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Committee advances engagement with Mon CPAs for 2024 audit at not-to-exceed $30,180
Summary
The finance committee recommended that the CFO execute an engagement letter with Mon CPAs for the 2024 audit; the contract year is a three-year engagement with an option to extend and the 2024 audit cost is a 2% increase to a not-to-exceed $30,180. Auditors said fieldwork is expected in late March with a June board presentation.
The committee recommended that the CFO execute an engagement letter with Mon CPAs to conduct the district's 2024 audit, with a not-to-exceed fee of $30,180 — roughly 2% above the 2023 audit cost. A member said the engagement letter will be corrected to list 'TCPUD' as the governmental unit before execution.
Erica Castor of Mon CPAs described the firm's audit process and timeline. She said the audit work begins with an interim review of internal controls in late January or early February, returns after books are closed for substantive fieldwork around the end of March, and aims to present results to the board around June. "Our usual timeline for completion is to present to the board, around the June time frame," Castor said.
Committee members asked whether an upcoming enterprise resource planning (ERP) implementation could slow the audit or add costs. Castor and staff said ERP conversions often add transitional work in the first year, especially when the chart-of-accounts structure changes; staff told the committee the ERP implementation is being delayed until after a planned CFO retirement so the initial rollout risk is reduced. The committee recommended the engagement for placement on the consent agenda and members indicated assent to move it forward.
The committee did not take a roll-call vote on the engagement during the recorded segments; the item was advanced as part of consent business.
