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Finance director reports new audit firm engagement and tight timeline; forensic option available
Summary
Staff reported that the city has hired a new audit firm, discussed month-by-month timelines, requested prior work papers from the previous auditor, and noted the new firm offered a forensic-audit team at additional cost.
Finance staff told the Budget and Finance Advisory Committee that the city has engaged a new audit firm for the FY25 audit and that the firm and staff have begun mapping a week-by-week timeline for fieldwork and reporting.
"I had a very productive meeting with them last week," Miss Holden said, noting the auditor will provide a more detailed timeline that breaks work into specific weeks in September and October. She said the new firm will address prior-year audit findings as part of their required procedures.
Holden also said she sent a letter to the previous audit firm requesting that work papers be prepared for transfer to the new auditors. "Our new auditor went ahead and said very openly that this is a very tight timeline and that if we run into issues in getting work papers from them, the timeline could be pushed back," she said.
Committee members recommended the audit firm present an introductory timeline to the full board (BOMA) so the board can provide feedback. Holden said the firm also offered a forensic audit team for fraud concerns at an extra cost and that staff will hold weekly progress meetings with the firm through the audit period to establish communication and accountability.
No formal committee action was taken; the item was presented as an update and to solicit committee feedback on whether the firm should present to the board.
