Agenda - 05-04-2004-5d - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 4, 2004 Action Agenda Item No. •~ c~ SUBJECT: Audit Contract for the June 30, 2004 Fiscal Year DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Contract and Engagement Letter INFORMATION CONTACT: Ken Chavious, ext 2453 TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To consider awarding a contract to Cherry, Bekaert & Holland, Certified Public Accountants, for the provision of audit services for the fiscal year ending June 30, 2004. BACKGROUND: During the spring of 2001, County staff pursued a request for proposal (RFP) process for financial audit services. Staff recommended, and the Board approved, the proposal submitted by Cherry, Bekaert & Holland, Certified Public Accounts. The RFP stated that the County would contract with the successful firm far a period of at least three years. The 2003 audit marked the third and final year of this commitment. Staff has been very pleased with the work performed on the audits far the past three fiscal years. The auditors performed their work in professional and timely manner and worked extremely well with staff in the completion of the audit and production of the Comprehensive Annual Financial Report (CAFR). In addition, a significant amount of service and advice has been provided outside of the audit process over the years. The most noteworthy assistance provided recently, free of charge, was the assistance provided in the structuring of the new chart of accounts for the MUNIS software implementation. The overall audit costs paid by the County far the past three years as well as the current year proposal are very competitive. In fact the cost proposed for the 2004 audit represents only a 2% increase. This increase is not inflationary, but is mainly the result of additional audit work required by the auditing standards beard of the American Institute of Certified Public Accountants (AICPA). Staff desires to continue the relationship with Cherry Bekaert & Holland for the 2004 fiscal year audit and re-evaluate the contract on a year-to-year basis.