Annual Financial Audit Services

Project Description: Purpose of the Financial Audit:
The purpose of the Request for Qualifications is to obtain the services of a public accounting firm for the annual audit for fiscal year 2024-2025 & 2025-2026 with three additional one (1) year renewals. The organization wide audit will encompass the financial statements, combining statements and other schedules for the New Braunfels Independent School District for the fiscal year ending August 31, 2024. The audit is to be performed in accordance with generally accepted government auditing standards contained in the Texas Education Agency Financial Accountability System Resource Guide.
The financial statement audit is to determine whether (1) the financial statements present fairly the financial position, results of operations, and cash flows or changes in financial positions in accordance with generally
accepted accounting principles, and (2) financial information is presented in accordance with established or
stated criteria, (3) whether the New Braunfels Independent School District has complied with laws and
regulations for those transactions and events that may have a material effect on the financial statements.
As part of the audit of the general-purpose financial statements the annual audit will include obtaining an understanding of the District's internal control structure and reporting any reportable conditions relating to
the internal control systems brought to the attention of the auditors. To comply with Office of Management
and Budget Circular A-133, a study and evaluation of the internal control will include internal accounting and administrative controls for all major federal financial assistance programs, in accordance with standards for
risk assessment for major federal financial assistance.
Any material weakness noted during the study and evaluation of internal accounting and administrative controls and other kinds of non-compliance and questioned costs will be reported in accordance with the Single Audit Act.
As part of the audit of the financial statements, transactions and records pertaining to federal programs will be tested for material compliance with federal laws, rules, and regulations and all instances of noncompliance will be reported to the school district.
Additionally, the audit will include the performance of certain audit procedures for the purpose of reviewing the accuracy of fiscal information provided by the district through the Public Education Information Management System
(PEIMS), as required by Section 44.008(6) of the Texas Education Code.
The engagement will be based on agreed upon procedures between the school district and the independent auditor and any other requirements as set by the State of Texas.
The audit will include procedures applicable to compensatory education funds as required by Module 9 of the Financial Accountability System Resource Guide, if required.
1. The accounting firm should provide an annual audit report in a form acceptable to the Texas Education Agency and within the time frame stipulated in TEC 44.008 (d) of 150 days subsequent to the close of the fiscal year for which the audit was made.
2. The Finance and Audit Committee would expect to meet with the auditor(s) at least annually. The meeting would be called by the chairman of the Finance Committee.
3. The District intends to sell bonds from time to time, which may require the audited financial statements and Auditors opinion to be printed in total or as a part of the section of or addendum to the Official Statement for bond issues. Also, certification may be required for Interest and Sinking Fund Reserve Balances as a point in time other than year end.
4. It is requested that the interested accounting firm include a detailed description of each step in the audit approach that will be taken in the audit engagement including estimated hours for each.
5. The firm upon being awarded this engagement will be expected to review the detailed audit work plan and schedule with the Director of Finance prior to commencing the audit assignment each year.
6. Financial statements developed by the Auditor must be in a form that complies with the requirements for the GFOA Certificate of Achievement, the ASBO Certificate of Excellence, and the Texas Education Agency.
7. All working papers and reports must be retained, at the auditor’s expense, for a minimum of five (5) years, unless the firm is notified in writing by the District of the need to extend the retention period. The auditor will be required to make working papers available, upon request, to auditors from the Texas Education Agency, The Government Accountability Office, or other applicable governmental agencies, they are not otherwise considered to be records open to the general public.
Independent Auditor
The accounting firm must demonstrate the capability to perform the annual audit in accordance with generally accepted government auditing standards and State Board of Education auditing rules. Public accounting firms that have performed annual audits for similar entities are encouraged to file a proposal.
Term of the Audit Engagement
The contract for audit services based upon Board of Trustees approval of the proposal will be for the fiscal year ending June 30th, 2024. The District may request to extend this agreement for another four years through fiscal year August and engagement letter.
Dispute Resolution
Disputes concerning the terms of contracted services that cannot be resolved will be brought before an independent mediation center, whose decision will be binding upon both parties.
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