The Village of Bald Head Island is seeking proposals for audit services. The selected firm will perform a financial and compliance audit in accordance with North Carolina laws, generally accepted auditing standards, and Government Auditing Standards. Key requirements include preplanning conferences, interim and yearend fieldwork, submission of draft audit reports, and attendance at village council meetings. The contract is intended for a minimum of three years, subject to annual negotiation and approval. Proposals must be submitted in two sections: firm qualifications and cost estimates. The deadline for questions is April 27, 2026, with responses by May 1, 2026. Proposals are due by May 8, 2026, and can be submitted electronically or on paper. The village reserves the right to reject any or all bids. The village will provide assistance to the auditor, including access to accounting records and staff support for certain tasks. The village population is approximately 400, with 74 employees. The village maintains multiple funds and budgets using the modified accrual basis of accounting.
The deadline for the receipt of proposals is May 8, 2026, by 3:00 pm.
The Village of Bald Head Island's invoices are subject to approval by the Local Government Commission (LGC) prior to payment. Interim or progress billings approved by the LGC will be paid up to 75% of the total fee before the submission of the final audited financial statements. The final 25% of the audit fees will be paid when the financial statements, single audit (if applicable), management letter, and amended contract (if applicable) have been reviewed or approved by the LGC. Requests for payment related to additional agreed-upon procedures or FIR work do not require LGC approval and will be paid after the final report results and findings have been reviewed and deemed satisfactory by village staff.
The firm best meeting the Village's expectations for experience, audit approach, and cost requirements will be selected. Cost is an important factor but will not be the sole determining factor. Unusually low bids that are obviously out of line or significantly lower than current fees will raise concerns, and the lowest bid will not automatically be awarded preferential consideration.
Firms must be registered with the North Carolina State Board of CPA Examiners and have sufficient governmental accounting and auditing experience. The proposal should include information on the audit firm's prior experience, qualifications of its personnel, and its audit approach.
For every week the audit is late after December 31st, due to no fault of the Village of Bald Head Island, there will be a reduction in the audit fee of ****.
The village expects that the audit firm staff will be onsite for fieldwork, including manager and/or partner-level staff for at least a portion of the onsite work.