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Princeton board approves audit contract with TPSA, sets not-to-exceed amount at $27,500
Summary
The board authorized a multi-year audit engagement with TPSA at a not-to-exceed price of $27,500 to cover the base audit and potential single audits.
Princeton — Princeton’s Board of Commissioners voted April 7 to approve an audit contract with accounting firm TPSA, with a not-to-exceed amount of $27,500 to cover the base audit and possible single-audit work.
Staff presented the contract and said the base audit fee is $18,500; single-audit work (if required) would be billed at about $3,000 per single audit. “This audit contract come in at $27,500, not to exceed $27,500,” a Staff member said while introducing the contract. The board discussed prior experience with the firm and the fact that audit costs have risen in recent years; commissioners said TPSA has performed satisfactorily in prior engagements.
A motion to approve the contract was made and seconded and recorded as passed in the meeting. The board recorded the vote as approved (unanimous), and staff said the town would budget the contract in the current fiscal year’s audit line items.
