The proposed bill seeks approval for Contract No. CW123923 with CliftonLarsonAllen, LLP, for a total of $1,905,500 over a one-year term to provide auditing services for the Government of the District of Columbia's Annual Comprehensive Financial Report (ACFR) and the District of Columbia Housing Authority's (DCHA) Financial Statements. This contract marks a program change as it includes the audit of DCHA Financial Statements, which were not part of previous contracts. The selection process involved an open market solicitation, and CliftonLarsonAllen was chosen based on its high evaluation scores and reputation in the field. The contract is structured as a firm fixed price and includes provisions for option periods based on adjustments from the base year.

Additionally, the bill outlines various requirements for independent audits and compliance reports for multiple entities within the District, including the DCHA and the Highway Trust Fund. It mandates that the Office of Inspector General (OIG) contract an independent auditor, ensuring that the same auditor is not used for more than five consecutive years to maintain objectivity. The bill emphasizes compliance with U.S. generally accepted accounting principles (GAAP) and includes provisions for timely reporting, progress meetings, and communication of findings. It also introduces amendments to existing laws regarding payment terms, subcontracting requirements, and insurance obligations for contractors, aiming to enhance financial oversight and accountability within the District's operations.