Audit search draws few bids; committee to ask current auditor about partner rotation

The Russell Library Finance Committee reviewed responses to a request for proposals (RFP) for external audit services and was told the search produced few viable bids at the library’s current budget level. Staff will follow up with the current auditor about partner rotation and return updated options to the committee.

Chair introduced the item and noted the library currently pays about $6,000 for audit services while two received proposals were priced at roughly $16,000 and $19,000. Brandy said the RFP had been sent to 16 firms, including several recommended by other Connecticut public libraries, but responses were limited and some bids arrived after the deadline. “There are fewer and fewer firms that are serving nonprofits at our budget level,” she told the committee, and one person who recommended firms wrote that if the committee is happy with a firm charging the current fee, the committee should stay with them.

Committee members debated whether to rotate audit firms periodically to gain fresh eyes or to ask the current auditor to rotate the engagement partner as a cost-conscious alternative. One member described a Yale audit-committee charter practice of partner rotation rather than switching firms to preserve continuity while achieving independence.

The committee asked staff to check with the current auditor about partner rotation and to solicit any further competitive quotes from local nonprofits-serving firms before the next meeting. Ramona noted that an engagement letter for the upcoming fiscal year’s audit will need to be signed and asked whether the committee preferred staying with the current auditor for fiscal 2026 or continuing the search; staff will report back with responses and any new proposals.

No contract award or firm change was decided at the meeting.