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Tips for Winning Financial & Audit Services Contracts in Virginia
- ✓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 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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