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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 15, 2008 <br />Action Agenda <br />Item No. ~_~ <br />SUBJECT: 2008 Audit Contract <br />DEPARTMENT: Finance <br />PUBLIC HEARING: (Y/N) <br />No <br />ATTACHMENT(S): <br />Audit Engagement Letter and Contract <br />with McGladrey & Pullen <br />INFORMATION CONTACT: <br />Gary Humphreys 245-2453 <br />PURPOSE: To consider approving the contract to perform the annual County audit for the fiscal <br />year ending June 30, 2008. <br />BACKGROUND: Last fiscal year, the County conducted a Request for Proposals (RFP) <br />process for the selection of an audit firm to perform the County audit for the next 3-5 years. The <br />firm of McGladrey & Pullen was awarded the contract. The firm provided quotes for the fiscal <br />years 2007 through 2009. The quoted fee for performing the overall audit for fiscal year 2008 in <br />the original proposal was $82,845: New risk based auditing standards SAS 104-111 have <br />greatly increased the work of both the auditor and. the County. McGladrey & Pullen has <br />proposed a total fee of $93,300 for the audit with the Sportplex to be included within the County <br />statements, an increase of $10,455. This fee is still less than fee of $94,000 which the County <br />paid for the fiscal year 2005/2006 prior to McGladrey & Pullen beginning work on the County's <br />audit. <br />FINANCIAL IMPACT: As stated above, the cost of the audit contract with McGladrey & Pullen <br />to perform the audit is $93,300. Funding for this action was included in the FY2007-08 Central <br />Services professional services account. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the audit <br />contract for fiscal year 2007/2008 with McGladrey & Pullen and authorize the Chair to sign. <br />