1. What are the contracted fees for the audit of 2015, 2014 and 2013? Answer: For fiscal year 2013, contracted fees were $26,000 for financial statements and $5,000 for a single audit. For fiscal year 2014, fees were $27,000 for financial statements and $5,000 for a single audit. For fiscal year 2015, fees were $28,000 for financial statements and $5,000 for a single audit. 2. Did the audit of 2015, 2014 & 2013 financial statements result in material weaknesses, significant deficiencies or management letter comments? If yes, can you provide a copy? Answer: Please refer to TGI’s website. 3. Does TGI prepare the Management, Discussion and Analysis (“MD&A”), financial statements, footnotes and supplemental schedules? Answer: TGI prepares much but not all of this material. TGI will assist the auditing firm as needed. 4. What was the staffing of the prior audit team (Marks Paneth) by level and number of individuals? a. Approximately how many hours were incurred by prior auditor (Marks Paneth) by staff level? b. What has been the timing of field work for CAFR and Single Audit in prior years? When was interim and year-end work performed and how many staff were in the field and for how many days? Answer: TGI does not possess all of the information required to answer this question, nor does it consider the question relevant to preparing a responsive bid. 5. How many adjusting journal entries were proposed in 2015 by Marks Paneth and what was the nature of these entries? Can you provide a listing of recorded and waived audit adjustment in the recent 2015 audit? Answer: Please refer to TGI’s website.
6. Have there been any significant changes in operations, procedures, or personnel subsequent to June 30, 2015 that would impact the audit process? Answer: No. 7. Does TGI have an internal audit department? Answer: No. 8. What were the SBE/MBE/WBE percentages pertaining to the 2015 audit? Answer: None. 9. Please provide copies of the following prior year deliverables: a. TGI’s Comprehensive Annual Financial Report (CAFR) b. Single Audit (A-133) Reports for 2015, 2014 and 2013 c. Special Project Report issued d. Management Letter, if one was issued Answer: TGI does not have a CAFR. For the remainder of the documents requested, please refer to TGI’s website. 10. Please provide the prior three year’s engagement fees for the requested services, including a breakout by deliverable. Answer: See answer to question #1. 11. In regard to the engagement fees, if there were additional projects requested by TGI, please explain the nature of the projects and the engagement fees for each. Answer: TGI reserves the right to engage the auditing firm in assigned special projects requiring accounting, auditing and/or consulting services.. 12. What is the anticipated timeline of the draft financial statements/final trial balances being made available to the auditors on an annual basis? Answer: By approximately August 15th of each year. 13. The financial statements indicate that employees of TGI are covered by Extensis, a professional employer organization. Please explain the methodology/approach that will be used to determine TGI’s proportionate share of the Plan’s Collective Pension Amounts. Please include the following in your explanation:
a. Will Extensis provide a schedule of employer allocations and related notes to the schedule? b. What is the anticipated timing of information being made available by Extensis to TGI and its auditor? Answer: All relevant accounting information will be provided by TGI in a timely manner to the auditor. 14. Are other valuations prepared and if so who is the preparer? What is the anticipated timing of this information being available? Answer: All valuations are prepared by an outside consultant and will be provided to the auditor in a timely manner. 15. Has the Internal Audit Department (if applicable) provided assistance to the external auditor during previous engagements? If so, please describe the scope of work completed by the Internal Audit Department and the approximate number of hours that were provided. Please provide the number of annual hours that could be made available for audit assistance from the Internal Audit Department. Answer: Not applicable. 16. Have there been any new debt/bond issues or derivative transactions entered into subsequent to the issuance of the prior year 2015 financial statements? Answer: No. 17. Are there any new Federal or State programs being administered by TGI that were not included in the Schedule of Expenditures of Federal Awards for the year ended June 30, 2015? If so, please list the total expenditures and the CFDA # or pass through identification number. Answer: No. 18. What level of assistance is given to the auditors by TGI staff? a. Who prepares the CAFR including the basic financial statements and footnotes? b. Who prepares the Schedule of Expenditures of Federal Awards? c. Form 990 Information Package? d. Concerning the Single Audit, are there projected new Type A and B programs in 2016 that would materially affect the scope vs. prior years? e. What work papers, including analyses, lead sheets, confirmations, etc. are prepared?
Answer: TGI staff prepare financial statements and schedules of expenditures as well as the 990 information to provide to the auditors. Reports are prepared using Fund EZ. There are no new projected Type A and B programs in 2016 that would materially affect prior years. 19. Are there system descriptions and flowcharts available for the major business systems at TGI? Answer: No. 20. Concerning additional or “on-call” billings, discuss the amount of time and costs of these services for the prior three years 2015, 2014 and 2013. How much was expended? Answer: As detailed in the RFP. TGI reserves the right to request additional services throughout the contract and respondents are asked to provide rates for such additional services. The nature of such services will change from time to time and prior years’ experience is in no way predictive of future needs or relevant to any response to this RFP. 21. At what locations will the field work take place? Answer: On Governors Island. 22. What software (financial and operational) is in use? Are there any plans for financial/accounting system upgrades in the near future? If so, what is the timing of the upgrade and what new system(s) are being migrated to? Answer: system.
TGI uses Fund EZ.
There are no plans to upgrade the software
23. When is TGI typically audit ready and when has interim fieldwork been performed in the past? Answer: Mid-August. 24. Have there been any changes to TGI’s financial IT applications in the past year? If so, please describe? Answer: No. 25. Please provide a list of financially significant outside service providers. What is the availability of their reports? What is the time period of their report(s)? Answer: Any information concerning outside service providers relevant to TGI’s audit will be provided at the time TGI is audit ready. 26. Is the predecessor auditor allowed to re-bid?
Answer: Yes. 27. What software is utilized for financial and fixed asset accounting? Are there any known plans for a software change in the near future? Answer: Fund EZ. There are no known plans for a software change. 28. Any significant events in current year? Any changes in key personnel? Answer: No. 29. Have there been any additional billings or services requested from your prior auditors? Answer: See answer to question #11. 30. May we request for copy of latest financial statements for purposes of estimating fees? Answer: Please refer to TGI’s website.