To be considered for auditing ISEP administration under this subpart, an independent audit firm must:

1. (a) Be a licensed Certified Public Accountant Firm that meets all requirements for conducting audits under the Federal Single Audit Act;
2. (b) Not be under investigation or sanction for violation of professional audit standards or ethics;
3. (c) Certify that it has conducted a conflict of interests check and that no conflict exists; and
4. (d) Be selected through a competitive bidding process.