HomeMy Public PortalAboutAB 23-014 FY22 Audit Engagement LetterMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 23-014
Meeting Date January 12, 2023
AGENDA ITEM INFORMATION
SUBJECT:
Request for Approval of the FY22 Harris CPAs Audit Engagement Letter
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
/
Clerk
Treasurer
/
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
Estimated fee of $50,000 Annual Audit, $7,500 Single Audit for one major program, and $125 to $250 per lease for GASB 87 implementation
Parks and Recreation
FUNDING SOURCE:
FY23 Approved Budget
Airport
Library
TIMELINE:
ASAP
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The audit engagement letter states the terms under which the audit will be conducted by Harris CPAs, management’s responsibilities, states the fees and timing of the audit, the significant
findings Harris CPAs will communicate to the members of the City Council, as well as dispute resolution, limitation of damages, time limitation, indemnity, and assignments prohibited.
Additional services are required for implementation of GASB 87, new lease standards that is taking affect in FY22. Harris CPAs selected LeaseCrunch, a cloud-based software system to
help with the implementation of the new lease standard. Pricing is $125 per lease for client access to the software, and $250 per lease for implementation by the assurance team. The
fees will be invoiced separately from the annual audit fee and will be determined by the number of leases entered. The City has many leases both as lessor and lessee that will be entered
into LeaseCrunch. Staff will endeavor to keep costs low by using the client access option as much as possible.
The engagement letter will be added to the packet when available.
RECOMMENDED ACTION:
Approve the engagement letter from Harris CPAs for the FY22 Audit and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION