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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 19, 2020 <br /> Action Agenda <br /> Item No. 8-d <br /> SUBJECT: Audit Contract Renewal Extension for Mauldin & Jenkins, LLC <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Gary Donaldson, (919) 245-2453 <br /> Attachment 1: Audit Contract <br /> PURPOSE: To: <br /> 1) Exercise the second of three one-year renewal options for Mauldin & Jenkins to perform <br /> audit services for Orange County pursuant to Request for Proposals (RFP) 5215 of the <br /> original audit contract approved by Board of County Commissioners on March 22, 2016; <br /> 2) Authorize the requisite County signatures as required by the North Carolina Local <br /> Government Commission; and <br /> 3) Authorize staff to pursue a new RFP during the upcoming year for audit services for <br /> Orange County beginning with the FY 2020-21 financial and compliance audit. <br /> BACKGROUND: The Board approved an audit services contract with Mauldin & Jenkins for a <br /> three-year term on March 22, 2016 and three one-year renewal options. The initial three years <br /> covered the period from FY 2015-16 through FY 2017-18. Staff is proposing to exercise the <br /> second audit renewal option for the completion of the FY 2019-20 financial and compliance <br /> audit. <br /> The audit services will encompass a financial and compliance examination of the County's <br /> Comprehensive Annual Financial Report (CAFR) in accordance with the laws of the State of <br /> North Carolina. The financial and compliance audit will cover federal, state and local funding <br /> sources in accordance with the Federal and State Single Audit Acts; applicable laws and <br /> regulations; and generally accepted auditing standards. <br /> Upon completion of the FY 2019-20 financial and compliance audit, Mauldin & Jenkins will have <br /> provided audit services for Orange County for five consecutive years. Staff proposes to pursue <br /> a new RFP during the upcoming year and pursue a new audit services framework beginning <br /> with the FY 2020-21 financial and compliance audit. <br /> FINANCIAL IMPACT: Funds are budgeted in the FY 2019-20 Operating Budget for the audit <br /> contract. The cost to conduct the audit services for this second renewal year is $84,500. If the <br /> County unexpectedly pursues a third, final renewal option next year with Mauldin & Jenkins, the <br /> cost will be $86,500. <br />