June 12, 2018
MEMO TO: Mayor Barber and Board of Commissioners
FROM: Frank A. Rush, Jr., Town Manager
SUBJECT: Resolution Authorizing Audit Services Contract
The Board of Commissioners is asked to approve the attached resolution authorizing a new one-year audit services contract with S. Preston Douglas & Associates, LLP, of Lumberton, NC (SPD&A) for the FY 17-18 (ending June 30, 2018) financial audit. The total amount of the contract is $14,250, and includes assistance with the preparation of annual financial statements and all required audit services.
SPD&A provided a 3-year proposal for audit services in May 2017, and the Board approved a 1-year contract with SPD&A in June 2017. SPD&A provided audit services for the Town for FY 16-17 (ended June 30, 2017), and the Board’s Audit Committee was pleased with their work. Thus, the attached resolution authorizes a new 1-year contract with SPDA, at the amount indicated for year 2 in their original proposal ($14,250).
SPD&A has committed to complete the Town’s FY 17-18 financial audit in a timely manner, and will have the report finalized for presentation to the Board of Commissioners at your November 13 regular meeting. SPD&A has committed to the following milestone dates:
• By June 29, 2018 – complete all preliminary work associated with FY 17-18 audit;
• By August 24, 2018 – perform audit and testing procedures at Town offices;
• By September 28, 2018 – submit complete draft report and financial statements for review and preparation of Management’s Discussion and Analysis by the Town Manager and Finance Director;
• By October 31, 2018 – Final completion of the audited financial statements; and
• By November 13, 2018 – Board of Commissioners review of final report.
SPD&A’s proposed fee for the FY 17-18 audit is $14,250, which is within the FY 18-19 budget for this service.
I recommend approval of the attached resolution.