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Document
Short Term Credit Facility Q2517
Year Created: 2025
DOCUMENT
RFQ - Financial Compliance Audit Services
- YEAR CREATED: 2023
- ENTITY TYPE: County
- TYPE OF DOCUMENT: RFQ - Requests for Quotes
- Finance
The document provides information about the financial reporting and audit requirements for Loudoun County and Loudoun County Public Schools (LCPS) in Virginia. Since 1982, the County has prepared an Annual Comprehensive Financial Report (ACFR) with the goal of improving its financial reporting and receiving a Certificate of Achievement for Excellence in Financial Reporting from the Government Financial Officers Association of the United States and Canada (GFOA). The County has received this certificate every year from 1990 to 2021. Similarly, LCPS has been issuing its standalone ACFR since 2009 and has also received the GFOA award from 2009 to 2021.
The Code of Virginia ÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂÃÂç15.2-2511 requires the County to have all accounts and records, including those of its constitutional officers, audited annually by an independent certified public accountant. The current contract for audit services is set to expire in March 2023, and the County is required to issue a solicitation for audit services through competitive negotiation.
In addition to the financial audit, the document highlights two additional reporting requirements. The first is a report on the internal control over financial reporting in compliance with Government Auditing Standards. This report assesses the effectiveness of the County's internal controls in ensuring the accuracy and reliability of financial reporting.
The second reporting requirement is a report on compliance with laws. This report evaluates the County's adherence to applicable laws and regulations in its financial operations.
In 2014, the Board of Supervisors established the Loudoun County Combined Fire and Rescue System (LC-CFRS) and mandated regular financial audits of all volunteer companies. The County provided a workshop for Volunteer Fire & Rescue Companies (FRC) to enhance their financial policies and procedures, including fraud detection, internal controls, and proper governance. Previous FRC financial audits involved assessing the companies' policies and improvements, with follow-up activities conducted by auditors to support improvement if needed.
The document also outlines the minimum qualifications for offerors providing financial and compliance audit services. Offerors must demonstrate proper licensing, relevant experience, and engagement with the Governmental Accounting Standards Board's (GASB) standards-setting process.
The scope of services includes conducting an annual audit of the County's and LCPS's financial statements, applying limited procedures to required supplementary information, expressing opinions on fair presentation, and issuing Single Audit reports in compliance with relevant standards and regulations.
Overall, the document highlights the importance of financial reporting, audit requirements, and the need for qualified auditors to ensure compliance, transparency, and effective internal controls in Loudoun County and LCPS.