FINANCIAL AND COMPLIANCE AUDIT SERVICES Basic Requirements 1. Each proposal must address itself to the conduct of audits and expression of opinions upon the Francis Marion University’s, Francis Marion University Development Foundation’s and the FMU Student Housing LLC’s financial statements subject to the availability of funds, for FY 2025, 2026, and 2027. 2. The proposal must address itself to the conduct of an audit performed in accordance with auditing standards generally accepted in the United States of America, and the provisions of Government Auditing Standards issued by the Comptroller General of the United States; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Award (Uniform Guidance); and the provisions of the Office of the Budget (OMB) Compliance Supplement. 3. The audit must be performed in accordance with auditing standards generally accepted in the United States of America, the Single Audit in accordance with the Uniform Guidance and Compliance Supplement, and Government Auditing Standards issued by the Comptroller General of the United States. The audit must also include audit procedures to ensure that State Laws, Rules and Regulations that, if not followed, could materially affect the basic financial statements, have been complied with during the fiscal year. 4. From time to time, the University, the Development Foundation or the FMU Housing LLC may require assistance from the successful Offeror to assist them with technical issues, for example, the University may request the successful Offeror’s assistance in reviewing policy and presentation issues related to GASB pronouncements. The proposal must specify rates for providing such services. Each proposal must address the following services: • Additional auditing or accounting services to either supplement audit services or due to a material change in the scope of work required services. • Assistance in reviewing policy and presentation issues related to GASB or FASB pronouncements. • Assessment of administrative computer or internal control related to automated administrative systems. • Assistance with federal and related costing issues. • Assistance in tax issues for higher education, research institutions, and Not-for-Profit corporations. • Assistance in bond issues topics. • Assistance in identifying and implementing best business practices for higher education research institutions. • Other consulting services offered to higher education.
