HomeMy WebLinkAbout2012-10-31 Minutes Minutes of the October 31, 2012, Audit Committee Meeting, Held as a Selection Committee
Meeting for RFP 12-06, Independent Financial Auditor
The following audit committee members were present:
Tony 11th, Jr.
Judy Jacobs
Adam Motherwell
Alderwoman Adella Gray
The following City staff members were present:
Paul A. Becker, Finance and Internal Services Director
Marsha Hertweck, Accounting Director
Vicki Deaton, Internal Auditor
Andrea Foren, Purchasing Agent
Selection Committee Business
The City is required, under Arkansas statutes and applicable bond issues, to have an annual
financial audit conducted by either Legislative Audit or a Certified Public Accounting firm
licensed in Arkansas. Because of the requirement of bond indentures, the City has for the past
thirty plus years utilized the services of a private CPA firm to perform these mandated financial
audits.
One of the primary responsibilities and duties of the Audit Committee, per City Code Section
33.363, is to "serve on the review committee to select the independent auditors".
All members of the Audit Committee served on the selection committee for RFP 12-06,
Independent Financial Auditor. Two independent auditing firms were interviewed by the
Committee on October 31, 2012. The Committee met after the interviews on October 31.
Grant Thornton LLP was selected as the City's auditor for 2012, with a fee of$82,500. This
annual contract will be automatically renewed for four additional one year terms unless either
party notifies the other at least 30 days before the end of the term of its desire to terminate the
contract.