The objective of this RFP is to obtain proposals from qualified audit firms to assist WSU in reviewing and recommending best practices for its financial reporting processes to ensure compliance with Generally Accepted Accounting Principles (GAAP) and Governmental Accounting Standards (GASB). The audit firm will focus on key areas such as revenue recognition, deferred revenue, expense accruals, subsequent review of cash receipts and payables, and elimination of internal revenues and expenses. Additionally, the firm will evaluate other commonly audited items in public higher education to ensure the thoroughness and completeness of financial data presented in audited financial reports. The firm will also assess university accounting staffing levels and capabilities to ensure the team has sufficient capacity, capability, and talent to ensure compliance with internal controls and accurate financial reporting in a streamlined fashion.
