Bonadio Group outlines plan for external audit RFP as Ithaca seeks to restore timely financial reporting

The Bonadio Group gave a high‑level update to the Ithaca Committee of the Whole on the city’s effort to secure external audit services and to get the city’s financial reporting back on schedule.

Keely of the Bonadio Group said the firm is collaborating with city management to finalize a request for proposals that will describe the city’s goals and anticipated timeline so proposers can staff and schedule appropriately. “One of the major initiatives over the last month has been to draft up a request for proposal for external audit services,” Keely said, adding that Bonadio has discussed assisting management by preparing draft financial statements to expedite the audit process.

Councilmembers raised questions about whether one firm should perform multiple sequential audits or whether separate firms should be used for different years. Keely recommended selecting a single firm to build continuity: “It would be my recommendation…to find a good fit and stick with it,” she told the council, saying that a consistent firm better understands the city and can make subsequent audits run more smoothly.

Keely also said Bonadio can offer commentary on proposers’ professional expertise and, if the council desires, participate informally in vendor interviews or a Q&A. The administration and Bonadio agreed to continue weekly coordination calls while the RFP is finalized.

The presentation concluded with council appreciation and an expectation of a near‑term status update and a timeline for issuing the RFP.