Financial Auditing

Summary (Newest Update)

Background The State of Arkansas, through its Department of Shared Administrative Services (SAS), is issuing this Request for Qualifications (RFQ) to obtain financial auditing services for its Office of Property Risk (OPR). The goal is to secure an independent certified accounting firm to conduct an annual financial statement audit of the State Captive Insurance Program (SCIP). This initiative is mandated under Arkansas law to ensure transparency and compliance in the management of state funds. Work Details The selected Contractor will provide the following services: conduct an annual audit of SCIP's financial statements, including all funds, accounts, and reserves under SCIP’s control such as loss reserves, premiums receivables, and investment portfolios. The Contractor must verify compliance with state statutes and regulations, evaluate internal controls over premium billing and claims administration, report any material weaknesses or noncompliance to OPR, and ensure adherence to Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAGAS). Additionally, the Contractor will be responsible for presenting annual results to the Board of Directors and program management. Period of Performance The contract will commence on September 1, 2026, with an initial term of three years. It may be renewed for up to four additional one-year terms, not exceeding a total aggregate term of seven consecutive years. Place of Performance The services will be performed in Little Rock, Arkansas, where the Department's offices are located. Bidder Requirements Bidders must be licensed CPA firms in good standing with the Arkansas State Board of Public Accountancy and have at least five years of experience auditing captive insurance entities. They must have provided similar auditing services to at least three organizations comparable in size to Arkansas. Additionally, bidders must comply with all relevant state and federal laws regarding employment practices and data privacy.