Specifications include, but are not limited to:Bank of North Dakota has an ongoing need for assistance with three to six internal audits annually. BND plans to meet this need by awarding contracts to two to three vendors. BND is not obligated to commit to a certain number of audits with each vendor. Once these contracts are in place, BND will use a structured work order request process to obtain financial, operational, compliance, and information technology internal audit services. BND Internal Audit takes an integrated audit approach and would expect the selected audit firms to take the same approach, as it is applicable to each engagement. Services will include, but not be limited to, interviewing key process owners and stakeholders, reviewing existing policies and procedures, and validating that internal controls are structured appropriately to reduce risk. In most instances, BND Internal Audit will present the audit reports to management. BND may request the audit firm to join via teleconference when reporting audits of a more complex nature. All work performed must comply with the requirements of the Institute of Internal Auditor’s International Professional Practices Framework (IPPF) and all work performed will be reviewed and approved by the Director of Risk Management, or designee, including but not limited to scope/objectives, audit program, workpapers, and final report. This RFP does not preclude the STATE from issuing other procurement solicitations for other audit services. BND Management Plan BND intends to share the planned pool of audits with the vendors awarded the contract on a quarterly basis; however, the planned audits are subject to change to ensure proper mitigation of risk to BND. BND intends to either assign the planned audits to the selected vendors or require the selected vendors propose on the planned audits. The determination to assign or require proposals will be determined by BND Internal Audit. Vendors will be notified of the upcoming quarterly audits two months prior to the beginning of the following quarter with assignments as well as the audits we intend the vendors to submit a proposal. Competitive proposal process: The vendors will have no less than two weeks to provide a proposal on those audits. BND will return a decision to the proposing vendors one week after the established proposal deadline. The selected vendor will provide BND Internal Audit with a list or pool of staff along with their relevant experience and credentials with the proposal. Direct assignment process:
