The OSA is soliciting proposals from qualified organizations to conduct a financial and compliance audit of the University for the fiscal year ending June 30, 2025. Accounting and Auditing Standards The financial and compliance audit shall be performed in accordance with generally accepted auditing standards as promulgated by the American Institute of Certified Public Accountants in Statements on Auditing Standards, the applicable revised standards for financial and compliance audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the Single Audit Act as amended, the Provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (federal uniform guidance), the AICPA State and Local Governments- Audit and Accounting guide and Government Auditing Standards and Single Audits- Audit and Accounting Guides, and Fiscal Rules promulgated by the State Controller. Further, auditors of colleges and universities should follow additional guidelines applicable to higher education, including, but not limited to, the following: a. Accounting principles promulgated by the National Association of College and University Business Officers (NACUBO) in its publication, Financial Accounting and Reporting Manual. b. Higher Education Accounting Standards established by the Colorado Higher Education’ Financial Advisory Committee (FAC), and issued by the State Controller. c. The Colorado Department of Higher Education Audit Guide, Colorado State Funded Student Aid. d. The U.S. Department of Education Audit Guide, Student Financial Assistance Programs.
