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April 27, 1990 To: Board of Coml~issioners From: Blair D. Bennett, Finance Director subject: Appointment of Audit Firm During the past seven years, Cabarrus County has employed the firm of Ernst & Young for the audit engagement. Each year we have negotiated the proposed fee and renewed the contract. This year we decided to do a formal request for proposal for the audit. Since the County Finance Department staff is now preparing the entire financial report With a~l statements, schedules, workpapers, and footnotes, it was my belief that the current fee did not reflect the proper credit for these in-house services. We mailed request or proposals to eighteen audit firms and six proposals were eturned. Each firm was required to address several areas reflecting their professional competence and experience with governmental unit audits. I have enclosed a copy of the request for proposal in the agenda package. Several of the audit firms made appointments to discus~ the audit engagement and obtained information before making proposals. Please find below a schedule of the firms' proposals and related fees. Anticipated Firm 1990 1991 1992 BDO Seidman 32,000 34,000 36,000 Cooper & Lybrand 33,000 36,000 39,000 Deloitte & Touche 36,000 37,800(1) 39,700(1) Dixon & Odom 32,000 33,500 35,000 KPMG Peat Marwick 33,400 36,74'0(2) 40,414(2) Potter & Co. 23,500 25,150 26,650 (1) Increase tied to Consumer Price Index, not to exceed 5%. (2) Increase in subsequent years only to extent of inflation, not to exceed 10%. qAfter reviewing all thecriteria required and checking references, I r~commend that Cabarrus County award a one year contract to Potter & Co. with an 6ption to renew the contract at the 'above uoted prices for the ensuing years.