Title
Resolution Authorizing Professional Services Agreement Between the City of Greensboro and Cherry Bekaert LLP to Provide Independent Audit Services for Fiscal Years 2017 - 2019, With Two Annual Renewals Thereafter, Subject to Annual Evaluation, and to Provide Pension Census Testing Services for FY 2017
Body
Department: Financial & Administrative Services
Council District: All
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Marlene Druga, Deputy Finance Director 373-2094
PURPOSE: In accordance with G.S. 159-34(a), the NC Local Government Commission (LGC) requires that the governing board approve the independent auditor's contract and that the selected auditor shall report directly to the board. As discussed and recommended at the April 11, 2017 meeting of the City of Greensboro's Audit Committee, the City Council is requested to approve the proposed three (3) year audit contract with Cherry Bekaert LLP for FY 2017 - FY 2019 independent audit services in the amount of $222,000 for the three (3) year term and a one-time pension census testing procedure required by the Office of the State Auditor in the amount of $5,000 in FY 2017.
BACKGROUND: At the February 20, 2017 meeting of the Audit Committee we reported on the withdrawal of our independent auditor, RSM who cited staffing resource constraints. The Committee directed Finance staff to rebid the audit contract. An Audit Request for Proposal (RFP) Committee was formed, consisting of Finance, Internal Audit, and M/WBE staff. We submitted the RFP on March 2, 2017 to 15 firms, including the 3 certified-M/WBE vendors identified, 1 located within our M/WBE plan's 10-county area and 2 in Durham. We also posted the proposal opportunity on the City's electronic procurement portal for increased vendor exposure. Proposals were requested to be returned by March 27 at 5 p.m. We received 5 proposals for the City's independent audit.
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