Seeking Audit Services

By | February 3, 2023


Audit Services

Town of Wilmington, Vermont

February 1, 2023


The Town of Wilmington, Vermont, is requesting proposals from qualified firms of Certified Public Accountants, licensed to practice in the State of Vermont, to audit its financial statements for the fiscal year ending June 30, 2023, with the option of auditing its financial statements for each of the four subsequent fiscal years.

Proposals, should be marked “Annual Auditing Services Bid” and can be mailed to Christine Richter, Finance Officer/Treasurer, Town of Wilmington, 2 East Main St, PO Box 217, Wilmington, Vermont 05363, or emailed to

Bids are due by 4:00 P.M., on Friday, March 17, 2023.

The Town of Wilmington reserves the right to reject, in whole or in part, any and all proposals submitted. Proposals will be evaluated by the Town based on firm experience and reputation, understanding of Town requirements, and price.  During the evaluation process, the Town reserves the right, where it may serve in the Town’s best interest, to request additional information or clarification from proposers. At the discretion of the Town, firms submitting proposals may be requested to make oral presentations as part of the evaluation process.

Please direct all questions regarding this request for proposal to Christine Richter, 802-464-8591 ext. 112 or email to



The Town of Wilmington, Vermont, desires the auditor to express an opinion on the fair presentation of its general-purpose financial statements in conformity with generally accepted accounting principles for governmental entities as defined by the Government Accounting Standards Board (GASB). The Town also desires the auditor to express an opinion on the fair presentation of the combining and individual fund financial statements and schedules in conformity with GASB generally accepted accounting principles.

The audit shall be performed in accordance with generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants; the standards for financial audits set forth in the U.S. General Accounting Office’s Government Auditing Standards; the provisions of the Single Audit Act of 1984 and the Single Audit Act Amendments of 1996 (when applicable); and the provisions of the U.S. Office of Management and Budget (OMB) 2 CFR, Chapter I, Chapter II, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

The Town may spend in excess of $750,000 in federal awards and if so, will require an audit in accordance with the Single Audit Act of 1984.

Audit fieldwork is to be scheduled and completed in one contiguous block of time to be mutually agreed on. All Town records will remain on the premises.

It is expected that in determining the extent of test procedures, full consideration will be given to the apparent effectiveness of the system on internal accounting controls. The feasibility of recommendations for improvements in the accounting system and internal controls will be discussed during the course of the engagement. In the required report on internal control, the auditor shall communicate any reportable conditions found during the audit. Reportable conditions that are also material weaknesses shall be identified as such in the report. Non-reportable conditions discovered by the auditors shall also be reported in a separate management letter, which shall include all instances of noncompliance.

The auditor will deliver an electronic copy of the auditor’s report and in addition to that shall print, bind and submit seven (7) copies of the audit report(s) to the Town Manager by January 15th each year.  Additional copies of the report shall be submitted to the federal cognizant audit agency and any agencies of the State of Vermont, as required.

The accounting firm will hold an exit conference with the Town Manager and Town Treasurer to review draft copies of the aforementioned reports before such reports are issued.  At the conclusion of the audit, the auditor will meet with the selectboard to discuss the results of the audit and explain any findings that are included in the auditor’s management letter.

All working papers and reports shall be retained for a minimum of three years, unless the firm is notified in writing by the Town of the need to extend the retention period.



The Town of Wilmington has a population of 2,255. All provided services are through the following departments:

Town Manager, Finance, Listers, Town Clerk, Planning and Zoning, Police, Fire (volunteer), Highway, Library, Transfer Station, Youth Recreation, and Water and Sewer (proprietary fund)

The Town has a total payroll of $1,859,904 covering 28 full-time and 6 part-time employees. Approved budgets for the most recent fiscal year (2023) are $6,093,066 for the General Fund and $733,287 for Enterprise funds.  The Town uses the following fund types in its financial reporting:

  • General Fund
  • Capital Project Funds
  • Proprietary Funds
  • Fiduciary Funds

The Town’s fiscal year begins on July 1, and ends on the following June 30. The most recent outside audit of the Town’s finances was for the Fiscal Year ended June 30, 2021.  A copy of the audit report is available on request.

The Town prepares its financial statements using the modified cash basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds. The Town’s financial statements are prepared in accordance with Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments.




Intersted firms shall submit their proposal separated into two sections: the technical proposal and the cost proposal.



The purpose of the technical is to demonstrate the qualifications, competence and capacity of the firms seeking to undertake the audit of the Town of Wilmington in conformity with the requirements of this request for proposals.  The technical proposal should demonstrate the qualifications of the firm and of the particular staff to be assigned to this engagement.  It should also specify an audit approach that will meet the request for proposals requirements.  The technical proposal shall provide the necessary information in the following sequence:


  • Background of the firm. The proposer should state the size of the firm, the size of the firm’s governmental auditing staff, and the number and nature of the professional staff to be employed in this engagement.  The firm is also required to submit a copy of the report on its most recent quality control review, along with a statement of whether that quality control review included a review of specific government engagements.
  • Partner, supervisory and staff qualifications and experience. The proposer should identify the principal supervisory and management staff who would be assigned to the engagement and disclose each person’s government auditing experience.
  • Similar engagements with other government entities. The proposal shall describe the five most significant engagements performed in the last five years that are similar to the engagement described in this request for proposals. Indicate the scope of the work and the name and telephone number of the client contact.
  • Specific audit approach. The proposal should set forth a plan of implementation, including an explanation of the audit methodology for this engagement.  The work plan should include a description of tasks, estimates of work effort, time budgets, and a detailed breakdown of responsibilities of all audit personnel.



Structure the cost proposal as follows:


  • This is a five-year engagement; one year with the renewal options through the fifth year
  • Total all-inclusive maximum price for the engagement for the year ending June 30, 2023, and for each of the four subsequent engagement years for which the Town has the option of continuing in the contract.
  • Breakdown of costs by year by partner (principal), supervisory and staff level.
  • Out-of-pocket expenses included in the total all-inclusive maximum price and reimbursement rates.
  • Progress payments will be made on the basis of hours of work completed during the course of the engagement. Interim billing shall cover a period of not less than a calendar month and should provide sufficient detail for verifying the work was completed.
  • Unit pricing for non-audit services that are in compliance with independence standards should those be required.
  • Single audit costs




The audit firm will be selected based on two criteria: technical qualifications and price.  For technical qualifications the Town will compare each proposer’s expertise and experience in providing quality audit services to government entities and the quality of the firm’s professional personnel who would conduct the audit.  The approach of the audit and the plan for implementation will also be scrutinized.  Cost will not be the primary factor in the selection of the audit firm.




Certificate of Liability Insurance in the minimum amount of $1,000,000 (certificate should name the Town of Wilmington as an additional insured for the work the contractor will be doing).   A Certificate of Workers’ Compensation Insurance is required.  The Federal W-9 Form will be completed and returned to Town, if applicable.




The Consultant, its agents and assigns shall indemnify and hold harmless the Town of Wilmington, including but not limited to, its elected officials, its officers, and agents, (“the Town”) from any and all claims made against the Town, including but not limited to, damages, awards, costs and reasonable attorney fees, to the extent any such claim directly and proximately results from the wrongful, willful or negligent performance of services by the Consultant during the Consultant’s performance of this Agreement or any other Agreements of the Consultant entered into by reason thereof. The Town agrees to give the Consultant prompt notice of any such claim and absent a conflict of interest, an opportunity to control the defense thereof.


The Town has the right to disclose information contained in the proposals after an award has been made.   All reports, documents and materials developed by the consultant for this project shall be considered public information and shall be the property of the Town of Wilmington.


There is no expressed or implied obligation on the part of the Town of Wilmington to reimburse responding firms for any expenses incurred in preparing or presenting proposals in response to this request.


The Town of Wilmington reserves the right to retain all proposals and to use any ideas in a proposal regardless of whether the proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in this RFP, unless clearly stated to the contrary and specifically noted in the proposal submitted and confirmed in the contract between the municipality and the selected firm.