Public Notice Request for Proposal August 2022
Request for Proposal
The Board of Directors of the Puerto Rico Industrial Development Company (PRIDCO) has the responsibility of evaluating and selecting independent accountants and auditors for the audit of its financial statements (including single audit), and other management advisory services for the Company.
Accordingly, we are herein requesting proposals for the following:
- Financial Statement Audit and Single Audit, as applicable for PRIDCO and related entities for the years ended on June 30, 2021 and 2022.
The financial statements are the responsibility of management, and your responsibility is to express an opinion on them based on your audit.
We understand, as is customarily, that the audit will be conducted in accordance with the following standards:
- Generally Accepted Auditing Standards accepted in the United States of America.
- Government Auditing Standards issued by the Comptroller General of the United States Government.
Those standards require that you plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. It also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. The audit will provide you a reasonable basis for your opinion and will include tests of the accounting records of PRIDCO and such other procedures, you consider necessary. The audit will enable you to render the following:
- Opinion on whether the financial statements are fairly presented, in all materials respects, in conformity with Generally Accepted Accounting Principles. A Draft of the entities’ financial statements, single audit reports and management letter must be submitted for management review before the final delivery date.
- Opinion on internal control over financial reporting and on compliance and other matters based on an audit on financial statements performed in accordance with Government Auditing Standards.
- Opinion on compliance for each major program and on internal control over compliance required by the uniform guidance.
- Management letter report or communication with those in charge with governance concerning matters related to the internal control structure, observations and recommendations on other accounting and administrative matters.
- Reports and opinions required by the OMB Circular A-133 or the Super Circular (Single Audits).
- Report to the Audit Committee in accordance with Statements of Auditing Standards No. 61 “Communication with Audit Committees”.
To evaluate the proposals as objectively and expeditiously as possible the firm needs to submit the following:
- Description of the firm and its relevant experience in the public sectors in Puerto Rico and United States (include only information for the last three years).
- Management advisory services provided by the firm in Puerto Rico and United States.
- Experience with computer assisted audit techniques.
- Principal clients in Puerto Rico in the public sectors.
- Resumes of the engagement partner, manager, and senior and compliance with continuing education required by General Accepted Government Auditing Standards.
- Estimated fees and out-of-pocket expenses for the audit and related services classified by Financial Audit and Single audit by fiscal year, staff level or responsibility, standard rate, and number of hours. It is important that your firm provide the estimated fees individually.
- Estimated number of hours of internal audit assistance required, if any.
- Estimated rates by staff level of responsibility for any additional work requested, including, consulting services, by the Company, subsidiaries or its affiliates.
- Any other information or material, you may deem important and useful for proposal evaluation.
For us to consider your proposal, it must be submitted by August 10, 2022, by 4:30 p.m. An original and three (3) copies of your proposal must be received by the Company at the following address:
Manuel Cidre Miranda
Department of Economic Development and Commerce
355 FD Roosevelt Avenue, Office 404
Hato Rey, P.R. 00936
Should you require any further information, please contact Mr. Julio C. López Iglesias, Finance Director at (787) 758-4747, Ext. 5455 or via email at firstname.lastname@example.org
Please include the following entities within your proposal:
- Puerto Rico Industrial Development Company (PRIDCO)
- Puerto Rico Industrial Investment Corporation (PRIICO)
- Bioprocess Development and Training Complex Corporation (BDTC)
- Single Audit Report of Federal Awards Associated with the Federal Emergency Management Agency (FEMA).