530-26-02 Financial Audit Services - Audit Questions and Answers

REQUEST FOR PROPOSAL
For
Financial Audit Services
PIKES PEAK LIBRARY DISTRICT
Colorado Springs, CO
RFP # 530-26-02
The Pikes Peak Library District (PPLD) invites qualified firms with the qualifications as stated herein,
and are licensed in the State of Colorado, to submit a response to a Request for Proposal (RFP) for
Financial Audit Services, 1175 Chapel Hills Dr., Colorado Springs, CO.
Proposal deadline is 2 p.m. MST on Friday, August 28, 2026
08/05/2026

F inancial Audit Services RFP #530-26-02
Table of Contents
1. Scope of Work ................................................................................................................................................... 2
2. RFP Schedule and Contracts ......................................................................................................................7
3. Proposal Submission, Selection, and Contract Formation ...........................................................8
4. Vendor Qualification and Information ............................................................................................. 12
5. Pricing................................................................................................................................................................ 13
6. Terms & Conditions ..................................................................................................................................... 14
Addendum A- Proposal Cover Sheet ............................................................................................................ 15
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F inancial Audit Services RFP #530-26-02
1. Scope of Work
1.1 Purpose:
The Pikes Peak Library District (PPLD) is soliciting proposals from qualified independent
certified public accounting firms to perform the annual audit of the District's financial
statements for the fiscal year ending December 31, 2026, with the option to renew the
agreement for up to four (4) additional one-year terms, subject to satisfactory
performance and approval by PPLD.
PPLD prepares an Annual Comprehensive Financial Report (ACFR) each year and has
received the Government Finance Officers Association (GFOA) Certificate of
Achievement for Excellence in Financial Reporting for thirty-four (34) consecutive years.
The District expects the selected auditor to possess significant governmental auditing
experience and to support the District's continued commitment to producing a high-
quality ACFR that meets or exceeds GFOA reporting standards.
The selected firm shall provide all labor, supervision, professional expertise, and
resources necessary to complete the engagement in accordance with applicable
professional standards and the requirements outlined in this Scope of Work.
1.2 Audit Services
The selected firm shall perform an independent audit of the financial statements of Pikes
Peak Library District and the Pikes Peak Library District Foundation.
The audit shall include, at a minimum:
* Audit of the District's financial statements.
* Audit of the Pikes Peak Library District Foundation financial statements.
* Evaluation of internal controls as required by professional auditing standards.
* Evaluation of compliance with applicable laws, regulations, grant requirements,
and contractual provisions.
* Performance of a Single Audit, if required under Uniform Guidance (2 CFR Part
200).
* Communication of significant accounting issues, audit adjustments, and internal
control deficiencies.
1.3 Applicable Professional Standards
The audit shall be conducted in accordance with all applicable professional standards,
including:
* Generally Accepted Auditing Standards (GAAS)
* Government Auditing Standards (Yellow Book)
* Governmental Accounting Standards Board (GASB) requirements
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F inancial Audit Services RFP #530-26-02
* Uniform Guidance (2 CFR Part 200), if applicable
* All other applicable federal and State of Colorado auditing requirements
1.4 Required Deliverables
The selected firm shall provide the following:
* Independent Auditor's Report on the financial statements.
* Reports required under Government Auditing Standards.
* Reports required under Uniform Guidance, if applicable.
* Required communications with those charged with governance.
1.5 Financial Statement and ACFR Preparation
PPLD Finance staff will prepare the Annual Comprehensive Financial Report (ACFR),
including the basic financial statements, notes, required supplementary information, and
statistical section.
The auditor shall:
* Audit the financial statements included in the ACFR.
* Review the ACFR for consistency with the audited financial statements and
applicable accounting and reporting standards.
* Provide comments regarding required disclosures.
* Render an opinion on the financial statements included within the ACFR.
* Prepare the financial statements of the Pikes Peak Library District Foundation.
* Be available to discuss the audited financial statements during the GFOA
Certificate of Achievement review process.
1.6 Planning and Communication
The auditor shall maintain regular communication with PPLD throughout the
engagement and shall:
* Conduct audit kickoff meeting and interviews
* Provide a detailed audit request list and engagement schedule.
* Notify PPLD promptly of issues affecting the audit.
* Discuss preliminary findings with management prior to issuance of draft reports.
* Present the audit results to the Internal Affairs Committee.
* Present the final audit to the Board of Trustees at the June Board meeting.
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F inancial Audit Services RFP #530-26-02
1.7 Internal Control and Compliance
The auditor shall communicate all matters required by professional standards, including:
* Significant accounting policies
* Significant accounting estimates
* Audit adjustments
* Corrected and uncorrected misstatements
* Internal control deficiencies
* Significant deficiencies
* Material weaknesses
* Instances of noncompliance
* Difficulties encountered during the audit
* Disagreements with management, if any
1.8 Working Papers
Working papers shall remain the property of the auditor but shall be retained in
accordance with applicable professional standards for no fewer than five (5) years
following issuance of the audit report.
Upon request, working papers shall be made available to:
* Pikes Peak Library District
* Pikes Peak Library District Foundation
* Federal or state oversight agencies
* Successor auditors
* Other parties authorized by law
1.9 Schedule
The successful proposer shall complete the engagement in accordance with the schedule
established by PPLD.
At a minimum, the engagement shall include:
Milestone Target Date
Planning Meeting February
Audit Request List February
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F inancial Audit Services RFP #530-26-02
Interim/Final Fieldwork April
Draft Reports May
Internal Affairs Committee Review First Tuesday in June
Board Presentation June
Final Audit Reports Prior to June Board meeting Presentation
1.10 Assistance Provided by PPLD
PPLD will provide:
* Financial records and supporting documentation
* Access to Finance staff
* Workspace, if needed
* Electronic records, as available
* Assistance in coordinating requested information
* Confirmation preparation, where appropriate
1.11 Optional Advisory Services
The auditor may also be requested to provide limited consultation regarding:
* New GASB pronouncements
* Accounting treatment of significant transactions
* Federal compliance matters
* Best practices in governmental financial reporting
Such consultation shall not impair the auditor's independence.
1.12 Information Security and Cybersecurity Requirements
Because the auditor will have access to confidential financial records, employee
information, and other sensitive data, the selected firm shall maintain administrative,
technical, and physical safeguards designed to protect PPLD information from
unauthorized access, disclosure, alteration, or destruction.
At a minimum, the selected firm shall:
* Maintain a written information security program appropriate for the size and
complexity of the firm.
* Utilize secure methods for transmitting and storing confidential information,
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F inancial Audit Services RFP #530-26-02
including encrypted file transfer or a secure client portal.
* Require multi-factor authentication (MFA) for systems used to access or store
PPLD confidential information.
* Encrypt confidential information both in transit and at rest using industry-
standard encryption.
* Restrict access to PPLD information to personnel assigned to the engagement.
* Notify PPLD as soon as practicable, and no later than seventy-two (72) hours after
discovery, of any actual or suspected security incident or data breach involving
PPLD information.
* Cooperate fully with PPLD in investigating and responding to any security
incident affecting District information.
* Return or securely destroy all confidential PPLD information upon completion or
termination of the engagement, except where retention is required by
professional standards or law.
* Comply with all applicable federal, state, and local laws regarding the protection
of confidential information.
The proposer shall describe its cybersecurity practices, including secure document
exchange procedures, access controls, data retention policies, incident response
procedures, and any independent cybersecurity certifications or assessments (e.g., SOC 2,
ISO 27001, or similar), if applicable.
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F inancial Audit Services RFP #530-26-02
2. RFP Schedule and Contacts
RFP schedule:
RFP released ................................................................................................... Wednesday, August 5, 2026
Deadline for final questions ............................................................................ Friday, August 14, 2026
Deadline to return answered questions .................................................... Friday, August 21, 2026
Proposals due ................................................................................... Friday, August 28, 2026 at 2:00pm
Board Review and Decision .......................................................... Wednesday, September 16, 2026
Award Notification ............................................................ on or about Friday, September 18, 2026
Sole Point of Contact: Questions and requests for clarification must be sent via e-mail to Kim
Hoggatt, Chief Financial Officer, at khoggatt@ppld.org and Cc: Lindsay Sosa, Finance &
Procurement Generalist, lsosa@ppld.org. Please include the RFP number, title, and words
"question" and/or "clarification" in the subject line of the e-mail.
Questions and requests without this subject identification may be considered routine emails
and may not be properly addressed.
All answers to questions and requests for clarification will be posted on the PPLD website:
http://ppld.org/request-for-proposals .
Any PPLD response that is considered to be a change in terms, conditions, and specifications
of this RFP will be published as an amendment. No communications of any kind may be
considered as a change to the terms, conditions, and specifications in this RFP unless posted as
a formal addendum on the link above.
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F inancial Audit Services RFP #530-26-02
3. Proposal Submission, Selection, and Contract Formation
3.1. Proposal Submission
Substantive proposals: By submitting a proposal, the proposer guarantees that (a) its
proposal is genuine and is not made in the interest of, or on behalf of, any undisclosed
person, vendor, or corporation; (b) it has not directly or indirectly induced or solicited any
other respondent to put in a false or sham bid; (c) it has not solicited or induced any other
person, vendor, or corporation from proposing; (d) it has not sought by collusion to obtain
for itself any advantage over any other proposer or over PPLD.
Submission Information and Documents: The proposal must be comprehensive and
address all RFP requirements. To ensure that the information provided can be readily
identified, the proposal must include, but not limited to, the submission of the following
signed documents:
* Addendum A - Proposal Cover Sheet
* List of exceptions or deviations (if any)
* Responses to Section 4. Vendor Qualifications and Information
* Responses to Section 5. Pricing
Signatures: The proposal must be signed by an officer of the proposing vendor.
Exceptions and Deviations: Any exception to or deviations from these Terms & Conditions
must be identified, in writing, on an attachment to the proposal submission. PPLD
reserves the right to accept or reject, at its sole discretion, any exceptions or deviations by
the proposer.
Integration with Contract: The winning proposal will be included and integrated into the
final contract documents.
Proposal Submission: Proposals are to be submitted in sealed envelopes, identified with the
proposal number and title with all attachments. See the RFP Schedule for due dates.
Vendors must submit four (4) hard copies and soft copy (i.e., flash drive, magnetic media,
etc.) of the Proposal to:
Pikes Peak Library District
Attn: Kim Hoggatt
Finance Office
RFP# 530-26-02
1175 Chapel Hills Drive
Colorado Springs, CO 80920
Additional Copies may be requested by PPLD. PPLD is not liable for any cost incurred by
prospective respondents prior to the issuance of contract(s).
The deadline is firm, proposals delivered after that will be received but will be rejected for
being late.
A complete submission includes all required components, as stated in this document.
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F inancial Audit Services RFP #530-26-02
Duration of Proposal Offer: Price offers are irrevocable for 90 days following the proposal
due date. Once a proposal is accepted, all prices, terms and conditions will remain
unchanged throughout the contract period unless specifically agreed otherwise by both
PPLD and the successful Vendor through documented change orders.
Withdrawal of Proposal: A Proposer may withdraw its own proposal at any time prior to
the proposal due date and time as identified herein. After that date and time, no proposal
may withdraw its proposal for any reason. All proposals shall be valid for a period not less
than 90 calendar days after the proposal's due date.
Information to Vendors: No proposal shall be accepted from, and no contract will be
awarded to any person, vendor or corporation that is deemed irresponsible or unreliable
by PPLD. If requested, Vendors will submit satisfactory evidence that they have a
practical knowledge of the service bid upon and that they have the necessary financial
resources to provide the proposed service called for as described in this Request for
Proposal.
PPLD reserves the right to investigate and confirm the vendor's financial stability. This
may include reviewing financial statements, checking bank references, and interviewing
past contractors, employees, and creditors. Unfavorable responses to these investigations
are grounds for rejection of the proposal.
Confidentiality: All materials submitted in response to this RFP become the property of
PPLD, upon delivery. Proposals are public information. If a vendor submits proprietary
information, the vendor will label each proprietary page as "CONFIDENTIAL" and submit
in a separate package so PPLD will not release any information marked as Confidential.
Subcontracting: The Contractor must be responsible for the performance of all of its sub-
contractors, sub-sub-contractors, and consultants. The use of specific sub-contractors and
consultants is subject to the approval of PPLD. The Contractor is responsible for ensuring
that all sub-contractors and consultants comply with all the terms of the Contractor's
contract with PPLD.
If the Contractor uses subsidiary companies, explain their role and how they will be
involved in this project.
Insurance Requirements: The successful proposer shall have, at the minimum, the
following coverage: commercial general liability, automobile liability, cyber liability
insurance, and worker's compensation liability. The Vendor shall submit in their
proposals, ACORD certificates and/or other proof of the following insurances:
* General Liability $1,000,000
* Automobile Liability $1,000,000
* Worker's Compensation liability that meets statutory requirements.
Indemnification: The proposer agrees to, and shall, defend, release, and indemnify, and
save and hold harmless PPLD, its officer, agents, and employees from and against any and
all damages to property or injuries to or death of any person or persons, including
property and officers, employees, and agents of PPLD, and further agrees to, and shall,
defend, indemnify, and save and hold harmless PPLD, its officers, agents, and employees,
from and against any and all claims, costs, demands, liabilities, suits, actions, causes of
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