ERCOT_RFP-Financial Controls Update_09-26_NK
ERCOT seeks a qualified accounting firm to conduct comprehensive reviews of its internal controls over financial reporting under a six-year agreement, with two assessment cycles in Year 1 and Year 4. Proposals are due October 12, 2026 via Workday Strategic Sourcing, and firms must have at least 10 years of relevant experience. The contract is anticipated to start January 1, 2027.
Categories
Important dates
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Published
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Optional Notice of Intent to Propose Due
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Respondent Questions Due
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Q&A Responses Posted
ERCOT sends responses to questions
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Submission deadline
Deadline passed -
Respondent Presentations
If needed, through October 22, 2026
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Anticipated Contract Start
AI overview
The Electric Reliability Council of Texas (ERCOT) is issuing this Request for Proposal (RFP) to identify and contract with a qualified independent accounting firm to provide recurring reviews of ERCOT's internal controls over financial reporting (ICFR). The engagement will cover a six-year agreement, with two comprehensive assessment cycles planned: one in Year 1 and one in Year 4. Each cycle includes a risk assessment, design gap analysis, entity-level control gap assessment, operational effectiveness testing, and the production of draft and final written reports with presentations to management and the Board of Directors. The scope requires evaluating whether controls are appropriately designed, operating effectively, and whether financial information is gathered and communicated properly. Fieldwork is expected to be conducted between August and October of the assessment year, and may be performed onsite at ERCOT's Austin location or remotely with prior approval.
Key procurement milestones have been established and must be observed by all respondents. The RFP is released on September 11, 2026, and an optional Notice of Intent to Propose is due by September 18, 2026. Written questions from respondents are due on September 23, 2026, with ERCOT's responses expected by October 1, 2026. Final proposals must be submitted through Workday Strategic Sourcing by October 12, 2026. Respondent presentations, if required, will be held from October 12 through October 22, 2026. ERCOT anticipates contract award in December 2026, with the contract starting on January 1, 2027.
Responding firms must have at least 10 years of relevant experience, and the median experience of engagement team members (excluding senior managers) must be at least two years. The RFP response must detail the firm's methodology for conducting fieldwork onsite, remotely, or in a hybrid model, and describe a secure data collection and collaboration tool. Biographies of proposed staff are required, highlighting past business experience (especially in the nonprofit sector), tenure, education, and location. Preference may be given to firms utilizing local resources from the Austin/Taylor, Texas area.
Deliverables for each ICFR assessment include an initial risk assessment, design and entity-level gap assessments, operational effectiveness testing, a draft report for management discussion by mid-October of the assessment year, and a final written report by end of October. At least four presentations are required, including a work plan communication, delivery of the draft and final reports to ERCOT staff, and a presentation to the Finance and Audit Committee of the ERCOT Board of Directors in December of the assessment year. Cost proposals must be submitted via the Workday Strategic Sourcing worksheet, with clear assumptions, optional tiered pricing, and discounts for multiple audit engagements encouraged.
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Proposal Document
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