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BACKGROUND <br /> State and Federal regulations and bond covenants require that an independent auditor <br /> conduct an annual audit of the City's financial records. The City has used the auditing <br /> services of Maze and Associates for the past five years. The State requires that a public <br /> entity solicit for audit services no less than every five years. In addition, it is the City's <br /> practice to periodically rotate audit firms to obtain a fresh perspective on its financial <br /> operations. Based on this, staff circulated a Request for Proposal for Professional <br /> Auditing Services in January 2021. <br /> SELECTION PROCESS <br /> Staff received seven responses (Proposals) to the Request for Proposal. Staff reviewed <br /> the Proposals for (1) pricing, (2) ability to meet the required audit timeline, (3) applicable <br /> and comparable audit experience, and (4) number as well as experience and <br /> credentials of the governmental audit staff. Based on this review, staff reduced the <br /> candidate firms to five firms. Finance Department staff interviewed the five firms to <br /> determine which firm could best meet the City's needs for an audited CAFR and other <br /> reports completed in an efficient and timely manner. Staff contacted the references for <br /> the top two firms from the interview process. Based on the interviews and references, <br /> staff concluded that the most qualified and well-suited firm for the City is LSL. <br /> Submitted by: Approved by: <br /> "(--)i171 <br /> Tina Olson Nelson Fialho <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Contract with LSL for Audit Services <br /> Page 2 of 2 <br />