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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 4/21/08 <br />Agenda Item #~ <br />SUBJECT: <br />Finance Department -Modify Proposed Fee for Financial Audit for Fiscal Year 2008 <br />BRIEF SUMMARY: <br />The Board awarded the County's financial audit contract to Potter and Company, PA on <br />March 20, 2006 for a three year period. The proposed fee for 2008 was set at $32,500. <br />Due to the Enron issue and the financial reporting environment, the Auditing Standards <br />Board issued what will be eleven amendments to existing auditing standards to improve <br />the quality and effectiveness of audits. See the attached memo from our auditors for <br />details. These changes will require additional time, not only for the auditors but also for <br />staff. The proposed new fee will be $38,000. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Motion to authorize the Chairperson and the Finance Director to execute the FY 2009 <br />contract including the fee change for compliance with the new auditing standards subject <br />to the Board of Commissioners approval of the FY 2009 Budget. <br />Attachments ^X Yes ^ No Expected Length of Presentation <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 3/31/08 <br />Name I Job Title <br />Budget Amendment Required: ^ Yes ^X No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^ Yes ^X No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board for inclusion on the Agenda as a Consent item. <br />Approval is recommended. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />r- -~ <br />