Audit Services for State Educational Assistance Authority (SEAA)

Background
The State Education Assistance Authority (Authority) was established under Chapter 1180 of the 1965 Session Laws of North Carolina and operates as a political subdivision governed by a Board of Directors. Its mission is to provide financial assistance to qualified students in North Carolina through grants, loans, and other forms of aid. The Authority collaborates with the College Foundation, Inc. (CFI) for operational functions related to its programs. This Request for Proposal (RFP) seeks vendors to perform the Authority's annual financial statement and compliance audit, adhering to various auditing standards and regulations.

Work Details
The selected vendor will conduct a financial audit of the Authority's basic financial statements for the fiscal year ending June 30, 2026. The audit will include:
- Examination of the Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, and Statement of Cash Flows.
- Compliance with Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards.
- Preparation of an independent auditor’s report covering basic financial statements.
- Review and opinion on supplemental information related to the financial statements.
- Collaboration with Authority staff to prepare necessary documentation for the audit.
- Retention of audit documentation for at least five years post-completion.

Period of Performance
The contract will have an initial term of one year starting from the effective date after execution. The audit is scheduled to commence around July 27, 2026, with completion expected by September 28, 2026.

Place of Performance
The audit services will be performed in North Carolina, specifically involving collaboration with the State Education Assistance Authority located within the University of North Carolina System Office.

Bidder Requirements
Vendors must be registered with the North Carolina Secretary of State prior to contract award. They are required to submit two years of audited financial statements as proof of financial stability. Vendors must demonstrate experience in providing auditing services similar in size and complexity to those required by this RFP.