AD PAGE NORTHERN MARIANA ISLANDS RETIREMENT FUND WORKERS’ COMPENSATION COMMISSION GROUP HEALTH AND LIFE INSURANCE TRUST FUND FINANCIAL AUDITS REQUEST FOR PROPOSALS NO. RF11-005 AMENDMENT NO. 1 OPENING DATE: August 22, 2011 CLOSING DATE: September 21, 2011 The Board of Trustees of the Northern Mariana Islands Retirement Fund is soliciting sealed proposals to perform a financial audit of the Northern Mariana Islands Retirement Fund (NMIRF), Workers’ Compensation Commission (WCC), and Group Health and Life Insurance Trust Fund (GHLITF) for the fiscal years ending September 30, 2011 and 2012. To receive the RFP package, you may mail, fax or e-mail your request to: Richard S. Villagomez, Administrator Northern Mariana Islands Retirement Fund P.O. Box 501247 CK Saipan, MP 96950-1247 Fax No. 670-664-8080 E-mail: administrator01@nmiretirement.com There will be a pre-proposal conference on Tuesday, August 30, 2011 at 9:00 am in the Fund Conference Room, Capitol Hill Saipan. Questions regarding the project must be submitted in writing to Richard S. Villagomez, Administrator, Fax No. (670) 664-8080 or emailed to administrator01@nmiretirement.com, no later than September 1, 2011 at 4:30 p.m. The Board reserves the right to reject any or all proposals and to waive any imperfections in a proposal if doing so is the best interest of the Fund. All proposals shall become the property of the NMI Retirement Fund. //s// Richard S. Villagomez Administrator This is trial version www.adultpdf.com Page 1 of 5 FINANCIAL AUDITS RFP NO. RF11-005 The Board of Trustees of the Northern Mariana Islands Retirement Fund is soliciting sealed proposals to perform a financial audit of the Northern Mariana Islands Retirement Fund (NMIRF), Workers’ Compensation Commission (WCC), and Group Health and Life Insurance Trust Fund (GHLITF) for the fiscal years ending September 30, 2011 and 2012. INFORMATION ON THE REQUEST FOR PROPSAL (RFP) This package contains minimum required information relevant to proposals to perform a financial audit of the Northern Mariana Islands Retirement Fund, Workers’ Compensation Commission, and Group Health and Life Insurance Trust Fund for the fiscal years ending September 30, 2011 and 2012. Audits must be completed within three (3) months from receipt of the notice to proceed for the audit of fiscal year 2011 and on or before December 31, 2012 for the audit of fiscal year 2012. Scope of the Audits The audits will cover all transactions of the NMIRF, WCC, and GHLITF for the fiscal years ending September 30, 2011 and 2012. Audits must be completed within three (3) months from receipt of the notice to proceed for the audit of fiscal year 2011 and on or before December 31, 2012 for the audit of fiscal year 2012. Applicable Audit Standards The audits shall be made in accordance with auditing standards generally accepted in the United States of America and the Government Auditing Standards (Yellow Book) issued by the Comptroller General of the United States. The audit reports shall include the following reports: For the NMIRF 1. Statement of Plan Net Assets Available for Benefits 2. Statement of Changes in Plan Net Assets Available for Benefits 3. Statement of Excess Accumulated Plan Benefits Over Plan Net Assets 4. Notes and Required Supplementary Information For the WCC 1. Statement of Fiduciary Net Assets 2. Statement of Changes in Fiduciary Net Assets 3. Notes and Required Supplementary Information For the GHLITF This is trial version www.adultpdf.com Page 2 of 5 FINANCIAL AUDITS RFP NO. RF11-005 1. Statement of Fiduciary Net Assets 2. Statement of Changes in Fiduciary Net Assets 3. Notes and Required Supplementary Information Responsibilities of the Independent Auditor 1. The selected firm will sign the audit reports and issue them on or before the date specified in this package. 2. The selected firm will retain audit working papers for at least three years and will make them available for examination to the CNMI Office of the Public Auditor (OPA). 3. The selected firm will render progress reports as required by the NMIRF, WCC, GHLITF or OPA. Expected Dateline The audit report for FY2011 should be issued no later than three (3) months from receipt of the notice to proceed. The audit report for FY2012 should be issued on or before December 30, 2012. FORMAT AND CONTENT REQUIREMENTS OF THE PROPOSAL Title Page The proposal should identify the RFP subject, proposal numbers, the name of the firm, local address, telephone number, name and title of contact person, and date of submission. Transmittal Letter The proposal should contain a brief understanding of the service to be performed and a positive commitment to perform the service within the time period specified. It should state the fee for the audit work to be done, and whether the fee is inclusive or exclusive of out-of-pocket expenses. Firm Profile The proposal should provide a brief description of the proposer’s firm-personnel, educational background and experience, number of staff and staff level (partner, manager, etc.) and client listing. This is trial version www.adultpdf.com Page 3 of 5 FINANCIAL AUDITS RFP NO. RF11-005 The proposer must make an affirmative statement or provide supporting documentation to state/show that: 1. At least the partners are CPAs. 2. It meets the independence requirement of the Government Auditing Standards (Yellow Book) issued by the Comptroller General of the United States. 3. It does not have a record of substandard audit work. 4. It meets all specific requirements imposed by CNMI laws and other regulations, including business licenses and payment of applicable taxes. 5. Its system of quality control for accounting and auditing practice is in conformity with standards established by the Peer Review Board of the American Institute of Certified Public Accountants. Summary of Proposer’s Qualifications The proposal should include the following information: 1. Principals/Partners, Audit Managers and Field Supervisors and other staff who will work on the audit, including staff from other than the local office, if any. Resumes, including relevant experience and continuing education, for in-charge auditors up to the partner with final responsibility for the engagement should be included. 2. Recent local and regional office auditing experience similar to the type of audit work requested. 3. The most recent Peer Review letter and Peer Review Report. Proposer’s Approach to the Audit Work The proposal should indicate the work plan to accomplish the scope of the audit. The work plan should include time estimates for each significant section of the work (Planning, Field Work, Report Preparation, etc.) and staff level to be assigned. The work plan should demonstrate the proposer’s understanding of the applicable audit requirements and the audit tests and procedures to be applied in completing the plan. Audit Fees The proposer should submit information related to the cost of the audit work in a sealed envelope separate from, but together with the proposal. Proposer should state whether the fee is inclusive or exclusive of out-of-pocket expenses. If exclusive, provide such cost in the proposal if any. Proposer should provide a time budget for the audit work for each staff, manager and partner. This is trial version www.adultpdf.com Page 4 of 5 FINANCIAL AUDITS RFP NO. RF11-005 Cost is not expected to be the controlling factor in the selection of a Contractor for this solicitation. The degree of importance of cost as a factor could become greater depending upon the equality of the proposals for the other factors (the listed criteria) evaluated. Where competing proposals are determined to be substantially equal (within 10%), total cost would become a controlling factor. In that event, best and final cost/price may be requested from the offers that are substantially equal. The right to award based upon the cost/price submitted with the offer. However, it is reserved if the cost/price is determined fair and reasonable for the services to be rendered. Proposal Evaluation Criteria The proposal will be evaluated on the basis of the following criteria: 1. Responsiveness of the proposal clearly stating an understanding of the work to be performed. (Maximum 40 points) 2. Qualifications and experience of the firm. (Maximum 40 points) 3. Qualification and experience of the staff to be assigned. Education, position in the firm, certifications, and years of experience will be considered. (Maximum 20 points) a. Qualification of the audit team. b. Supervision to be exercised over the audit team by the firm’s management. c. Designated levels of staffing that will ensure that the dateline will be met. Proposal Submission All proposal submissions must be sealed, marked “RFP# RF11-005” and submitted in one (1) original and nine (9) copies, no later than 4:30 p.m. local time, September 21, 2011, at the Northern Mariana Islands Retirement Fund office on Capitol Hill, Saipan, MP 96950. Preference is available to local business per Article 7 of the CNMI Procurement Regulations. Application for local business preference may be obtained from the Division of Procurement and Supply and must be submitted with the proposal if preference is claimed. Proposals submitted from firms outside the Commonwealth must be postmarked by the U.S. Postal Service or the official government postal service of a foreign country no later than September 21, 2011 and must be received no later than seven (7) days from the date. Proposers outside the Commonwealth must notify the Fund in writing of their intent to submit a proposal no later than 10:00 a.m. September 20, 2011 (Saipan time) in order to receive this additional seven (7) days for the receipt of the actual proposal documents. This notice of intent to submit a proposal may be in any mode of written communication including e-mail to villagomezr@nmiretirement.com or by fax to (670) 664-8080. All proposals shall become the property of the Northern Mariana Islands Retirement Fund. This is trial version www.adultpdf.com Page 5 of 5 FINANCIAL AUDITS RFP NO. RF11-005 The contract for this audit will be awarded on September 30, 2011, and the audit work can commence on October 3, 2011. Commencement of the audit for the subsequent year will be set forth in the entrance conference. Audit reports from previous years are available at the Fund’s office on Capitol Hill, Saipan, MP 96950. Additional information may be obtained from Mr. Richard S. Villagomez, Administrator, at Tel. No. 322-3863 through 322-3867 or email at villagomezr@nmiretirement.com. This is trial version www.adultpdf.com . AD PAGE NORTHERN MARIANA ISLANDS RETIREMENT FUND WORKERS’ COMPENSATION COMMISSION GROUP HEALTH AND LIFE INSURANCE TRUST FUND FINANCIAL AUDITS REQUEST FOR PROPOSALS NO. RF11-005. information relevant to proposals to perform a financial audit of the Northern Mariana Islands Retirement Fund, Workers’ Compensation Commission, and Group Health and Life Insurance Trust Fund. of Trustees of the Northern Mariana Islands Retirement Fund is soliciting sealed proposals to perform a financial audit of the Northern Mariana Islands Retirement Fund (NMIRF), Workers’ Compensation