2025, 2026, 2027 Financial Statement Audits - PFA and BA

Background
The State of North Dakota, through its State Auditor’s Office, is seeking proposals from qualified independent CPA firms to conduct annual financial audits for the Public Finance Authority (PFA) and Building Authority (BA) for fiscal years 2025, 2026, and 2027.

The PFA was established in 1975 to provide loans to North Dakota political subdivisions, while the BA was created in 1985 to support public service projects by constructing and maintaining state buildings. Previous audits were conducted by Brady, Martz & Associates, P.C. for fiscal years 2022, 2023, and 2024.

Work Details
The contractor will express an opinion on the fair presentation of the separate financial statements of PFA and BA for the years ending June 30, 2025, 2026, and 2027. The audit must comply with generally accepted auditing standards and Government Auditing Standards.

Key deliverables include:
1. Draft audit report including management letter and informal recommendations.
2. Final financial statement report in a searchable PDF format.
3. Presentation of the final report to the Legislative Audit and Fiscal Review Committee.
4. Compliance testing with applicable laws and reporting any violations.
5. Other tests including examination of fixed asset additions/deletions, physical inventory checks, compliance with appropriation laws, and legality of investments.

Period of Performance
The contract is expected to begin in April 2025 and will continue until the completion of report presentations for fiscal years ending June 30 in 2025, 2026, and 2027.

Place of Performance
On-site work will be conducted at the PFA and BA locations in Bismarck, ND.