Title
Resolution Authorizing Professional Services Agreement Between the City of Greensboro and Thomas and Gibbs CPAs, PLLC to Provide Independent Audit Services for the Greensboro Center City Corporation for Fiscal Years 2017 - 2019, With Two Annual Renewals Thereafter, Subject to Annual Evaluation
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: 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 Thomas and Gibbs CPAs, PLLC for FY 2017 - FY 2019 independent audit services for the Greensboro Center City Corporation in the amount of $13,950 for the three (3) year term.
BACKGROUND: In order to encourage the participation of Historically Underutilized Businesses and smaller firms in providing audit services to the City, management carved out the Greensboro Center City Corporation (GCCC) audit work as a separate proposal from the larger City audit in FY 2017. The GCCC audit has always been a separate contract with its own separate fee paid by the City, however it has historically been awarded to the same auditor performing the main City audit to create certain audit efficiencies. As the non-profit arm of the City associated with the issuance of certain City debt, the GCCC financial amounts and number of transactions have decreased over the years, lessening the dependence on one auditor to perform all of the work.
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 RFP Committee was formed, consisting of Finance, Internal Audit, and ...
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