Financial & Audit Services RFPs
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About Financial & Audit Services Government Procurement
Government financial and audit services include annual financial statement audits (Single Audit Act), pension fund consulting, bond advisory services, forensic accounting, and internal audit support. The Single Audit Act requires any entity spending $750,000+ in federal funds to undergo an annual audit, creating a massive recurring market across all levels of government.
Key Agencies
- • Government Accountability Office (GAO)
- • Inspectors General (every federal agency)
- • State auditors and comptrollers
- • Government pension funds (CalPERS, state retirement systems)
- • Municipal finance authorities and bond issuers
Tips for Vendors
- • Single Audit Act (2 CFR Part 200, Subpart F) compliance creates recurring annual audit work for every government entity receiving $750,000+ in federal funds: thousands of contracts are issued each year by states, cities, school districts, and nonprofits.
- • CAFR (now ACFR: Annual Comprehensive Financial Report) preparation and auditing are rebid every 3-5 years by most government entities. Monitor procurement portals for audit services RFPs during Q1 and Q2 of the government fiscal year.
- • Government pension fund consulting (actuarial, investment advisory) is a specialized niche with high barriers to entry but long contract terms. Build credentials through GFOA (Government Finance Officers Association) and the Pension section of the American Academy of Actuaries.
Financial & Audit Services RFPs by State
New Jersey
94 RFPs
California
75 RFPs
New York
66 RFPs
Texas
59 RFPs
Florida
37 RFPs
Washington
31 RFPs
Maryland
29 RFPs
Georgia
29 RFPs
Massachusetts
28 RFPs
Illinois
25 RFPs
Federal
21 RFPs
Pennsylvania
21 RFPs
Virginia
20 RFPs
Iowa
18 RFPs
Washington DC
18 RFPs
Minnesota
16 RFPs
Arizona
15 RFPs
Oregon
15 RFPs
Wisconsin
14 RFPs
Michigan
14 RFPs
Colorado
14 RFPs
North Carolina
13 RFPs
Connecticut
13 RFPs
Missouri
13 RFPs
Delaware
12 RFPs
Arkansas
11 RFPs
Louisiana
11 RFPs
Kentucky
10 RFPs
South Carolina
10 RFPs
Indiana
10 RFPs
Hawaii
10 RFPs
Tennessee
8 RFPs
Utah
8 RFPs
New Mexico
7 RFPs
Kansas
7 RFPs
Ohio
5 RFPs
South Dakota
5 RFPs
Mississippi
5 RFPs
Alaska
4 RFPs
Montana
4 RFPs
Oklahoma
4 RFPs
Maine
3 RFPs
West Virginia
3 RFPs
New Hampshire
3 RFPs
Alabama
3 RFPs
Rhode Island
3 RFPs
Vermont
2 RFPs
Wyoming
2 RFPs
Nebraska
1 RFPs
Idaho
1 RFPs
Financial & Audit Services RFP FAQ
What is the Single Audit Act and how does it create contracting opportunities?
The Single Audit Act (31 U.S.C. §§ 7501-7507) and 2 CFR Part 200 require any non-federal entity spending $750,000 or more in federal awards to have a single audit conducted by an independent CPA firm. This affects thousands of state/local governments, school districts, and nonprofits annually, creating a large recurring market for audit firms.
What qualifications do firms need for government audit contracts?
Firms must meet Government Auditing Standards (the Yellow Book, published by GAO). Partners and staff must complete continuing education in governmental auditing. CPA licensure is required. Many states also require peer review under AICPA standards. For federal work, firms should be registered in SAM.gov.
How are government audit contracts typically structured?
Most government audit contracts are awarded for 3-5 years with annual renewals. They are typically fixed-price for the base audit, with optional add-on services for compliance testing, internal control assessments, and management advisory services. Contracts are usually rebid at the end of the term, and rotation policies in some jurisdictions require changing auditors periodically.
What is ACFR preparation and who procures it?
The Annual Comprehensive Financial Report (ACFR, formerly CAFR) is a set of government financial statements meeting GASB standards. State and local governments, school districts, and special districts either prepare ACFRs in-house or contract with CPA firms. GFOA's Certificate of Achievement in Financial Reporting program sets the gold standard.
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