HomeMy WebLinkAbout5.5 Motion to Extend the Auditing Service Agreement with Sikich, LLP for One Year 9/3/2019 BoardDocs®Pro
IL
Agenda Item Details
Meeting - REGULAR MEETINGI - .
Category 5. CONSENT AGENDA
Subject i the Auditing Servicer with Sikich, LLP for One Year.
Access Public
Tye Action (Consent)
Dollar Amount 47f634.00
Budget rc Regular Village Operating u
Recommended cin Extension of auditing service agreement with Sikich, LLP for one year.
Public Content
Information
The Village of MountProspect issued a Requestfor Proposal ( ) back in the year 2014 for auditing services, and out
of five proposals received reputed uditin firm Sikich,, LLP was selected due to their experience and the expertise
in the fieldgovernmental audits. The auditingservice contract was approvedy the Village r in 2014 for
five-year term from 1 . The Audit Committee and Villagestaff are satisfied with the quality of work
performed y Sikich, LLP, and their help in implementing many new GASB pronouncementsin the last five audits.
With the completion the most recent audit for the year 2018, the aforesaid audits come to an end.
The current auditing service agreement andprovided for an automatic renewal of the auditing service. The Audit
Committee ill staff also acknowledge the Village policy to rotate the auditors every five years, and it i
prudent s well as standard r cic so. However, Village staff believes that the Village will be in a better
position the RFP for auditing service in 2020 and recommends renewing the current audit engagement with
ikich, LLP for one year. Staff has presented the same facts to the Audit Committee,, and the Audit Committeevote
unanimously to extend the current audit engagement with Sikich, LLP for one year.
The Finance p r will be doing an RFP for the auditing services in 2020 to engage the new auditorsfor the
year 2020 to 2024. The result of the RFP will be presentedthe Audit Committeeround August 2020, and then the
Audit mittee will recommend the new auditors for the auditing services to the Village r for a new five-year
engagement.
Alternatives
1. Extend the Auditing ServiceAgreement with Sikich, LLP for One Year.
2. Action the discretion of Village Board.
Staff Recommendation
In the light the above facts, the staff is recommending the extension of the current audit engagementwith Sikich,
LLP to providethe auditing services for the year 2019.
. Prospect Proposal Letter 2019.pdf
Administrative Content
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Executive Content
All items under Consent Agenda are considered routine by the Village Board and will be enacted by one motion. There
will be no separate discussion of those items unless a Board member or member from the audience so requests, in
which the item will be removed from the Consent Agenda and considered in its sequence on the agenda.
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CERTIFIED PUBLICACCOUNTANTS&ADVISORS
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1415 West Diehl Road,SUIte 400
Na�jpeimVUle, U1�60563
630'566'8400
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August 3O. 2O1S
The Honorable President
Members ofthe Board ofTrustees
Village of Mount Prospect
50 South Emerson Street
Mount Prospect, Illinois 80058
Ladies and Gentlemen:
8ikioh LLP appreciates being considered for reappointment as independent auditors for the Village of Mount
Prospect. We believe that we have provided e high level of service for the Village during our term as auditors
and we will continue to make every effort to maintain the level of audit services that the Village is entitled to
and expects.
Our proposed fees for conducting the audit of the Village's financial statements for the fiscal year ended
December 31. 2O1Qare oafollows:
Village Audit $ 35.300
Library Audit 8.100
Single Audit Report (if required) 3.800
Report on Financial Statements Issued in Accordance with
Government Auditing Standards (if required byGATA) 1.500
TIF (]pinion 2.300
Preparation of the CAFR (Vi||ogo Option) 5.500
Annual Report for the State of Illinois Comptroller (Village Option) 1.500
Preparation of the Illinois Department of Insurance Reports-
Police and Firefighters' Pension Funds (Vi||ege Option) 8.800
We oppnaoioto the opportunity to submit this proposal and look forward to serving the Village.
Sinmano|y.
James R. Gevio. CPA. y@AG
Partner
ACCOUNTING �ECHNOLOGY ADVISORY