TITLE: Title
Independent Audit Contract for Fiscal Year Ending June 30, 2023
PURPOSE: The purpose of this item is to award a contract for the Town's annual independent audit for the fiscal year ending June 30, 2023
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DEPARTMENT: Finance
CONTACT INFORMATION: Arche McAdoo, Finance Director 918-7439; Langston Ramseur, Assistant Finance Director, 918-7302
INFORMATION: The Local Government Budget and Fiscal Control Act (LGBFCA) requires each local government to prepare an annual financial report on their financial position at the end of the fiscal year and financial results of operations. The LGBFCA also requires that this financial report be audited by an independent certified public accountant.
DHG has provided audit services to the Town for over ten years. Their work has been professional, timely and at reasonable costs. The audit cost proposed by FORVIS, LLP. for fiscal year ending June 30, 2023 is $50,430 (up from $48,600 last year). Depending upon the total expenditures of state and/or federal funds (i.e., Powell Bill Funds, federal grants, etc.), the Town may be required to have one or more single audits prepared. The cost for a single audit is $5,000 for up to two major programs. The cost for preparation of annual financial statements is $7,500.00. The total cost for the FY 2023 audit and financial statements is $62,930, the price quoted in their response to the RFP.
All independent audit contracts must be approved by the staff of the LGC. Invoices from the audit firm must be approved by LGC prior to payment by the Town. The LGC approves up to 75% of the total fee prior to submission of the final audited financial statements to the LGC.
(Note: In 2022 the Town issued RFP for Audit Services for fiscal year ending 2022 through 2024 and received only one response from its current audit firm, FORVIS, LLP formerly Dixon Hughes Goodman LLP).
FISCAL & STAFF IMPACT: The total cost for FY23 audit and financial statem...
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