DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott, CPA, Deputy Chief Financial Officer
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
One Year Extension and Assignment of the Independent External Audit Services Contract
SUMMARY:
An Ordinance approving and authorizing execution of the First Extension and Assignment of the Audit Services Contract with BKD, LLP, to provide independent audit services to the City for Fiscal Year 2020, for a total fee not to exceed $930,000.00. Funding is available from the Finance Department's FY 2020 General Fund Budget.
BACKGROUND INFORMATION:
On June 15, 2017, Ordinance Number 2017-06-15-0450 was passed executing an external audit services contract with Grant Thornton, LLP (Grant Thornton) to provide independent audit services for fiscal years ending September 30, 2017, 2018 and 2019. The contract also permitted for two separate one-year extensions for fiscal years 2020 and 2021.
Grant Thornton has informed the City that it has assigned all its rights, title and interest in the independent audit services contract to BKD, LLP as part of BKD acquiring Grant Thornton's governmental audit practice in Texas, Oklahoma and Missouri. BKD has requested the City's consent to Grant Thornton's assignment of the contract to BKD.
BKD is an audit firm created in 1923 with offices in all 50 states that provides accounting, audit, tax assurance and various advisory services to more than 830 clients. This acquisition will assist with BKD's increased focus and presence within the public service sector. Grant Thornton's Engagement and Reviewing Partners as well as one of their audit managers on the City's contract will be joining BKD and providing continuity of leadership to the engagement. Furthermore, the firms of Britt's & Associates, LLP, Armstrong, Vaughn & Associates, P.C., Robert J. Williams, CPA, and Schriver, Carmona & Carrera, PLLC will continue to be a part of the engagement team representing 48% of the ext...
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