Financial Audits of the Stadium Authority, Department of Business, Economic Development and Tourism

The Office of the Auditor in the State of Hawaii is undertaking a contractual initiative to implement financial audits for the Stadium Authority, which operates under the Department of Business, Economic Development and Tourism. This initiative is rooted in the legislative requirements put forth by Article VII, Section 10 of the Hawaii State Constitution and Section 23-4 of the Hawaii Revised Statutes. The primary objective of these audits is to ensure precision in financial reporting and adherence to relevant legal and regulatory frameworks. The audits will cover the fiscal years concluding on June 30th of 2025, 2026, and 2027, and will adhere to the auditing standards established by the U.S. Government Accountability Office and the American Institute of Certified Public Accountants (AICPA). Contractors will be tasked with several key duties including evaluating internal financial controls, scrutinizing financial data, and offering recommendations for improvements on any noted deficiencies. They will assist in crafting financial statements aligned with Financial Accounting Standards Board (FASB) guidelines and conduct audits related to swap meet receipts and parking revenue at Aloha Stadium specifically for fiscal years ending in 2026 and 2027. The contract period runs from June 1, 2025, through May 31, 2028, with possibilities for extension. Audits will be executed at locations affiliated with the Stadium Authority in Hawaii, with an estimated contract value ranging from $500,000 to $1,500,000.