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Request for Proposals for an Independent Auditor of Vermont Energy Efficiency Utility Fund

Answers to questions

1. Why is the Commission requesting a proposal? (i.e., rotation cycle, fresh perspective desired, governing board request, cost)

The Commission seeks a contractor to conduct an annual audit of the EEU Fund over the next two years, with the possibility of renewing the contract for another two years. The previous contract covered through fiscal year 2023.

2. What is the Commission’s expectation/preference of audit work being performed remotely versus on-site?

Unless it is necessary to access files, there is no expectation that the work will be performed on-site.

3. Is it the Commission’s expectation that the auditor would prepare the VEEU fund’s financial statements and footnotes?

The contractor will conduct an audit of the EEU fiscal agents’ financial statements. In preparing the auditor’s report, the contractor will prepare a combining statement of net position, a combining statement of activities, a combining statement of cash flows, notes to the combining financial statements, and supplemental schedule as described in the RFP. Please see report for Fiscal Year 2023 for example.

4. Could you please provide the all-inclusive audit fees for fiscal year 2023?


5. Could you please provide the approximate hours dedicated by the auditors to the fiscal year 2023 audit?

This information is not available.

6. Which general ledger accounting software does the Commission currently utilize for the VEEU fund?

The Commission does not directly manage the fund. The three appointed EEUs serve as fiscal agents for the portion of the fund that is in its service territory.

7. Was the Fund issued a Management Letter for the fiscal year 2023 audit? Yes.

a. If so, could you please provide this letter? Please see attached, pages 4-7 of the 2023 Audit Report.

8. Are there any improvements the Commission seeks in the current audit process?

Increased communication, such as progress reports, and timeliness of the final report.

9. Could you please provide the full RFP for audit services with the updated dates reflective of the June 26, 2024 deadline?

Please see the RFP, attached.

10. Please indicate the extent of audit adjustments being proposed by your independent auditor and accepted by management for recognition in the financial statements.

No adjustments proposed. The auditor found that the financial statements presented fairly and the respective financial positions of each major fund and the combined total of the Fund and the respective changes in financial position and cash flows for the year were in accordance with generally accepted accounting principles.

11. Have there been any disagreements between management and your independent auditor during the prior three engagements?


12. Please provide the fees paid for audit services for each of the past three years, and indicate if there were any billings above contracted amounts for out-of-scope or additional services not contemplated at contract award.

$34,000 billed for the 2021 audit and within contracted amount.
$37,500 billed for the 2022 audit and within contracted amount.
$38,250 billed for the 2023 audit and within contracted amount.

13. Is there any expectation that the Fund will receive and spend more than $750,000 in fiscal year 2024?

Yes, for the 2023 fiscal year, the total operating revenues for the Fund was approximately $62.9 million.

More details about the Fund and the EEUs may be found here:

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