Independent Auditor to Provide External Auditing Service Addendum

REQUEST FOR PROPOSALS
RFP #354-FN26-23
Project Title: Independent Auditor to Provide External Auditing
Services
Issue Date: March 26, 2026
Due Date: April 28, 2026 at 5:00 PM ET
Issuing Department: Finance
Direct all inquiries concerning this RFP to:
Dr. Dara Shoffner
Assistant Finance Director
Email: FinancialAuditRFP@carync.gov
v.04.15.24

Table of Contents
1 REQUEST FOR PROPOSALS 2
1.1 Introduction 2
1.2 Purpose and Background 2
1.3 Notice to Vendors Regarding RFP Terms and Conditions 2
1.4 RFP Response Timeline 3
1.5 Pre-Proposal Conference/Site Visit 3
1.6 Proposal Questions 4
1.7 Proposal Submission Requirements and Contact Information 4
1.8 Audit Contract and Payment of Services 5
1.9 Rights to Submitted Material 5
2 PROPOSALS 5
2.1 Request for Proposal Document 9
2.2 Evaluation Criteria 9
2.3 Proposal Evaluation Process 10
2.4 Final Selection 10
2.5 Contract Term 11
2.6 Invoices 11
2.7 Notice to Proposers Regarding RFP Terms and Conditions 11
3 SCOPE OF SERVICES 11
3.1 Annual Audit 11
3.2 Major Events Compliance Audit 13
4 AUDITOR REQUIREMENTS 13
5 TOWN STAFF ASSISTANCE AND RESOURCES 15
6 DESCRIPTION OF TOWN SYSTEMS AND FINANCIAL INFORMATION 15
7 COST PROPOSAL/EXECUTION OF PROPOSAL 16
8 REFERENCES 18
INSTRUCTIONS TO VENDORS 19
TOWN OF CARY PRINCIPAL CONTRACT 22

1 REQUEST FOR PROPOSALS
1.1 Introduction
Cary, North Carolina invites qualified independent auditors who have sufficient governmental
accounting and auditing experience in performing an audit in accordance with the specifications
outlined in this Request for Proposal (RFP) to submit a proposal.
There is no expressed or implied obligation for Cary to reimburse responding firms for any
expenses incurred in preparing proposals in response to this request.
The specific details shown herein shall be considered minimum unless otherwise shown. The
specifications, terms and conditions included with this RFP shall govern in any resulting contract(s)
unless approved otherwise in writing by Cary. Bidder consents to personal jurisdiction and venue
in a state court of competent jurisdiction in Wake County, North Carolina.
1.2 Purpose and Background
Cary is a thriving community in the heart of the Triangle area of North Carolina between Raleigh
and the renowned Research Triangle Park (RTP). Cary is well positioned in the Triangle area of
North Carolina and shares its eastern border with Raleigh and is adjacent to the RTP, with
Durham and Chapel Hill nearby. The Triangle area is repeatedly ranked among the top regions
in the country to live and work, to find a home and start a business, and to raise a family and
retire.
Cary operates under a council-manager form of government with four of the six council seats
elected by single-member districts and two council seats elected as at-large representatives. The
mayor and council members all serve four-year terms, with the council seats serving staggered
terms. Cary has its jurisdiction in Wake, Chatham, and Durham counties. Cary is currently home
to approximately 192,000 residents and continues to be a growing community. Cary citizens are
well educated, and many are employed in technology. SAS, one of the world's largest privately
held software companies is based in Cary along with Epic Games, the world's largest gaming
company, so citizens have high expectations for government efficiency and services via
technology. Cary citizens, along with their elected representatives, also expect Cary staff to
maintain focus on the community's livability, vibrancy, diversity, and sustainability.
Cary's vision and goals were set out in 2017 and then updated in 2024 in the Imagine Cary
Community Plan.
Cary's 2026 Budget in Brief includes more details on priorities and execution of the Imagine Cary
Community Plan as they pertain to its $420.3 million operating budget and $90.7 capital budgets.
Information about how Cary manages its finances is summarized in the Introductory Section of
the Annual Comprehensive Financial Report.
Other facets of Cary values, planning, projects, and operations can be found at www.CaryNC.gov.
1.3 Notice to Vendors Regarding RFP Terms and Conditions
It shall be the Vendor's responsibility to read the Instructions, the Town's terms and conditions
contained within the Town's Principal Contract, all relevant exhibits and attachments, and any
other components made a part of this RFP and comply with all requirements and specifications
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herein. Vendors also are responsible for obtaining and complying with all Addenda and other
changes that may be issued in connection with this RFP.
If Vendors have questions, issues, or exceptions regarding any term, condition, or other
component within this RFP, those must be submitted as questions in accordance with the
instructions in Section 1.6 Proposal Questions. If the Town determines that any changes will be
made as a result of the questions asked, then such decisions will be communicated in the form
of an RFP addendum. The Town may also elect to leave open the possibility for later negotiation
and amendment of specific provisions of the Principal Contract that have been addressed during
the question submission period. Other than through this process, the Town rejects and will not
be required to evaluate or consider any additional or modified terms and conditions submitted
with Vendor's proposal. This applies to any language appearing in or attached to the document
as part of the Vendor's proposal that purports to vary any terms and conditions or Vendors'
instructions herein or to render the proposal non-binding or subject to further negotiation. Vendor's
proposal shall constitute a firm offer. By execution and delivery of this RFP Response, the
Vendor agrees that Vendor is prepared to enter into a contract in the form of the Principal
Contract should Town selects Vendor's proposal and that any additional or modified terms
and conditions, whether submitted purposely or inadvertently, shall have no force or
effect, and will be disregarded. Noncompliance with, or any attempt to alter or delete, this
paragraph shall constitute sufficient grounds to reject Vendor's proposal as
nonresponsive.
If a Vendor desires modification of the terms and conditions of this solicitation, including any term
or condition contained in the Principal Contract, it is urged and cautioned to inquire during the
question period, in accordance with the instructions in this RFP, about whether specific language
proposed as a modification is acceptable to or will be considered by the Town. Identification of
objections or exceptions to the Town's terms and conditions in the proposal itself shall not be
allowed and shall be disregarded or the proposal rejected.
1.4 RFP Response Timeline
The RFP process shall adhere to the following schedule:
RFP Process Date and time
RFP posted March 26, 2026 11:00 AM
Pre-Proposal Conference (if Applicable) March 31, 2026 11:00 AM
Proposers Written Questions Due April 9, 2026 5:00 PM
Town Responses to Proposers questions April 14, 2026 5:00 PM
Proposal Submission Deadline April 28, 2026 5:00 PM
Contract Award May 14, 2026 3:00 PM
Contract Effective Date By May 31, 2026
Note: All times shown as Eastern Time (ET).
1.5 Pre-Proposal Conference/Site Visit
A NON-MANDATORY PRE-PROPOSAL CONFERENCE will be held virtually on March 31, 2026
at 11:00 AM ET. All proposers are encouraged to attend the PRE-PROPOSAL CONFERENCE
held via WebEx (meeting details provided below). The pre-proposal conference will include an
overview presentation of the RFP Scope, Schedule, and general process. Following the
presentation, prospective proposers can ask questions related to the RFP or the overall process.
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Prospective Proposers are encouraged to submit written questions in advance. A summary of all
questions and answers will be posted as an addendum, located under the RFP number being
modified.
It is the Proposer's responsibility to ensure that all addenda have been reviewed and, if
required, signed and returned.
Meeting Details
Join from the meeting link
354-FN26-23 Pre-Proposal Conference
1.6 Proposal Questions
Upon review of the RFP documents, Vendors may have questions to clarify or interpret the RFP
in order to submit the best proposal possible. To accommodate the Proposal Questions process,
Vendors shall submit any such questions by the above due date. The Town will not entertain any
further questions after the due date. Written questions shall be emailed to
FinancialAuditRFP@carync.gov by the date and time specified above. Vendors should enter
"RFP #354-FN26-23: Questions" as the subject for the email. Question submittals should include
a reference to the applicable RFP section and be submitted in a format shown below:
Reference Vendor Question
RFP Section, Page Number Vendor question ...?
Questions received prior to the submission deadline date, the Town's response, and any
additional terms deemed necessary by the Town will be posted in the form of an addendum to
the North Carolina Electronic Vendor Portal (eVP), https://evp.nc.gov/solicitations, and shall
become an Addendum to this RFP. No information, instruction or advice provided orally or
informally by any Town personnel, whether made in response to a question or otherwise in
connection with this RFP, shall be considered authoritative or binding. Vendors shall rely only on
written material contained in an Addendum to this RFP.
1.7 Proposal Submission Requirements and Contact Information
Electronic responses ONLY will be accepted through the eVP website. Interested parties must be
logged in to submit proposals electronically. Registration information is available at NC Electronic
Vendor Portal evp.nc.gov (eVP). Proposals must be clearly marked with the name of the
submitting company, the RFP number, and RFP title. Proposers must submit one (1) electronic
version, submitted as a viewable and printable Adobe Portable Document File (PDF), on or before
the submittal due date and time provided in Section 1.4 . Submissions that do not comply with
the stated submission method will be deemed non-responsive.
The Town reserves the right to reject any or all proposals for any reason and to waive any
informality it deems in its best interest. Any requirements in the RFP that cannot be met must be
indicated in the proposal. Proposers must respond to the entire Request for Proposals (RFP). An
incomplete proposal may be eliminated from consideration at the discretion of Cary.
Proposals must follow the format as defined in Section 2 PROPOSALS.
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1.8 Audit Contract and Payment of Services
The official template contract provided by the Local Government Commission (LGC) must be
utilized, which includes accessing and using their electronic portal for submission. An additional
engagement letter or detailed contract can accompany this official contract. The contract, as well
as all requests for payments related to the financial and single audit must also be approved by
the LGC. Interim invoices will be paid when due upon the LGC's approval. The final invoice will
not be paid until the financial statements, single audit, and management letter (if applicable) have
been reviewed by the LGC.
Base fee quotes provided shall be considered fixed with the exception of additional single audit
testing if required. If additional work is required and approved by mutual agreement in writing,
the average hourly rates included with the fee quotation will be used in conjunction with the
recommended proposal/scope of work.
1.9 Rights to Submitted Material
All proposals, responses, inquiries, or correspondence relating to or in reference to this RFP, and
all reports, charts, and other documentation submitted by Proposers (other than materials
submitted as and qualifying as trade secrets under North Carolina law) shall become the property
of the Town when received and the entire proposal shall be subject to the public records laws of
the State of North Carolina except where a proper trade secrets exception has been made by the
Proposer in accordance with the procedures allowed by North Carolina law.
The Town reserves the right to retain all proposals submitted and to use any ideas in a proposal
regardless of whether that proposal is selected. Submission of a proposal indicates acceptance
by the Proposer of the conditions contained in this Request for Proposal.
2 PROPOSALS
Responses must follow the format outlined herein. The Town may reject as non-responsive at its
sole discretion any proposal or any part thereof that is incomplete, inadequate in its response, or
departs in any substantive way from the required format. Proposal responses shall be organized
in the following manner:
1. Cover Letter/Letter of Intent
a. Introduction letter with intent as it may pertain to the Request for Proposal.
2. Scope
a. Clearly describe the scope of services that will be offered to Cary. Please address
items listed in Section 3 Scope of Services.
b. Provide separate descriptions for the financial audit and the single audit.
3. Audit Approach
a. Clearly describe your firm's approach to conducting the examination (include use
of statistical sampling, automated processes and internal control testing methods).
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Describe how you would approach the audit in order to accomplish the scope
requirements. In addition, describe the type of audit program used (tailor-made,
standard government or standard commercial).
b. Estimate length of time onsite to complete fieldwork. This includes estimating and
including the number of job hours on the Fee Quote template. Specifically
comment on the audit timeline and how Cary can assist in expediting the audit.
Estimate the beginning and ending dates of the engagement. The planned use of
specialists should be identified. Specify the organization of the audit team and the
approximate percentage of time spent on the audit by each member.
c. Describe the procedures to be followed in the technical review of the workpapers,
financial statements, and audit reports. Identify management and partner and
management staff who will provide the technical review.
d. Comment on your expectations relative to the audit time schedule and Town staff
assistance in expediting the audit. Provide a tentative schedule for completing the
audit within the specified deadlines of the RFP.
4. Profile of the Firm
a. State whether your firm is regional, national or international.
b. Give the location of the office responsible for the proposed services and the
number of partners, supervisory staff, seniors and other professional staff
employed at that office. Include the number of staff members with local
government experience.
c. Identify the specific persons (minimally, the engagement partner and manager)
who will work on Cary's audit and designate the individual who will be the primary
contact for the firm. Resumes for each person to be assigned to the audit must be
included, and specific government experience must be indicated. Staff continuity
is a priority for Cary. Cary must be notified of any changes in key audit personnel
prior to annual renewal of contract within the multi-year period to assess continuity
concerns. Provide statistics on your firm's turnover rate and your policy on audit
team continuity for your clients.
d. Describe the range of services provided by the responsible office in the
governmental area, such as audit, accounting or management advisory services.
You should include activities which demonstrate your firm's commitment to
governmental practice.
e. Note if your firm is an equal opportunity employer. Cary encourages vendors to
have a diverse and inclusive team involved. In addition, Cary invites and
encourages participation in this procurement process by minority women business
enterprises (MWBE) in accordance with North Carolina General Statute 143-129.
f. Include a copy of your firm's most recent peer review report including letter of
comments (if received).
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g. Describe the firm's Statement of Policy and Procedures regarding Independence
under Government Auditing Standards (Yellow Book). Provide a copy of the firm's
Statement of Policy and Procedures.
h. Describe any regulatory action taken by any oversight body against the proposing
audit organization or local office.
5. Governmental Experience
a. Provide information on your firm's background and experience auditing
governmental units.
b. List the top three governmental clients of your firm, emphasizing those managed
by the office that will perform Cary's audit. Also list names, addresses and
telephone numbers of client officials that can be contacted for references.
c. Cary has received the GFOA Certificate of Achievement for Excellence in Financial
Reporting since 1985. Comment on your firm's ability to assist Cary in its
participation in this program, including your office's specific experience with other
entities who have earned this recognition.
d. List any specific training or experience your firm has related to new
pronouncements.
e. For staff that are assigned to Cary's engagement, note if they are members of
GFOA (national and local) and if they have attended any GFOA professional
development conferences or seminars.
f. Comment on your knowledge of and relationship with the NC Local Government
Commission and the University of North Carolina School of Government in Chapel
Hill.
6. Additional Data
Please include any other information considered pertinent to this proposal. Examples
include; involvement in national, state and other organizations, publications of your firm
(directories, articles, or simple newsletters may be included, but should not be
voluminous), in-house governmental training information.
Proposers are encouraged to identify and describe any additional services, not specifically
requested in this RFP, that they believe would provide value to the Town of Cary. Such
services should be clearly described, including the anticipated benefits, scope, and any
associated costs.
7. Cost Proposal
a. Submit fee quotes on the "Audit Fee Prices" form ("the form") provided in Exhibit
A.
b. Submit separate quotes for each section (financial audit, single audit, compliance
audit) on the form.
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c. Separate quotes must be submitted for each of the three years (FY 2026, FY 2027
& FY 2028) on the form.
d. Quotes for additional compliance testing must be included in the event additional
federal, or state financial assistance is obtained. List the quote per additional
program tested. This amount should not be in the base bid and should be noted
on a separate line of the form. Ranges or "not to exceed" amounts can be
submitted.
e. The firm's travel expenses, as well as any other incidental expenses, must be
included in the base quote and should not be separately listed. Cary will not
directly reimburse for these types of expenses.
f. Note method of determining increase in fee quotes on a year-to-year basis within
the initial three-year audit contract period, if applicable.
g. Note your method of determining fee quotes, which would be used in price
negotiations after the initial three-year. List factors that you would use in
determining any increases or decreases.
h. Fee quotes for this engagement are expected to approximate a reasonable cost
estimate in conducting the audit and are not subject to change unless significant,
unforeseen changes in scope occur. Although Cary cannot bind future decisions
of Cary's Council, it is anticipated that the firm selected to serve as Cary's auditors
will be retained for the entire three-year period.
TOTAL COST: A total not to exceed cost representing the maximum amount for all work
to be performed must be clearly indicated under this heading.
NOTE: A cost summary sheet is often helpful for evaluation. Make the format very clear
so you are not "comparing apples and oranges".
2.1 Request for Proposal Document
The RFP is comprised of the base RFP document, any attachments, and any addenda released
before Contract award. All attachments and addenda released for this RFP in advance of any
Contract award are incorporated herein by reference.
2.2 Evaluation Criteria
This is not a bid. There will not be a public bid opening. Proposals will be evaluated based on the
following criteria:
1. Prior governmental experience
2. Size and complexity of other government clients
3. Three references from other governmental units
4. Firm's experience with maintaining personnel
5. Qualifications of personnel used on governmental audits
6. Technical qualifications for personnel assigned to the audit
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7. Audit approach, including methodologies used in testing the financial statements
8. Staff training in governmental accounting
9. Participation in governmental associations
10. Fee quote
Cary reserves the right to reject any or all bids, waive technicalities, and to be the sole judge
of suitability of the services for its intended use and further specifically reserves the right to
make the award in the best interests of Cary. Failure to respond to any requirements outlined
in this RFP may disqualify the bid.
A detailed description of the required proposal information is included in Exhibit A.
A description of Cary's systems and records is included in Exhibit B.
2.3 Proposal Evaluation Process
Cary review all Vendor responses to this RFP to confirm that they meet the specifications and
requirements of the RFP.
Cary will conduct a One-Step evaluation of Proposals:
Proposals will be received from each responsive Vendor.
All proposals must be received by the issuing agency not later than the date and time specified
on the cover sheet of this RFP.
At their option, the evaluators may request oral presentations or discussion with any or all Vendors
for the purpose of clarification or to amplify the materials presented in any part of the proposal.
Vendors are cautioned, however, that the evaluators are not required to request presentations or
other clarification-and often do not. Therefore, all proposals should be complete and reflect the
most favorable terms available from the Vendor.
Proposals will generally be evaluated according to completeness, content, and experience with
similar projects, ability of the Vendor and its staff, and cost. Specific evaluation criteria are listed
in 2.2 EVALUATION CRITERIA, above.
Vendors are cautioned that this is a request for offers, not an offer or request to contract, and the
Town reserves the unqualified right to reject any and all offers at any time if such rejection is
deemed to be in the best interest of the Town.
2.4 Final Selection
Proposals will be reviewed after opening and will be ranked in order of choice. A recommendation
will then be presented to management and Town Council. The recommendation is anticipated to
be made to management in late April 2026, at which time the audit firm will be notified. The
recommendation will then be presented to Town Council at their next meeting (May 2026) for final
acceptance and approval. The selected audit firm is not required to be present at this meeting.
Upon council approval, contracts can be initiated by the auditor and after Town approval will be
processed by the auditor electronically and forwarded to the Local Government Commission for
approval.
All Proposers will be notified of their standing following the Town's decision. Price quoted must
be held firm for 90 days after the RFP is due. The Town reserves the right to make an award
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