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Committee alerted to external audit RFP; PwC contract to be rebid
Summary
The committee was informed that the systemwide external-audit contract with PricewaterhouseCoopers (PwC), in place since about 2015, will be put out to bid via an RFP. A recommendation on a successor is expected in September.
The Compliance and Audit Committee received a brief notice that the University of California will issue a request for proposals to replace its external-audit services contract.
Barbara Sallejas, systemwide controller, told the committee PwC has served as UC’s external auditor since approximately 2015 and that the system is starting an RFP process to select the next firm. “We go out to bid every decade or so,” Sallejas said, and she said the committee should expect a recommendation in September following the RFP evaluation.
Why it matters: The external-audit contractor performs the systemwide financial audit that underlies financial statements and audit opinions relied on by trustees, legislatures and bond markets. Changing firms can affect audit continuity, scope and procurement timelines.
No formal action was taken at the meeting; Sallejas said more detailed materials and a recommendation will return to the committee in September. Committee members had no substantive questions recorded on the item during the session.
