University of Delaware Audit Of The State-Funded Portion Of The Finances

Background
The State of Delaware, Office of Auditor of Accounts (AOA), is seeking professional services from qualified certified public accounting firms to conduct an audit of the state-funded portion of the finances of the University of Delaware (UD) for the fiscal years ending June 30, 2025, 2026, and 2027. This engagement is authorized under Delaware law and aims to ensure compliance with financial regulations and standards.

Work Details
The selected firm will perform an audit in accordance with generally accepted auditing standards as established by the American Institute of Certified Public Accountants (AICPA) and Government Auditing Standards. The firm must notify AOA immediately regarding any known or potential fraud, waste, or abuse identified during the engagement.

The firm will not prepare financial statements or provide auditor's reports to the auditee but will instead insert its opinion into auditee-prepared reports. The firm must maintain documentation for five years post-engagement and provide all audit exceptions to AOA. The engagement includes planning, conducting fieldwork, and preparing reporting packages that must be submitted by specified deadlines for each fiscal year.

Period of Performance
The contract term is three years, covering audits for Fiscal Years 2025 (ending June 30, 2025), 2026 (ending June 30, 2026), and 2027 (ending June 30, 2027), with options for two additional one-year renewals for Fiscal Years 2028 and 2029.

Place of Performance
The audit will be conducted primarily at the University of Delaware's main campus located in Newark, Delaware.