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Maryland Automobile Insurance Fund - Procurement and Solicitations·Maryland

Independent Audit Services

Closes 6/6/2025$1.4M – $3.2MRequest for Proposal
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Description

The Maryland Automobile Insurance Fund is seeking an independent audit firm to provide audit services for a 4-year period (2025-2029). The selected firm will be responsible for conducting quarterly reviews and annual audits of the fund's financial statements. The audit will be conducted remotely, and the firm will be required to attend Q&A sessions, audit committee meetings, and board meetings. The firm will also be expected to provide audit plans, audit reports, and other necessary documents. The fund is looking for a firm with experience in auditing insurance companies and knowledge of statutory and GAAP accounting principles. Key aspects of the job include: • Conducting quarterly reviews and annual audits of the fund's financial statements • Attending Q&A sessions, audit committee meetings, and board meetings • Providing audit plans, audit reports, and other necessary documents • Having experience in auditing insurance companies and knowledge of statutory and GAAP accounting principles • Conducting the audit remotely • Meeting the statutory deadline of finalizing the audit before March 15

Attached files

Contact

Joseph KALINOWSKI(Procurement Officer/Buyer)

[email protected]

Key dates

Opened
5/23/2025
Pre-bid meeting
5/16/2025
Closes
6/6/2025

Last updated

Details

Type
Request for Proposal
Industry
Insurance
NAICS
541211
Solicitation №
BPM050931

Budget estimate

$1,440,000 – $3,200,000

The budget for this opportunity can be estimated based on the hours required to conduct the audit. The management estimates that the total hours required to conduct the audit engagements are about 900-1,000 hours. Assuming an average hourly rate of $100-200 per hour, the total budget for the 4-year period can be estimated to be around $360,000 to $800,000 per year, or $1,440,000 to $3,200,000 for the entire contract period. However, this is a rough estimate and the actual budget may vary depending on the firm's experience, expertise, and the level of service required.

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