Project Information

Bid Title

Request for Proposals (RFP) Financial Audit Services

Issuing Agency

Town of Milton

Location

Massachusetts

Published Date

Jun 12, 2026

Closing Date

Jul 1, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

Bid Title:	Request for Proposals (RFP) Financial Audit Services
Category:	Town of Milton Bids
Status:	Open

Description: The Town of Milton invites qualified independent certified public accounting firms, licensed to practice in the Commonwealth of Massachusetts and with prior experience in municipal financial statement audits, to submit written fix-fee proposals to conduct independent financial audit services for the Town. This Request for Proposals (RFP) is being issued through the Select Board’s Office, 525 Canton Avenue, Milton, MA 02186 on Friday June 12, 2026. Proposals will be received until 3 PM (EST) on Wednesday, July 1, 2026. Updates, amendments, or answers to questions to the RFP will be posted to the website, and proposers should check the website prior to submitting proposals. Inquiries involving procedural or technical matters, and/or questions related to the Request for Proposals shall be submitted in writing to the Select Board’s Office and received no later than five (5) business days prior to the time the proposals are due. See Related Documents to access the Request for Proposals. Publication Date/Time: 6/12/2026 11:00 AM Closing Date/Time: 7/1/2026 3:00 PM Business Hours: M-Th 8AM-5PM; Fri 8AM-1:30PM Related Documents: RFP - Town of Milton Audit Services 6.12.26

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Milton,

Town of Milton

525 Canton Avenue

Milton, MA 02186

OVERVIEW

REQUEST FOR PROPOSALS (RFP)

FINANCIAL AUDIT SERVICES

The Town of Milton invites qualified independent certified public accounting firms, licensed to

practice in the Commonwealth of Massachusetts and with prior experience in municipal financial

statement audits, to submit written fix-fee proposals to conduct independent financial audit services

for the Town. This shall include but not be limited to an audit of the Town’s federal awards, if

necessary; prepare a management letter with recommendations for cost-beneficial improvements in

the Town’s financial reporting and controls over financial reporting; and to perform agreed upon

procedures related to the fiscal management of the Town, in accordance with the specifications

summarized below. The quoted fee shall be all-inclusive for all required services. The Town

anticipates awarding a contract for a three (3) year period.

Contracts with certified public accounts are exempt from the requirements of Massachusetts

Procurement Law (M.G.L. c. 30B § 1(b)(15)). The Town of Milton Audit Committee will evaluate

the proposals based on the experience of the proposed audit team, the firm’s ability to deliver audit

services that meets the Town’s needs and timelines, staff capacity, and reference checks. The Town

will negotiate at its own discretion with firms that it evaluates as qualified and determines will serve

the best representation for the Town’s audit requirements and needs. The proposed fee may be

considered as part of the Town’s evaluation process.

SCHEDULE & TIMELINE

This Request for Proposals (RFP) is being issued through the Select Board’s Office, 525 Canton

Avenue, Milton, MA 02186 on Friday June 12, 2026. This RFP will also be available on the Town’s

website at https://www.miltonma.gov/bids.aspx. Updates, amendments, or answers to questions to the RFP

will be posted to the website, and proposers should check the website prior to submitting proposals.

Inquiries involving procedural or technical matters, and/or questions related to the Request for

Proposals shall be submitted in writing to the Select Board’s Office and received no later than five

(5) business days prior to the time the proposals are due.

Proposals will be received until 3 PM (EST) on Wednesday, July 1, 2026.

Projected/Desired Timeline:

• Contract award is anticipated on or before Friday, July 17, 2026.

Contact Information: Amy Dexter, Finance Director/Town Accountant

525 Canton Avenue

Milton, MA 02186

adexter@miltonma.gov

(617) 898-4880

1

Milton,

Town of Milton

525 Canton Avenue

Milton, MA 02186

SCOPE OF WORK

The Town of Milton has a fiscal year 2026 operating budget of $167 million (inclusive of the

General Fund; Community Preservation Fund; Water Enterprise Fund, Sewer Enterprise Fund,

Stormwater Enterprise Fund and PEG Access Enterprise Fund). The Town has an AAA bond rating

from Moody’s Investors Services and an AAA bond rating from S&P Global Ratings.

The executive powers of the town are vested in the Select Board with an appointed Town

Administrator. The senior financial management team of the Town consists of the Town Administrator,

Finance Director/Town Accountant, Town Treasurer/Collector and Chief Appraiser.

The most recent audit of the Town of Milton and its component units was for the fiscal year ended

June 30, 2025. The public accounting firm of CBIZ CPAs P.C. completed this audit. The auditor’s

reports for that and prior fiscal years ending can be found at:

https://www.miltonma.gov/169/Financial-Information

Description of Financial Records

The Town maintains its general financial records in accordance with the Revised Uniform

Massachusetts Accounting System on a modified accrual basis. The general ledger records of the

Town are computerized, and the Town uses SoftRight for the maintenance of its financial record

keeping system, vendor processing, and payroll processing.

Cash and receivable reconciliations are made monthly. The Town financial accounts are closed on an

annual basis.

Required Services

The services requested shall be for the three fiscal years ending June 30, 2027, June 30, 2028 and June

30, 2029. The required services consist of:

1. An independent annual financial audit of the Town’s finances and, if required, federal

awards programs for each of the next three fiscal years ended June 30, 2027, 2028 and

2029. The audit is to be performed in accordance with generally accepted auditing

standards applicable to financial audits contained in Government Auditing Standards,

issued by the Comptroller General of the United States.

2. An annual audit of specific elements, accounts and items of financial statements

pertaining to the Milton Contributory Retirement System (MCRS) for the years ended

December 31, 2026, 2027 and 2028, in accordance with accounting principles

generally accepted in the United States of America.

3. Perform procedures specified in the Massachusetts Department of Elementary and

Secondary Education’s (DESE) Compliance Supplement applicable to Massachusetts

School Districts to the End-Of-Year Financial Report prepared by the Town of Milton,

Massachusetts for the years ended June 30, 2027, 2028 and 2029.

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Milton,

Town of Milton

525 Canton Avenue

Milton, MA 02186

4. Completion of a written management letter, which shall identify any management

weaknesses observed, assess their effect on financial management and financial

reporting, and propose steps to correct or eliminate the weaknesses. Prior to the

completion of the management letter, the independent auditor shall meet with the

Finance Director/Town Accountant and Town Treasurer to review the findings and the

recommendations in detail.

5. The audit shall be conducted for the purposes of forming an opinion of whether the

financial statements of the Town present fairly the respective financial position of the

governmental activities, discretely presented component unit, each major fund, and the

aggregate remaining fund information of Town as of each June 30th, and the respective

changes in financial position for the years then ended, in conformity with US Generally

Accepted Accounting Principles.

6. The successful proposer will also furnish the following independent Auditor Reports:

a. Independent Auditors Report on Compliance with Requirements that Could

Have a Direct and Material Effect on Each Major Program, Internal Control Over

Compliance and on the Schedule of Expenditures of Federal Awards in

Accordance with OMB Circular A-133.

b. Independent Auditors’ Report on Internal Control over Financial Reporting and

on Compliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance with Government Auditing Standards

5. In addition to completing the annual audit, the accounting firm shall be available during

normal business hours, throughout the contract period, to provide the Town with advice

and guidance on financial accounting and reporting issues. It is expected that the

successful proposer will designate a senior staff member, at the manager or partner level,

who will be responsible for responding to Town phone calls and e- mail communications

within one business day. The auditor will also be expected to keep the Town informed of

the working requirements of all new accounting and financial matters related to

municipalities.

All audit work-papers that are the property of the auditors shall be considered public records and

shall be retained for a period of time designated by the Commonwealth of Massachusetts’s

Supervisor of Public Records. Work papers shall be available for examination or duplication

without charge to authorized Town personnel, representatives of Federal or State Agencies upon

request of that Agency or the Town in accordance with Federal Law, State Law and other

regulations. Working papers will also be made available for examination, at no charge, or

duplication, at a reasonable charge, to subsequent auditors engaged by the Town.

3

Milton,

Town of Milton

525 Canton Avenue

Milton, MA 02186

Deliverables shall consist of:

1. Three (3) printed and bound copies of the Report on Examination of Basic

Financial Statements, including the necessary audit opinion letter and (1)

electronic pdf copy.

2. Three (3) printed and bound copies of the Reports on Federal Awards Programs,

including necessary audit opinion letter and (1) electronic pdf copy.

3. Three (3) printed and bound copies of the annual Management Letter and (1)

electronic pdf copy.

4. Three (3) printed and bound copies of the Milton Contributory Retirement

System Audit of Specific Elements, Accounts and Items of Financial Statements

report, including necessary audit opinion letter and (1) electronic pdf copy.

5. Three (3) printed and bound copies of the Town of Milton, MA Report on

Applying Agreed-Upon Procedures Over Compliance Applicable To

Massachusetts School Districts’ End-Of-Year Financial Report, including

necessary audit opinion letter and (1) electronic pdf copy.

The auditors shall be responsible for distribution of copies of all reports to state and federal

regulatory and oversight agencies. Senior representatives of the firm shall conduct an annual

audit planning conference with the Finance Director/Town Accountant at least one month prior

to the start of each audit; shall provide the Finance Director/Town Accountant with progress

reports during the course of both preliminary and final audit field work; and shall be available to

make a formal presentation of the results of the audit to the Select Board and Audit Committee.

Time Considerations

The Town expects the preliminary audit work to begin on or about April 15 of each year and the

final audit documents to be completed and delivered no later than January 31st of each year,

with draft audited financial reports available by December 31st. The Town is aware that the

timely performance of work by the Auditor relies on timely and complete preparation of

financial statements and other materials by Town’s senior financial management team.

INFORMATION TO BE SUPPLIED BY PROPOSERS:

In order to simplify the evaluation process and obtain maximum comparability, the Town

requires that all responses to this RFP be organized in the manner described in this section. Any

material deviation from this format may result in disqualification of the proposal.

A. Title Page

a. RFP Title

b. Name of Proposer

c. Address and telephone number of proposer

d. Name of primary contact

e. Submission date

B. Letter of Transmittal

a. Briefly state the proposer's understanding of the work to be performed and

make a positive commitment to complete all work and deliver all written

reports within the specified time frames.

4

Milton,

Town of Milton

525 Canton Avenue

Milton, MA 02186

b. Specify an all-inclusive fixed fee for each engagement year, and state that

your proposal is valid for a period of (90) days.

c. The letter must be signed by an individual authorized to contractually bind

your firm (please provide written evidence of the authorization).

C. Table of Contents

a. Include a clear identification of the material by section and page number. The

following sections are required:

D. Professional Experience

a. Describe your Massachusetts municipal auditing experience during the past

three-year period. Identify the specific partner, and staff that will be assigned to

this engagement and provide copies of the resumes of each. Each resume must

identify specific Massachusetts municipal audit experience, by client name and

the time period, and provide a description of the nature of audit services

provided by each individual expected to be assigned to the Milton audit.

b. Provide a description of your firm's municipal auditing continuing

education program, including any continuing education and training that you

provide to clients.

c. Provide the name, address, and telephone number of at least three (3)

Massachusetts municipal audit client references in organizations of similar

size and complexity as the Town of Milton that the Town can contact.

E. Audit Approach

a. State the proposer's understanding of the services to be performed and the

work products to be delivered.

b. Submit a detailed work plan, including time estimates and staffing

requirements for each major component of the engagement. Please include a

brief description of the specific audit procedures that you anticipate using in

each segment of the audit (cash; revenue; expenditures; etc.).

c. Provide a description of the additional services that your firm would be

willing to provide to the Town, in connection with the audit, which are

incorporated into the proposed cost, including a description of the process

that will be used to provide Town staff with continuing education and training

on new financial reporting requirements of the Governmental Accounting

Standards Board.

F. Compensation

a. State the estimated number of hours which you expect to commit, by staff

level, for each component of the engagement, by year.

b. The proposal must include the annual fixed fee, inclusive of all stated services,

for each engagement year in the form Price Proposal for Financial Audit

Services, attached. The price proposal must separately enumerate the cost to

complete the Federal Single Audit, which would be an add/alternate to the base

contract, and only completed during those years where this work is required.

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Commodity Codes

• NAICS 541211Offices of Certified Public Accountants
• NAICS 541219Other Accounting Services

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