IT Internal Audit Co-Sourced Services

The University of Arkansas System is soliciting proposals for IT Internal Audit Co-Sourced Services to support its Internal Audit Department starting in fiscal year 2027. The selected firm will collaborate with the Chief Audit Executive to plan and execute impactful IT audit projects, providing preliminary observations, draft reports, and final written reports for presentation to the Audit and Fiscal Responsibility Committee. All services must adhere to the Global Internal Audit Standards, Topical Requirements, and Global Practice Guides issued by the Institute of Internal Auditors. The contract is envisioned for an initial term of two years, with options to renew for up to five additional years, for a maximum total duration of seven years. The University estimates an annual requirement of 1,500 to 2,000 audit hours. Proposals will be evaluated on a 100-point scale based on the offeror's organizational profile, technical approach, and cost, with the lowest estimated cost receiving the maximum 30 points for the pricing section. Award will be granted to the responsible offeror deemed most advantageous to the Internal Audit Department. Payment is milestone-based, triggered by the completion of planning, fieldwork, and the acceptance of final audit reports. Contractors must maintain comprehensive insurance coverage, including general liability of at least 1 million dollars per occurrence, and comply with strict confidentiality requirements regarding student records and GDPR. Additionally, offerors must certify compliance with Arkansas state laws regarding boycotts of Israel and certain industries, as well as restrictions on ownership by the government of the People's Republic of China.