Find Financial & Audit Services RFPs in Iowa

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.

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.

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.

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.