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Are school districts or audit firms required to submit a new proposed audit contract to our Office for approval each year that the district exercises an option to renew for an existing contract?

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Are school districts or audit firms required to submit a new proposed audit contract to our Office for approval each year that the district exercises an option to renew for an existing contract?

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No. If a district chooses to exercise a renewal option in an existing contract, the district should send a letter notifying the audit firm that the district will be renewing the audit contract and a copy of that letter must be submitted to our Office. The renewal letter should include the type of audit to be performed, the year(s) for which the contract is being renewed, and the price as stated in the audit firms original proposal. If a District has a multi-year contract, without an option-to-renew provision, that has already been approved by our Office, no additional action is needed.

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