Title
Financial Auditing Services Contract
Action
Action:
Approve a one-year contract extension with Cherry Bekaert LLP, not to exceed $169,000 to provide audit services for the City, optional report for Transit, and Charlotte Firefighters for fiscal year ending June 30, 2018.
Body
Staff Resource(s):
Randy Harrington, Management and Financial Services
Teresa Smith, Management and Financial Services
Explanation
§ State law requires City Council to select a certified public accounting firm to audit the accounting records and annual financial report, and to evaluate internal controls at the end of each fiscal year.
§ Cherry Bekaert, LLP has been selected for the last five years and it is best practice to change auditors every few years.
§ On February 13, 2018, the City issued a Request for Proposals (RFP); three responses were received from interested service providers.
§ Contract extension is requested for a one-year term due to the small number of responses to the Request for Proposals.
§ The City will issue the proposal next year for a longer period of time to allow more time for possible interested service providers to respond.
§ The audit includes financial and compliance examinations, as well as issuance of appropriate audit reports for the fiscal year ending June 30, 2018.
§ The audit reports include the City’s Comprehensive Annual Financial Report and the Single Audit for Federal and State funding sources.
§ The audit must be completed and the audit reports rendered no later than October 31, 2018.
Charlotte Business INClusion
No subcontracting goals were established because there are no subcontracting opportunities (Part C: Section 2.1 (a) of the Charlotte Business INCusion Policy).
Fiscal Note
Funding: Various Departments’ Operating Budgets