Title
Consider recommendation from the Finance/Administrative Committee to approve an engagement letter with RSM US, L.L.P., to provide independent audit services for fiscal year 2019.
Body
RECOMMENDED MOTION:
Move the board approve an engagement letter with RSM US, L.L.P., to provide independent audit services for fiscal year 2019, with an option to renew for up to four additional years.
SUMMARY:
The purpose of this agenda item is for the board to consider a Finance/Administrative Committee recommendation to approve an engagement letter with RSM US, L.L.P., for independent audit services for fiscal year 2019.
On July 1, EAA staff issued a Request for Qualifications and Statements of Interest for audit services (RFQ). The RFQ process invloves two steps: the selection of the most qualified offeror and approval of a contract with that offeror.
At the August 13 meeting, the board selected RSM US, L.L.P., as the top ranked offeror for audit services for fiscal year 2019 and directed staff to negotiate a contract accordingly. Attached to this summary is the draft engagement letter between the EAA and RSM US, L.L.P., to provide audit services for 2019. The total cost for audit services for fiscal year 2019 is $55,000. Also attached is a letter describing RSM's conduct of the audit.
At the September 24 meeting, the Finance/Administrative Committee voted to recommend the board approve an engagement letter with RSM US, L.L.P., to provide independent audit services for fiscal year 2019, with an option to renew for up to four additional years.
M/WBE PARTICIPATION:
RSM US, L.L.P. is not an M/WBE vendor, however their engagement includes 10% M/WBE subcontract participation.
STRATEGIC PLAN REFERENCE:
This agenda item does not relate to a specific goal within the Strategic Plan, but supports the general EAA mission.
FISCAL IMPACT:
Funding in the amount of $55,000 is included in the General Manager's 2020 proposed operating budget.