The Washington State Department of Transportation’s (WSDOT), Division of Accounting & Financial Services (AFS) requests an annual independent audit of the Washington State System of Eligible Toll Facilities (the Tolling System Financial Statements), beginning with fiscal year ending June 30, 2024.

The audit must be performed with sufficient audit work necessary to express an opinion on the fair presentation of the Tolling System’s financial statements under Generally Accepted Auditing Standards (GAAS) as established by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). This audit is being conducted as required by the Bond Covenants of the eligible toll facilities.

The audit of the Washington State System of Eligible Toll Facilities includes all tolling facilities that require WSDOT to produce financial statements and obtain an independent audit. This includes but may not be limited to the governmental accounts below:

• State Route Number 520 Corridor Account, administered by WSDOT

• Toll Facility Bond Retirement Account, administered by the Office of State Treasurer

In addition to the external audit firm performing the audit, WSDOT may request assistance with drafting the:

• SR520 Annual Financial Report,

• Bond Amortization Schedules,

• Calculating Gains or Losses, and any other support needed to complete the annual financial report for the eligible toll facilities.

 WSDOT secured GARVEE funds provided by the Federal Highway Administration (FHWA). FHWA requires an annual audit of the federal aid projects financed by the FHWA GARVEE funds, to attest that WSDOT's accounting procedures, processes, and accounting system can support the allocation of eligible principal, interest, and issuance costs and bond related costs back to the individual federal aid projects being financed under 23 U.S.C. §115 and §122 on an annual basis.

WSDOT AFS is seeking an external audit firm specializing in auditing and financial services to conduct an independent audit of its Annual Financial Statements, with final report provided to WSDOT no later than October 20th annually. In addition to the audit, WSDOT might deem it necessary for the firm to provide assistance with drafting the Annual Financial Report and bond calculation/presentation. The audit requirements include continuous ongoing communications, audit planning and strategy, evaluation of controls, IT systems evaluation (if invoked), testing and analysis field work, attestation agreement (GARVEE Funds), and reporting/follow-up.

WSDOT may also request assistance with drafting the Annual Financial Report, preparing bond amortization schedules, calculating gains and losses, or other support needed to complete the annual financial report.

Commodity codes: 918-04: Accounting/Auditing/Budget Consulting, 946-20: Auditing, 946-31: CPA Services