CLO Requirements 1) Consistent with the requirements of Okla. Stat. tit. 64, § 1036, the auditor shall, as part of the written audit report, submit to the CLO’s governing body (the Commission) a report containing an expression of an opinion that the financial statements are fairly presented, or an opinion qualified as to certain accounts or items in the financial statements, a disclaimer of opinion and the reasons therefore, or an adverse opinion, and shall explain any unusual items or circumstances under which the auditor was unable to reach a conclusion. This report shall state that generally accepted government auditing standards have been followed in performing the audit. The initial audit shall be for the period beginning July 1, 2024, and ending June 30, 2025 and shall be conducted in accordance with Government Auditing Standards. 2) The auditor’s opinion shall be expressed on the opinion units identified in the AICPA Audit and Accounting Guide: Audits of State and Local Governments 3) The auditor shall submit to the Commission a report on internal control over financial reporting and on compliance and other matters based on an audit of the financial statements performed in accordance with Government Auditing Standards. 4) The auditor should be familiar with the State of Oklahoma Statutes concerning financial matters of State Agencies. The auditor will be asked to review the financial statements of the CLO for the fiscal year being audited. 5) The auditor must be available between audits to discuss financial reporting issues and practices. The auditor will participate with the CLO’s Chief Financial Officer in pre-audit planning. Additionally, “between audit” discussions may include minor accounting or compliance issues. If such issues require written responses from the auditor, fees and charges shall be in accordance with the hourly rates quoted in response to this RFP. 6) In accordance with 74 O.S. § 212A(A)(2), the auditor will file the audited financial statements with the Office of the State Auditor and Inspector and pay the required one hundred dollar ($100.00) filing fee. 7) The auditor will submit, in addition to the auditor’s report referenced in requirement 1) above, a copy of the auditor’s report omitting Government Auditing Standards references that the CLO can include in its Annual Comprehensive Financial Statement (ACFR) submission to the Government Finance Officers Association (GFOA). 8) The auditor’s report shall be submitted to the CLO by October 15, 2025. It is anticipated that the staff of CLO will provide support in the preparation of audit schedules and will prepare the financial statement drafts. 9) Any management letters, reports, or correspondence shall be consistent with the findings published in the audit report (i.e., they shall disclose no material matters not also disclosed in the findings found in the published audit report). 10) Per 260:115-5-9. Retention of state agency acquisition records a state agency shall retain all records relative to acquisitions and contracts in a reasonably accessible location and make such records available to the State Purchasing Director for review and OMES audit staff for audit purposes. Such records shall include but are not limited to justification for the acquisition, supporting documents, related information, contract, evaluations, protest information, performance information and written reports, The retention period for such records is for the duration of the contract term and for a period of seven (7) years following completion of performance and/or termination of the acquisition, provided all audits have been completed, all applicable audit reports have been accepted and resolved by all applicable federal and state agencies, and provided no legal action is pending. If an audit, litigation, or other action involving such records is started before the end of the seven (7) year period, the records shall be maintained for two (2) years from the date all issues arising from the audit, litigation or action are resolved or until the end of the seven (7) year retention period, whichever is later. The Purchasing Division shall retain records for acquisition it processes on behalf of an agency for the same retention period. Audit documentation and Records shall be retained and available for a period of five years following completion and/or termination of the contract. If an audit, litigation, or other action involving such records is started before the end of the five-year period, the records are required to be maintained for three years from the date that all issues arising out of the actions are resolved or until the end of the five-year retention period, whichever is later.
