SLED Opportunity · MICHIGAN · INTERURBAN TRANSIT PARTNERSHIP (ITP - THE RAPID)
AI Summary
The Interurban Transit Partnership (ITP) seeks qualified firms to provide professional financial and compliance auditing services under an RFQ. Proposals are due April 20, 2026, with submission via MITN. The contract involves auditing services for a public transit agency in Michigan.
The Interurban Transit Partnership (ITP), doing business as The Rapid, invites proposals from qualified firms to provide Professional Financial and Compliance Auditing Services. Proposals must be submitted electronically through the Michigan Inter-governmental Trade Network (MITN) no later than Thursday, April 16, 2026 – 2:00 PM (ET). **Solicitation Type**: RFQ - Request for Qualifications (Formal) **Source ID**: PU.AG.USA.1605908.C11101676 **Piggyback Contract**: No **Question Acceptance Deadline**: 04/02/2026 02:00 PM EDT **Questions are submitted online**: Yes **Bid Submission Type**: Electronic or Physical Bid Submission **Owner Organization**: Interurban Transit Partnership **Solicitation Number**: 2026-32 **Reference Number**: 0000417342 **Pricing**: Lump sum **Bid Documents List**: | Item Name | Description | Mandatory | Limited to 1 file | |---|---|---|---| | Bid Documents | Documents defining the proposal | No | No | **Questions and Answers**: - Q1 Arrow Right Question: Federal Grants Any significant new Federal grants during the year? Or issuances of debt? Answer: Answered in Addendum 1 03/27/2026 09:11 AM EDT 04/09/2026 08:53 AM EDT - Q2 Arrow Right Question: Management Any significant changes in management or the finance/accounting team? Answer: Answered in Addendum 1 03/27/2026 09:11 AM EDT 04/09/2026 08:53 AM EDT - Q3 Arrow Right Question: DBE Requirements Page 16, section 13. 5) says the bidder must “Provide evidence satisfactory to ITP that the bidder will comply with the DBE requirements.” Are there any DBE requirements? I don’t see any DBE utilization requirements listed. Answer: Answered in Addendum 1 03/27/2026 09:12 AM EDT 04/09/2026 08:53 AM EDT - Q4 Arrow Right Question: Scope of Work Regarding the scope of work and the support provided by the ITP Staff, to confirm, does the ITP staff prepare the full financial statements, footnotes, and supplemental schedules or does the auditor assist in any part of the preparation of the financial statements? Answer: Answered in Addendum 1 03/27/2026 09:12 AM EDT 04/09/2026 08:53 AM EDT - Q5 Arrow Right Question: General Ledger What general ledger or ERP system do you use? Answer: Answered in Addendum 1 03/27/2026 09:12 AM EDT 04/09/2026 08:53 AM EDT - Q6 Arrow Right Question: Operating/Fleet Management If separate from above (Q5), what operating or fleet management system are you using? Answer: Answered in Addendum 1 03/27/2026 09:15 AM EDT 04/09/2026 08:53 AM EDT - Q7 Arrow Right Question: Remote or hybrid? Do you have a preference for on-site testing/fieldwork, remote, or a hybrid approach? Answer: Answered in Addendum 1 03/27/2026 09:15 AM EDT 04/09/2026 08:53 AM EDT - Q8 Arrow Right Question: Prior Fees What were the fees for the FY25 and FY24 audit services? Answer: Answered in Addendum 1 03/27/2026 09:16 AM EDT 04/09/2026 08:53 AM EDT - Q9 Arrow Right Question: Out of Scope Were any additional out of scope services provided in either year? If so, for what, and how much were the additional fees? Answer: Answered in Addendum 1 03/27/2026 09:16 AM EDT 04/09/2026 08:53 AM EDT - Q10 Arrow Right Question: Background and Prior Auditor Has there been any significant issues or disagreements with the current audit firm (e.g., timing, communications, audit adjustments), and is the current firm being invited to submit a proposal? Answer: Answered in Addendum 1 03/31/2026 01:46 PM EDT 04/09/2026 08:53 AM EDT - Q11 Arrow Right Question: Background and Prior Auditor Can you provide the audit fee for the prior year, or an expected budget range for the services requested in this RFP? Answer: Answered in Addendum 1 03/31/2026 01:47 PM EDT 04/09/2026 08:53 AM EDT - Q12 Arrow Right Question: Background and Prior Auditor Is the scope of work in this RFP consistent with prior years? Answer: Answered in Addendum 1 03/31/2026 01:49 PM EDT 04/09/2026 08:53 AM EDT - Q13 Arrow Right Question: Background and Prior Auditor Has the current auditor historically provided any additional services or billed for work outside the original audit contract? Answer: Answered in Addendum 1 03/31/2026 01:50 PM EDT 04/09/2026 08:53 AM EDT - Q14 Arrow Right Question: Background and Prior Auditor Are there any records maintained or prepared by the audit firm (i.e., fixed asset and depreciation listings, Schedule of Expenditures of Federal Awards, or other supporting schedules)? Answer: Answered in Addendum 1 03/31/2026 01:51 PM EDT 04/09/2026 08:53 AM EDT - Q15 Arrow Right Question: Financial Reporting Were there any audit adjustments? If so, can you provide a copy of those adjustments? Answer: Answered in Addendum 1 03/31/2026 01:52 PM EDT 04/09/2026 08:53 AM EDT - Q16 Arrow Right Question: Financial Reporting Have any known or suspected instances of fraud or significant control deficiencies been identified in the past 2-3 years? If so, please describe their nature and if resolved. Answer: Answered in Addendum 1 03/31/2026 01:52 PM EDT 04/09/2026 08:53 AM EDT - Q17 Arrow Right Question: Financial Reporting Are there any contingencies or legal matters that could affect future financial statements? Answer: Answered in Addendum 1 03/31/2026 01:53 PM EDT 04/09/2026 08:53 AM EDT - Q18 Arrow Right Question: Operations and Records Are there any accounting functions that are outsourced to third party providers? Answer: Answered in Addendum 1 03/31/2026 01:53 PM EDT 04/09/2026 08:53 AM EDT - Q19 Arrow Right Question: Operations and Records Have there been significant operational changes during the current year or expected for next year? Examples would include any software changes, changes in accounting personnel, or new or expanded federal or state programs. Answer: Answered in Addendum 1 03/31/2026 01:54 PM EDT 04/09/2026 08:53 AM EDT - Q20 Arrow Right Question: Operations and Records What accounting software does your organization use for general ledger, payroll, and/or billing, and are there any plans to change accounting software in the near future? Answer: Answered in Addendum 1 03/31/2026 01:54 PM EDT 04/09/2026 08:53 AM EDT - Q21 Arrow Right Question: Operations and Records Do the auditors typically obtain direct (view only) access to the general ledger system? Answer: Answered in Addendum 1 03/31/2026 01:55 PM EDT 04/09/2026 08:53 AM EDT - Q22 Arrow Right Question: Operations and Records To what extent are key documents (e.g., invoices, contracts, grant agreements, bank statements, and employee timesheets) available in electronic form, or are they maintained as hard copies? Answer: Answered in Addendum 1 03/31/2026 01:55 PM EDT 04/09/2026 08:53 AM EDT - Q23 Arrow Right Question: Fieldwork Approach and Timing To what extent has the existing audit been performed onsite vs. remotely, and are there expectations or preferences regarding onsite versus remote fieldwork for this engagement? Are you open to a fully remote audit if current service levels are maintained? Answer: Answered in Addendum 1 03/31/2026 01:56 PM EDT 04/09/2026 08:53 AM EDT - Q24 Arrow Right Question: RFP Background What factors led Interurban Transit Partnership (ITP) to seek proposals for audit services at this time (e.g., incumbent contract term ending, desired changes in service approach, or other considerations)? Answer: Answered in Addendum 1 03/31/2026 02:48 PM EDT 04/09/2026 08:53 AM EDT - Q25 Arrow Right Question: Audit Process Feedback What aspects of the external audit process has ITP valued most in recent years, and are there any aspects of the prior audit process that ITP would like to see improved or approached differently going forward? Answer: Answered in Addendum 1 03/31/2026 02:49 PM EDT 04/09/2026 08:53 AM EDT - Q26 Arrow Right Question: Federal Funding Outlook Based on currently known funding, does ITP anticipate any changes to its federal funding profile during the contract term (i.e. new funding sources, significant increases, or new grant programs) that could affect Single Audit scope or the number of major programs? Answer: Answered in Addendum 1 03/31/2026 02:49 PM EDT 04/09/2026 08:53 AM EDT - Q27 Arrow Right Question: NTD Data Availability When is National Transit Database (NTD) information typically finalized and available to the auditor for review? Answer: Answered in Addendum 1 03/31/2026 02:50 PM EDT 04/09/2026 08:53 AM EDT - Q28 Arrow Right Question: Financial Systems What core financial systems does ITP currently use (general ledger, payroll, fixed assets, grants management), and are any system implementations or conversions planned that could impact the audit during the contract period? Answer: Answered in Addendum 1 03/31/2026 02:50 PM EDT 04/09/2026 08:53 AM EDT - Q29 Arrow Right Question: Historical Audit Fees Can ITP provide the most recent audit fees (including any additional fees). If available, an approximate breakout between the Financial Statement Audit, Single Audit, NTD certification, and any other fees)? Answer: Answered in Addendum 1 03/31/2026 02:50 PM EDT 04/09/2026 08:53 AM EDT - Q30 Arrow Right Question: Cost Proposal Format Should the cost proposal be a separate document or included with the rest of our response? Answer: Answered in Addendum 1 03/31/2026 02:50 PM EDT 04/09/2026 08:53 AM EDT - Q31 Arrow Right Question: Fees/Budget Are you able to provide the fees paid for audit services for each of the past three years? Please indicate if there were any billings above contracted amounts for “out-of-scope” or additional services not contemplated at contract award. Answer: Answered in Addendum 1 04/01/2026 09:10 AM EDT 04/09/2026 08:53 AM EDT - Q32 Arrow Right Question: Budget/Fees Does ITP anticipate that the not‑to‑exceed annual audit fee will remain consistent year‑over‑year, absent changes in scope or Single Audit requirements? Answer: Answered in Addendum 1 04/01/2026 09:13 AM EDT 04/09/2026 08:53 AM EDT - Q33 Arrow Right Question: Prior Year Audits Do you typically have adjusting journal entries as a result of the audit? If so, how many do you typically have? Answer: Answered in Addendum 1 04/01/2026 09:14 AM EDT 04/09/2026 08:53 AM EDT - Q34 Arrow Right Question: Prior Year Audits Have there been any disagreements between management and your independent auditor during the prior three engagements? Answer: Answered in Addendum 1 04/01/2026 09:14 AM EDT 04/09/2026 08:53 AM EDT - Q35 Arrow Right Question: Prior Year Audits Is the incumbent firm allowed to propose, or is ITP seeking a mandatory auditor rotation? Answer: Answered in Addendum 1 04/01/2026 09:15 AM EDT 04/09/2026 08:53 AM EDT - Q36 Arrow Right Question: Prior Year Audits Did the incumbent auditors meet the pre-determined deadlines? If not, what was the reason? Answer: Answered in Addendum 1 04/01/2026 09:15 AM EDT 04/09/2026 08:53 AM EDT - Q37 Arrow Right Question: Prior Year Audits Were there any material weaknesses, significant deficiencies, or compliance findings reported in the most recent audit? Are there any repeat findings or corrective action plans that the selected auditor will be expected to follow up on? Answer: Answered in Addendum 1 04/01/2026 09:16 AM EDT 04/09/2026 08:53 AM EDT - Q38 Arrow Right Question: Audit Process/Timing What are the expectations for performance of the fieldwork? Any preference as to whether the work is performed remotely, on-site or a hybrid model? If on‑site work is required, what are the expectations for weeks or days on‑site? Answer: Answered in Addendum 1 04/01/2026 09:17 AM EDT 04/09/2026 08:53 AM EDT - Q39 Arrow Right Question: Audit Process/Timing Are audit presentations typically conducted remotely or in person? Is the auditor expected to attend both Finance Committee and Board meetings each year? If so, is the expectation for attendance to be in-person or remote? Answer: Answered in Addendum 1 04/01/2026 09:18 AM EDT 04/09/2026 08:53 AM EDT - Q40 Arrow Right Question: Audit Process/Timing Does management prepare the annual Management’s Discussion and Analysis section? Answer: Answered in Addendum 1 04/01/2026 09:18 AM EDT 04/09/2026 08:53 AM EDT - Q41 Arrow Right Question: Audit Process/Timing When does ITP prefer interim and year-end fieldwork to be performed? Answer: Answered in Addendum 1 04/01/2026 09:18 AM EDT 04/09/2026 08:53 AM EDT - Q42 Arrow Right Question: Audit Process/Timing Is there anything about your current audit process that you would like changed in the future? Answer: Answered in Addendum 1 04/01/2026 09:19 AM EDT 04/09/2026 08:53 AM EDT - Q43 Arrow Right Question: Audit Process/Timing Section 2.1 indicates extensive audit support by ITP staff. Can ITP confirm that this level of prepared-by-client (PBC) preparation is expected to remain consistent across all five years? Does ITP anticipate any staffing or system changes that could materially impact PBC quality or timing? Answer: Answered in Addendum 1 04/01/2026 09:20 AM EDT 04/09/2026 08:53 AM EDT - Q44 Arrow Right Question: Audit Process/Timing Will ITP continue to prepare draft financial statements and footnotes, or is the auditor expected to draft any portions of the financial statements during the contract term? Answer: Answered in Addendum 1 04/01/2026 09:21 AM EDT 04/09/2026 08:53 AM EDT - Q45 Arrow Right Question: Audit Process/Timing Are there any known constraints around the November–January audit window (e.g., system conversions, staff availability, Board schedule changes)? Answer: Answered in Addendum 1 04/01/2026 09:21 AM EDT 04/09/2026 08:53 AM EDT - Q46 Arrow Right Question: Audit Process/Timing For which fiscal years does ITP anticipate that a Single Audit under Uniform Guidance (2 CFR Part 200) will be required during the FY2026–FY2030 contract term? Has ITP historically met the Single Audit expenditure threshold, and does it expect to meet it in each year of the contract? Answer: Answered in Addendum 1 04/01/2026 09:22 AM EDT 04/09/2026 08:53 AM EDT - Q47 Arrow Right Question: Audit Process/Timing Can ITP identify the primary federal programs expected to be subject to compliance testing? Does ITP anticipate any new or materially changing federal programs during the contract term? Answer: Answered in Addendum 1 04/01/2026 09:23 AM EDT 04/09/2026 08:53 AM EDT - Q48 Arrow Right Question: Audit Process/Timing Has the National Transit Database (NTD) reporting process or scope materially changed since the most recent audit? Does ITP expect the auditor’s NTD review to include independent data testing or certification only, consistent with prior years? Answer: Answered in Addendum 1 04/01/2026 09:23 AM EDT 04/09/2026 08:53 AM EDT - Q49 Arrow Right Question: Evaluation Are you able to provide weighting for the Evaluation Criteria outlined on pages 11-12? Answer: Answered in Addendum 1 04/01/2026 09:23 AM EDT 04/09/2026 08:53 AM EDT - Q50 Arrow Right Question: Operations/General What general ledger package does the Interurban Transit Partnership (ITP) use? Answer: Answered in Addendum 1 04/01/2026 09:23 AM EDT 04/09/2026 08:53 AM EDT - Q51 Arrow Right Question: Operations/General What are the three biggest challenges affecting ITP? Answer: Answered in Addendum 1 04/01/2026 09:24 AM EDT 04/09/2026 08:53 AM EDT - Q52 Arrow Right Question: Operations/General Are there any recent or pending significant organizational, governance, or administrative changes in ITP that will have an impact on the audit process moving forward? Answer: Answered in Addendum 1 04/01/2026 09:24 AM EDT 04/09/2026 08:53 AM EDT - Q53 Arrow Right Question: Operations/General How does ITP define “additional services” outside the Scope of Work, and what is the approval process for such services under the hourly rate structure? Answer: Answered in Addendum 1 04/01/2026 09:25 AM EDT 04/09/2026 08:53 AM EDT - Q54 Arrow Right Question: RFP Questions Why is the Organization requesting audit proposals? Are there any disagreements with the prior auditors and have they been invited to propose? Answer: Answered in Addendum 1 04/02/2026 01:22 PM EDT 04/09/2026 08:53 AM EDT - Q55 Arrow Right Question: General Ledger Software What general ledger software does the Organization currently use and are there any plans to change? Answer: Answered in Addendum 1 04/02/2026 01:23 PM EDT 04/09/2026 08:53 AM EDT - Q56 Arrow Right Question: Field work How is the current fieldwork performed - in-person, hybrid, or remote? Does the Organization have a preference? If in-person, how many people are on-site and for how long? Answer: Answered in Addendum 1 04/02/2026 01:24 PM EDT 04/09/2026 08:53 AM EDT - Q57 Arrow Right Question: Pension Adjustments Who currently completes the GASB 68 calculation for pension, ITP staff or the current auditors? Answer: Answered in Addendum 1 04/02/2026 01:27 PM EDT 04/09/2026 08:53 AM EDT - Q58 Arrow Right Question: Audit Fees What were the audit fees paid by ITP for the past two fiscal years including all services provided by the current auditor? Answer: Answered in Addendum 1 04/02/2026 01:28 PM EDT 04/09/2026 08:53 AM EDT - Q59 Arrow Right Question: Auditor Qualities What is the ITP looking for in an auditor, what does the ITP value most in it's auditor relationship? Answer: Answered in Addendum 1 04/02/2026 01:30 PM EDT 04/09/2026 08:53 AM EDT - Q60 Arrow Right Question: Portal Usage Does the ITP currently use a portal to exchange documents with it's current auditor? If not, what is the most frequent way documents are exchanged? Answer: Answered in Addendum 1 04/02/2026 01:31 PM EDT 04/09/2026 08:53 AM EDT
SLED stands for State, Local, and Education. These are solicitations issued by state governments, counties, cities, school districts, utilities, and higher education institutions — as opposed to federal agencies.
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