Requests for Proposals (RFP)
South Dakota Housing Development Authority is currently requesting proposals from qualified certified public accounting firms for auditing services for fiscal years ending June 30, 2023, 2024 and 2025; with an option to renew for three additional years.
Closing Date: June 30, 2022
1. Do you have any suggested changes over the current audit process? No changes at this time.
2. Outside of the audit process, what does the Authority find/define value from its auditors? Knowledge with HUD programs and mortgage revenue bonds. Also put value in auditors that have experience and are thorough in the audit process.
3. Does the Authority anticipate changing / upgrading technology systems or other major service providers during the term of the proposed contract? No changes at this time other than the hardware that currently supports our operating system. The only thing that may come into play would be new technology for identifying cyber attacks.
4. Page 7, Item 3.3 Report Preparation
a. What assistance is expected form the auditor for drafting management’s discussion and analysis? None
b. Do you require assistance in drafting the schedule of expenditures of federal awards (SEFA)? No
5. Page 7, Item 3.8 Audit schedule, work plan and PBC listing
a. How soon are you ready for fieldwork after year end? Right away for federal audits, after August 1st for financials
b. What is the typical timing of fieldwork? One week offsite, one week onsite, and then as needed offsite – for both program audits and financials
c. What is the composition of the existing audit team? 4 to 5 staff
d. Do you have a preference for remote or on-site fieldwork? No preference
6. What would you change about the audit process? Nothing
7. What do you like about the audit process? The great working relationship.
8. What is the composition of the selection committee for this RFP? Will there be members of management and the board involved? Executive Director, Finance Director and Audit Committee (which consists of three board members)
9. Is the incumbent allowed to bid? Yes
10. What are the fees that have been paid for the last 3 years? Please separate into financial statement audit and single audit categories, if available. Not providing as I want your best offer.
11. Have you been awarded any COVID related grants that you plan to expend in FY23? Emergency Rental Assistance I & II and Homeownership Assistance Fund will be expended in FY23
12. Will you have completed the adoption of GASB 96 by FY23? Yes
13. What is your plan to address the transition from LIBOR (GASB 93)? Two LIBOR swaps remaining that will be modified in the coming year.
14. Do you use a 3rd party to test the effectiveness of your interest rate swaps? Yes
15. What effect do you expect GASB 87 to have on your financial statements? None