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Economic Development Authority Request For Proposals For Professional Services: Financial Auditing

January 10, 2020

ECONOMIC DEVELOPMENT AUTHORITY OF THE

CITY OF ROANOKE, VIRGINIA


REQUEST FOR PROPOSALS FOR

PROFESSIONAL SERVICES

FINANCIAL AUDITING

DEADLINE FOR PROPOSAL
SUBMISSIONS:

March 31, 2020 at 2:00 P.M.

 

REQUEST FOR PROPOSALS (RFP)
FINANCIAL AUDITING

INTRODUCTION AND BACKGROUND

The Economic Development Authority of the City of Roanoke, Virginia (hereinafter “the Authority”), a Virginia Industrial Development Authority (IDA) created by City Council of the City of Roanoke, Virginia pursuant to Virginia Code § 15.2-4903, is seeking proposals from Certified Public Accounting firms to establish a contract for the performance of up to four (4) annual financial audits of the Authority, beginning with Fiscal Year 2019. The contract will be for one annual audit with three one-year extensions at the option of the Authority.

The Authority serves the City of Roanoke and its purpose is to acquire, lease, own and dispose of properties in order to promote industry and develop trade by interested manufacturing, industrial, governmental and commercial enterprises to locate in or remain in the Commonwealth; and further the use of agricultural products and natural resources, and vest such authority with all powers that may be necessary to enable it to accomplish such purposes.

ELEMENTS DESIRED IN THE PROPOSAL

The Authority desires that proposals be as concise as practicable to spare unnecessary review time. With that understanding, the following elements should be included in proposals:

  1. A brief narrative of the approach to be taken by the firm in providing financial auditing services to the Authority.
  2. The qualifications and experience of the firm in providing financial auditing services to IDAs and/or local governments in Virginia. Include at least two (2) references from IDAs or other public bodies for which the firm has conducted financial audits since June 30, 2018.
  3. The qualifications and experience of staff members that the firm anticipates shall be assigned to conduct the audit.
  4. An organizational chart showing the firm’s normal lines of authority, responsibility and communication during the conduct of financial audits.
  5. The date by which the firm can begin conducting the audits of the Authority for the fiscal year that ended on June 30, 2019, as well as an estimated date when the Authority could expect to receive its final Financial Reports. Additionally, provide a proposed schedule for subsequent audits (i.e., Fiscal Years 2020 through 2022), indicating the anticipated timeline from commencement to completion.

 

SUBMISSION OF PROPOSALS

Proposals may be sent to the Authority via hand delivery, U.S. Postal Service mail, courier service or electronic mail with the proposal attached as a single portable document format (PDF) document to the following address:

 

Rob Ledger

Manager of Economic Development

City of Roanoke

117 Church Avenue

Roanoke, VA 24011

If hard-copy proposals are to be submitted, three (3) bound copies are required.

Proposals must be received by the Authority no later than 2:00 p.m. on March 31, 2020. Proposals received after the deadline will not be considered, nor will they be returned to the sender. Questions regarding procedural elements of this Request for Proposals may be directed to Sean Adkins via email or by calling him at 540-853-5405.

SELECTION CRITERIA

Proposals will be evaluated and ranked based on the following weighted criteria:

  1. The experience of the firm in successfully providing auditing services to IDAs or local governments in Virginia, with the greatest weight given to audits of IDAs, followed by audits of local governments in Virginia: 40 percent.
  2. The qualifications and experience of the individual auditors to be assigned by the firm to audit the Authority, with the greatest weight given for the experience of those individuals in auditing IDAs, followed by audits of local governments in Virginia: 40 percent.
  3. Demonstrated ability in completing audits accurately and promptly, with the greatest weight given to audits of IDAs, followed by audits of local governments in Virginia: 20

PROCESS FOR MAKING AWARD

A selection committee composed of Authority staff members will review and rank the written proposals. A negotiating interview will then be held with the highest-ranked firm to establish a mutually-acceptable agreement, including financial terms. In the event negotiations with the highest-ranked firm prove unsuccessful, negotiations with the next highest-ranked firm will ensue, and so on, until a mutually-acceptable agreement is reached.