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Committee affirms independence and engagement of Eide Bailey LLP for FY2025; RFP next expected in 2027
Summary
The committee reviewed the independence and engagement letter of external auditor Eide Bailey LLP, heard from partner Kurt Schlicher, and approved both independence and the engagement for the fiscal year ending June 30, 2025 by 4-0 votes.
The Audit Advisory Committee reviewed and approved the independence and the formal engagement of the district's independent external auditor, Eide Bailey LLP, for the fiscal year ending June 30, 2025.
Diane Bartholomew, interim CFO, presented the standard engagement letter from the auditor and noted a modest increase in audit cost from the prior year. Kurt Schlicher, partner with Eide Bailey, introduced the engagement team and said the audit is staffed primarily from the firm's Las Vegas office; he said the firm audits more than 40 Nevada governments and has more than 1,200 governmental clients nationally. "The audit is staffed almost 100% locally with the exception of myself from Reno," Schlicher said.
Committee members asked about partner rotation and independence. Schlicher said auditor-rotation rules are an SEC requirement, not a state or local government requirement, and that the firm performs a concurring partner review annually. The committee discussed the firm's quality controls and continuity; Bartholomew confirmed the district's last award of the engagement was made in January 2021 with one-year base term and six renewal options, and she said the district does not expect to run an RFP until about summer 2027.
The committee voted to approve the independence review (agenda item 2.04) and then voted to approve the auditor engagement (agenda item 2.05); both votes were recorded as ayes, 4 to 0.
No changes to the engagement scope other than routine cost adjustments were identified in the discussion; Bartholomew said the district plans to revisit the vendor-solicitation cycle in fall 2025 as part of planning for a future RFP cycle.
The district expects I. Bailey/Eide Bailey to provide the Annual Comprehensive Financial Report audit and single-audit services as described in the engagement letter.
