REQUEST FOR PROPOSAL (RFP) for Independent Audit Services

Description: Missouri State Employees' Retirement System (MOSERS) requests proposals from qualified firms of independent certified public accountants to perform independent audit services for the fiscal years ending June 30, 2027, through June 30, 2031, for the following engagements: (i) Annual financial statement audit of MOSERS Defined Benefit Plans; (ii) Annual audit of the Schedule of Pension Information for Participating Employers (GASB 68-related schedules); and (iii) Annual financial statement audits of the State of Missouri Deferred Compensation Plan (MO Deferred Comp), which encompasses a 457(b) governmental deferred compensation plan and a 401(a) defined contribution incentive plan. Project manager and contact: Nicki Russell, Missouri State Employees' Retirement System (MOSERS). All communications and questions regarding this RFP should be directed to the project manager. Proposals should be emailed to the project manager by the date and time specified in Section IV.A and should include "Response to Audit Services RFP" in the subject line. Key dates called out in the solicitation: RFP issued and posted to MOSERS website on Monday, November 2, 2026. Deadline for submitting questions: Thursday, November 12, 2026, 4:00 p.m. CST. Responses from MOSERS to questions by Friday, December 4, 2026, 4:00 p.m. CST. Proposal due date: Thursday, December 10, 2026, 4:00 p.m. CST. MOSERS Audit Committee will review bids (TBD in January 2027) and MOSERS Board of Trustees anticipated contract award date is Friday, February 19, 2027. Scope and requirements (summary): Audits must be performed in accordance with U.S. generally accepted auditing standards (AICPA) and, where specified, generally accepted government auditing standards (GAGAS). The contractor shall plan and perform audits to obtain reasonable assurance whether the financial statements and required schedules are free of material misstatement and shall express opinions accordingly. Services include audit work for MOSERS Defined Benefit Plans, the Schedule(s) of Pension Information for Participating Employers (including testing of employer census data as required by GASB 68), and two separate MO Deferred Comp audits (457(b) and 401(a)). The contractor will prepare and provide electronic versions of required opinion letters and reports and will present audit updates and final reports to MOSERS' Audit Committee and Board (presentations may be virtual). MOSERS may request additional professional services from time to time, which would be negotiated separately. Workpaper retention and access: Contractor must retain work papers and reports for a minimum of five years (or until reviewed by the Missouri State Auditor, whichever is later), make work papers available to federal and state agencies upon request, and respond to reasonable inquiries of successor auditors. Schedule expectations: For Defined Benefit Plans, preliminary fieldwork records expected in May or June, final fieldwork records in early September, draft financial statements and schedules during first half of September, actuary valuations completed in early September with GASB 67 schedules in late September, and ACFR presentation typically in November. Employer census testing working papers prepared by MOSERS staff by end of October; actuarial-report opinions issued sometime between October and January; MOSERS schedules and footnotes prepared by January 31. MO Deferred Comp audits conducted concurrently with defined benefit audit with goal of final reports mid-October to mid-November. Assistance from MOSERS: MOSERS will provide accounting staff support, internal audit assistance (expected ~350 hours historically for census testing), access to systems and documentation, and preparation of draft financial statements, schedules, and footnotes. MOSERS uses Oracle Cloud Fusion Financials for general ledger and accounts payable, Phoenix (customized Arrivos) for pension administration, and other specified systems for payroll and custodial reporting. Respondent minimum qualifications and submission requirements: Respondents must agree to enter into a written contract, deliver the minimum services described, provide a copy of most recent peer review report (indicating whether it included pension or government engagements), notify MOSERS promptly of ownership changes or private equity transactions, complete MOSERS Vendor Security Assessment within 30 days after contract award, demonstrate proficiency and experience, and comply with the Political Contribution Policy (Exhibit A) and Federal Work Authorization Policy (Exhibit B). To be considered complete, submissions must be provided as a single PDF in 12-point font and include: a cover letter (including a statement that respondent meets minimum qualifications, the certification statement specified in the RFP signed by an authorized agent), and completed RFP Questionnaire/Requirements (Exhibit C) including a completed Fee Proposal (Exhibit D). Proposals become sole property of MOSERS and must be received by the deadline to be considered. MOSERS may request additional information, allow corrections, negotiate proposals, or award without negotiation. MOSERS is subject to the Missouri Open Records Act; respondents should be aware that materials submitted may be subject to disclosure. Evaluation criteria: MOSERS will evaluate proposals on demonstrated competence, experience, staffing, ability to meet MOSERS' requirements and needs, data security and confidentiality controls, clarity and completeness of the proposal, and reasonableness of cost. Preference may be given to firms with principal place of business in Missouri or managing the project from a Missouri office if other considerations are equal. Contract term and other contractual provisions: The contract will cover the five fiscal years ending June 30, 2027 through June 30, 2031. The successful respondent's proposal, RFP, any amendments, best and final offers, and notice of award may be incorporated into the contract. The contractor must maintain adequate insurance (including cyber and professional liability) during the contract and for three years thereafter. The RFP includes additional detailed terms and conditions covering confidentiality, incident response and breach notification, access control, records retention, substitution of personnel, termination rights, payment terms, jurisdiction/choice of law (Cole County, Missouri), anti-discrimination against Israel act compliance, and other standard contractual provisions. Attachments and exhibits referenced in the RFP include: Exhibit A - Political Contribution Policy; Exhibit B - Federal Work Authorization Policy; Exhibit C - RFP Questionnaire/Requirements (detailed firm qualifications, data security and privacy questions, audit approach, references, etc.); Exhibit D - Fee Proposal (firm fixed price fee schedule for each year and engagement: Defined Benefit Plans, GASB 68 schedule, MO Deferred Comp audits). Prior-year reference fees (for scoping) were provided in the RFP for the prior auditor: approximately $67,700 (Defined Benefit Plans), $16,100 (GASB 68 schedule), and $41,900 (MO Deferred Comp).