On May 22, 2025, Oksana Gluchenko, CalHFA’s agency controller, presented the agency’s plan and selection criteria for a request for quote (RFQ) to choose a new independent auditing firm. Gluchenko said the RFQ emphasizes two guiding principles: objectivity and audit quality.

Gluchenko said the RFQ would be finalized after the meeting and posted on the agency website on about May 29, 2025. The selection process, she said, has four phases: a preliminary responsiveness review to confirm minimum qualifications; a technical-quote evaluation; a fee-quote evaluation; and interviews of top-rated finalists. The agency plans to score firms on a standardized scale and advance top firms to interviews with the Audit and Risk Management Committee in August or September, with enough time to transition by the end of the calendar year.

Gluchenko listed minimum qualifications and experience the RFQ will require: firms must be U.S.-based public accounting firms licensed to provide audit and attestation services; have conducted at least two audits for a housing finance agency or similar entity with more than $1 billion in assets; and have at least two years’ experience implementing new GASB pronouncements. She also said the RFQ will evaluate depth of experience in areas relevant to CalHFA, such as mortgage-backed securities, bond and loan accounting, estimating loan losses and derivative instruments.

"We have been laser focused on two guiding principles, objectivity and audit quality," Gluchenko said. She emphasized that fee is not the sole decision driver and that the agency seeks "value, not just the cost." Gluchenko said the RFQ will incorporate best practices from the American Institute of CPAs (AICPA) and the Government Finance Officers Association (GFOA).

Committee members discussed outreach to create a diverse pool of applicants. Director Weyand asked how CalHFA will attract smaller and diversified firms. Gluchenko said the RFQ will be posted on the agency website, distributed through professional networks (including AICPA), and that the procurement will include a process element to recognize small and diversified firms; she said the fiscal team will encourage participation from small businesses and diverse firms.

Irvin Tam, CalHFA’s chief financial officer, praised the fiscal team’s work on procurement and audits. No public comments were received on the RFQ item at the meeting.