Teacher Retirement System of Texas

Buyer seeks to identify and contract with one qualified vendor to audit the financial statements of Teacher Retirement Investment Company of Texas Ltd. (TRICOT), a wholly owned subsidiary of the buyer. The audit will be conducted in accordance with US GAAS to express an opinion on whether the financial statements are presented fairly in accordance with US GAAP. The initial contract term will be three years with three one-year optional renewal terms.

• 3/19/2025 - Issuance of RFP
• 3/24/2025 - Deadline for Submission of Questions
• 4/9/2025 - Proposal Due Date

• Be an independent auditor properly licensed for public practice in Texas
• Meet independence standards of Generally Accepted Government Standards (GAGAS)
• Be knowledgeable of GAGAS and U.S. generally accepted accounting principles
• Not have record of substandard work, passed recent Peer Review
• Have professional credentials relevant to scope of work (CPA, CISA, etc.)
• Project Managers must have 4-6 years audit experience
• Audit team members must have at least two years experience
• Data analytics team must have five years relevant experience

• Audit financial statements of TRICOT in accordance with US GAAS
• Assess risks of material misstatement in financial statements
• Consider internal controls relevant to financial statement preparation
• Communicate significant deficiencies and material weaknesses to board
• Issue report expressing opinion on fairness of financial statements
• Present findings to Audit Committee in September and December
• Provide deliverable reports by October 30th deadline
• Evaluate appropriateness of accounting policies used
• Assess reasonableness of significant accounting estimates
• Make working papers available to oversight agencies when requested
• Identify and communicate fraud involving senior management
• Report illegal acts that come to auditor's attention
• Conduct audit in accordance with AICPA standards
• Provide PowerPoint presentations for audit committee meetings
• Issue Management Letter communicating control deficiencies