Internal audit services: Up to three investment or fiscal related complex audits performed each fiscal year. The internal audits will be determined by a risk-based audit plan approved by the State Investment Board (SIB) Audit Committee. See Attachment A for a list of sample potential audits. An annual review of the current risk assessment for the investment and fiscal divisions and recommend updates as needed. RIO and SIB operate on a fiscal year of July 1 through June 30. RIO anticipates the engagement will begin in the second half of FY2025 (7/1/24 – 6/30/25). RIO expects one audit to begin, and possibly be completed, by the end of FY2025, specifically the first audit listed on Attachment A List of Sample Potential Audits: External Investment Oversight Audit (estimated level of effort 600-800 hours). For subsequent fiscal years, RIO’s approximates internal audit services will total 1,500 hours each fiscal year and encompass up to three 3 audits. Responding firms must demonstrate experience and expertise in the areas of investment auditing and the capabilities to successfully perform the engagement. The engagement should be planned as a co-source and “knowledge transfer” process inclusive of the RIO internal audit staff. All responding firms must meet the highest standards of professional competence and ethics. Consulting Services: The consultant will be required to serve on an ongoing basis in an advisory and review capacity to RIO staff and SIB Audit Committee, as required based on an hourly fee for services rate. Prior to initiating any efforts under this area, authorization must be given by the Executive Director of RIO. Any work efforts the consultant completes or initiates that are not authorized will not be reimbursed.
