CEFA02-25 - Audit Services

Background
The California Educational Facilities Authority (CEFA) is seeking proposals for auditing services to fulfill its obligations under Government Code Sections 5871 and 5872. CEFA's mission includes issuing revenue bonds to assist private non-profit institutions of higher learning in the expansion and construction of educational facilities. The selected firm will be required to meet the minimum auditing requirements set by the State Controller’s Office.

Work Details
The selected firm will provide audit services that include:

1) Preparation of annual audited financial statements and internal control performance relevant to CEFA’s Bond Financing Program Fund;

2) Evaluation of internal controls in accordance with generally accepted auditing standards;

3) Compliance with the State Controller’s Office minimum standards for conducting audits;

4) Completion of SCO’s Special Districts Financial Transactions Report on behalf of CEFA;

5) The audit will cover fiscal years ending June 30, 2025, June 30, 2026, and June 30, 2027;

6) The firm must disclose fees imposed on borrowers, expenditures related to those fees, confirm assets held by CEFA, and provide a management letter along with audited financial statements including a Statement of Operations, Statement of Assets and Liabilities, and Statement of Cash Flows.

Period of Performance
The contract is expected to commence on July 1, 2025, pending approval by the Department of General Services (DGS), and will cover a three-year period for audits ending June 30, 2025, June 30, 2026, and June 30, 2027.

Place of Performance
The audit services will be performed at the California Educational Facilities Authority office located at 901 P Street, Suite 313, Sacramento, California.

Bidder Requirements
Firms must have an established office in California and be qualified to do business in the state. All staff providing auditing services must be licensed accountants in California. Firms must have been in business for at least three years and have conducted at least five audits of California state or local governmental agencies within the last four years. Proposals must include documentation demonstrating compliance with these qualifications.