Agenda - 05-20-2003-8d - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 20, 2003 Action Agenda Item No. ~-~ SUBJECT: Audit Contract for the June 30, 2003 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 Accounts, for the provision of audit services for the fiscal year ending June 30, 2003. 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 for a period of at least three years. The 2003 audit will mark the third year of this commitment. In addition to the annual audit, the Board approved contracts with the firm to perform a needs assessment and implementation work related to Governmental Accounting Standards Board (GASB) Statement 34, the new financial reporting model. The financial reporting changes required by CryASB 34 were successfully implemented in the County's Comprehensive Annual Financial Report (CAFR) for the 2002 fiscal year. Staff has been very pleased with the work performed on the audits for the 2001 and 2002 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 CAFR. Staff was also pleased with the work performed on the GASB 34 implementation. FINANCIAL IMPACT: The fee for the 2003 audit is $66,000 as outlined in the proposal accepted by the Board in the spring of 2001. Funds to cover the audit costs will be included in the 2003-2004 Central Services budget. RECOMMENDATION(S): The Manager recommends that the Board approve the contract with Cherry, Bekaert & Holland for 2003 audit services, and authorize the Chair to sign it.