such Bids where it is deemed advisable in protection of the best interests of
the County.
13. BID CURRENCY/LANGUAGE - All Bid prices shall be shown in US Dollars ($). All prices must remain
firm for the duration of the contract regardless of the exchange rate. All bid responses must be
submitted in English.
14. PAYMENTS - Payments will be made for all goods/services delivered, inspected and accepted within
30 days and upon receipt of an original invoice.
15. MODIFICATION, ADDENDA AND INTERPRETATIONS - Any apparent inconsistencies, or any matter
requiring explanation or interpretation, must be inquired into by the Bidder in writing at least 72 hours
(excluding weekends and holidays) prior to the time set for the Bid Opening. Any and all such
interpretations or modifications will be in the form of written addenda. All addenda shall become part of
the contract documents and shall be acknowledged and dated on the Signature Page.
16. LAWS AND REGULATIONS - All applicable State of Iowa and federal laws, ordinances, licenses and
regulations of a governmental body having jurisdiction shall apply to the award throughout as the
case may be and are incorporated here by reference.
17. TELEGRAPHIC/ELECTRONIC BID SUBMITTAL - Telegraphic and/or bid offers sent by electronic
means, other than specified herein, are not acceptable and will be rejected upon receipt. Proposing
firms will be expected to allow adequate time for delivery of their bid either by airfreight, postal
service, or other means.
18. MISCELLANEOUS - The County reserves the right to inspect Contractor's facilities prior to the award
of this bid. The County reserves the right to negotiate optional items with the successful Bidder.
19. MODIFICATION OF AGREEMENT - No modification of award shall be binding unless made in writing
and signed by the County.
20. CANCELLATION - Either party may cancel the award in the event that a petition, either voluntary or
involuntary, is filed to declare the other party bankrupt or insolvent or in the event that such party
makes an assignment for the benefit of creditors.
21. TERMINATION OF AWARD FOR CAUSE - If, through any cause, the successful Bidder shall fail to
fulfill in a timely and proper manner its obligations or if the successful Bidder shall violate any of the
covenants, agreements or stipulations of the award, the County shall thereupon have the right to
terminate the award by giving written notice to the successful Bidder of such termination and
specifying the effective date of termination. In that event, and as of the time that notice is given by the
County, all finished or unfinished services, reports or other materials prepared by the successful
Bidder shall, at the option of the County, become its property, and the successful Bidder shall be
entitled to receive compensation for any satisfactory work completed, prepared documents or
materials as furnished. Notwithstanding the above, the successful Bidder shall not be relieved of
liability to the County for damage sustained by the County by virtue of breach of the award by the
successful Bidder. The County may withhold any payments to the successful Bidder for the purpose

of set-off until such time as the exact amount of damages due the County from the successful Bidder
is determined.
22. TERMINATION OF AWARD FOR CONVENIENCE - The County may terminate the award at any
time by giving written notice to the successful Bidder of such termination and specifying the effective
date thereof, at least sixty (60) working days before the effective date of such termination. In that
event, all finished or unfinished services, reports, material(s) prepared or furnished by the successful
Bidder or under the award shall, at the option of the County, become its property. If the award is
terminated due to the fault of the successful Bidder, termination of award for cause relative to
termination shall apply. If the award is terminated by the County as provided herein, the successful
Bidder will be paid an amount as of the time notice is given by the County which bears the same ratio
to the total compensation as the services actually performed bear to the total services the successful
Bidder covered by the award, less payments of compensation previously made.
23. FORCE MAJEURE - For the purpose hereof, force majeure shall be any of the following events: acts
of God or the public enemy; compliance with any order, rule, regulation, decree, or request of any
governmental authority or agency or person purporting to act therefore; acts of war, public disorder,
rebellion, terrorism, or sabotage; floods, hurricanes, or other storms; strikes or labor disputes; or any
other cause whether or not of the class or kind specifically named or referred to herein not within the
reasonable control of the party affected.
a. A delay in or failure of performance of either party shall not constitute a default hereunder nor be
the basis for, or give rise to, any claim for damages, if and to the extent such delay or failure is
caused by force majeure.
b. The party who is prevented from performing by force majeure (i) shall be obligated, within a period
not to exceed fourteen (14) days after the occurrence or detection of any such event to give notice
to the other party setting forth in reasonable detail the nature thereof and the anticipated extent of
the delay, and (ii) shall remedy such cause as soon as reasonably possible.
24. ASSIGNMENT - Bidder shall not assign this order or any monies to become due hereunder without
the prior written consent of the County. Any assignment or attempt at assignment made without such
consent of the County shall be void.
25. EQUAL OPPORTUNITY - The successful firm agrees not to refuse to hire, discharge, promote,
demote, or to otherwise discriminate in matters of compensation against any person otherwise
qualified solely because of race, creed, sex, national origin, ancestry or physical handicap.
26. TIME PERIOD - Prices are to be honored for the time period stated in your response on the Signature
Page.
27. EXTENSION - Any or all of the awards made as a result of this Request for Bid may be extended for
an additional period of time, up to one year, if mutually agreed between the parties.
28. FOB POINT - In terms of loss or damage, as well as where title to the goods is passed, please quote
FOB - Destination.
29. METHOD OF AWARDING/QUOTING - The County reserves the right to make awards based on the
entire bid or on an individual basis. However if you offer your bid based on an "all or none" condition,
the County may consider your bid non-responsive and reject the entire bid.
30. TAXES - The County of Madison is exempt from sales tax and certain other use taxes. Any charges
for taxes from which the County is exempt will be deducted from invoices before payment is made.
31. BID INFORMATION IS PUBLIC - All documents submitted with any bid or proposal shall become
public documents and subject to disclosure under Iowa Code Chapter 22 unless otherwise held
confidential under Chapter 22 upon opening of the bid, which is otherwise known as the "Iowa Open
Records Law". By submitting any document to the County of Madison in connection with a bid or
proposal, the submitting party recognized this and waives any claim against the County of Madison
and any of its officers and employees relating to the release of any document or information
submitted. Each submitting party shall hold the County of Madison and its officers and employees
harmless from any claims arising from the release of any document or information made available to
the County of Madison arising from any bid opportunity.

32. PURCHASE ORDER - Purchase Orders will not be issued from the County of Madison.
33. "NO GIFT" STANDARD - The County of Madison is committed to upholding the highest ethical
standards in all of our business practices. This standard recognizes the need to avoid even the
perception of improper gifts or favors to employees. Therefore, we ask all vendors to abide by our "No
Gift" standard. The "No Gift" standard also applies to all offers of discounts or free items at any place
of business targeted toward a County employee and not available to the general public, regardless of
the value.

ATTACHMENT B
MINIMUM INSURANCE REQUIREMENTS
A. At all times during the contract/agreement the outside party will carry and maintain, at the outside
party's expense, the following insurance:
1. Commercial General Liability Insurance Policy, including but not limited to, insurance for
premises construction operations (when applicable), contractual liability, completed
operations with respect to liability arising out of the ownership, use, occupancy or
maintenance of the premises and all areas appurtenant thereto, to afford protection with
respect to bodily injury, personal injury, death or property damage of not less than One
Million Dollars ($1,000,000) per occurrence combined single limit/Two Million Dollars
($2,000,000) general aggregate.
2. The County reserves the right to require increased liability limits, not to exceed Fifteen
Million Dollars ($15,000,000) from bidders, should the project represent an elevated
hazard level to the County as determined by the Madison County Board of Supervisors.
3. Comprehensive Automobile Liability Insurance Policy with limits for each occurrence of
not less than One Million Dollars ($1,000,000) Combined Single Limit with respect to
bodily injury, property damage or death.
4. Workers Compensation Insurance Policy or similar insurance in form and amounts
required by law.
B. Should the bid require design elements (i.e. architectural, engineering, or professional system
designs), the outside party may be required to carry professional errors and omissions coverage
with a limit for each claim of not less than One Million Dollars ($1,000,000).
C. Coverage must be maintained by a financially stable carrier with a minimum AM Best rating of A-.
It will be the outside party's responsibility to provide proof of its carrier's rating.
D. The outside party shall agree to the following:
1. Madison County will be named as an additional insured with respect to all casualty insurance
policies.
2. Certificate of insurance will be submitted to the County Auditor's Office prior to commencement
of the contract/agreement and shall include a thirty-day notice of cancellation provision.
3. If the outside party fails to perform any of its obligations under the County's Insurance and
Policy Requirements, Madison County reserves the right to either purchase the required
insurance coverage and assess the cost directly to the outside party, or to declare the outside
party's bid invalid.
4. Hold Harmless Agreement - The outside party shall indemnify and hold harmless Madison
County, its agents and employees, from and against all claims, damages, losses and expenses
including attorneys' fees arising out of or resulting from the performance of the work, provided
that any such claim, damage, loss or expense:
a. is attributable to bodily injury, sickness, disease or death, or to the damage to or
destruction of tangible property (other than the work itself) including the loss of use
resulting therefrom, and
b. is caused in whole or in part by any negligent act or omission of the outside party or its
subcontractor, anyone directly or indirectly employed by any of them or anyone for whose
acts any of them may be liable, regardless of whether or not it is caused in part by a party
indemnified hereunder.