Agenda Item
Meeting Date: 5/8/2018 - 5:00 PM
Category: Adoption of Consent Agenda
Type: Action
Subject: Financial Audit Services RFP
End Statements:
File Attachment:
Summary : A Request for Proposal was issued for Professional External Auditing Services. Six proposals were received. The Fiscal Oversight Committee audit subcommittee selected three audit firms for final consideration and in person interviews:

CliftonLarsonAllen, LLP
Eide Bailly LLP

The Fiscal Oversight Committee (FOC) unanimously agreed the top audit firm is CliftonLarsonAllen (CLA). The criteria considered were as follows:

1. CLA currently audits five of the largest 10 school districts in Colorado (Jeffco, Cherry Creek, Boulder Valley, Adams 12, Littleton).
2. Strong professional presence and reputation helping the District to build trust and confidence with the community and the Board of Education.
3. Desire to become a trusted business advisor (wants to attend most FOC meetings to assist in their understanding of the District and our unique needs).
4. Most of CLA’s professional governmental staff is local.
5. CLA provides yearly accounting education courses focused on Governments and are recurring speakers for other organizations on the topic, clearly demonstrating their expertise.
6. CLA has developed many of the implementation tools used by Districts for PERA liability entries. CLA has a proven proactive approach in implementing new Accounting Standards with their clients.
7. Due to CLA’s expertise in school districts, they will be willing and able to provide third party comparisons to other school districts along with analysis, best practice and improvement suggestions throughout the process. This can enable the District staff to build and adjust current practice as well as provide an unbiased analysis to the FOC and BoE.

For the past six years RSM (Previously McGladrey) has performed the District audit services. The original contract was for five years and the District extended it one year due to the Workday software conversion work. Last year’s (2016-2017) audit fees were $78,500.
Funding: Summary of Cost
Based on this contract, the proposed audit fees will be as follows:
FY 2018 - $79,250
FY 2019 - $82,025
FY 2020 - $84,900
FY 2021 - $87,870
FY 2022 - $90,940
Recommendation: The Fiscal Oversight Committee has reviewed the RFP process and evaluated data. The FOC has, by consensus, affirmed the FOC Audit Subcommittee's recommendation to award the contract to CliftonLarsonAllen (CLA), LLP.
Recommended By:
Signed By:
Scott S. Smith - Acting Chief Financial Officer
Signed By:
Steve Colella - Chief Human Resources Officer and Acting Legal Counsel
Signed By: