Title/Name/Summary
Audit Services - Recommend Approval
History
In April 2002, the Board passed a resolution that states the Village shall solicit bids at least every five years for the performance of the annual financial audit. Given that five years had passed, the Village issued a Request for Proposals (RFP) seeking the services of qualified financial audit firms.
Proposals were received from seven firms (see attached list). Staff reviewed each proposal to determine adherence to the RFP requirements, as well as the qualifications of each proposer. Of these seven, staff chose three firms as finalists - Crowe Chizek and Company LLC, Sikich LLC and McGladrey & Pullen, LLC. Trustee Pat Gira, Finance Director Annmarie Mampe and Assistant Finance Director Sarah Schueler met with each finalist and requested any additional information needed to assist with final selection.
Based on its response to the RFP, as well as the information obtained at our finalist meeting, Trustee Gira and staff are recommending that the Village retain the services of McGladrey & Pullen, LLP. McGladrey is the 5th largest accounting firm in the nation, and has over 8,000 employees. 1,400 of these employees are located in the Chicagoland area. Municipal government comprises 1/3 of McGladreys’ practice, with over 50 local clients, including the Villages of Tinley Park, Palos Hills, Rockford and Buffalo Grove, the Chicago Public Schools, and the Water Reclamation District of Greater Chicago. McGladrey brought the team that would be dedicated to the Village’s audit to the finalist meeting; this team has extensive municipal audit experience. McGladrey provided us with a detailed breakdown of hours that will be spent on the audit, a significant portion of which will be spent on internal control evaluation and testing, an area staff believes should be the main focus of the Village’s audit. In addition, staff will identify a specific department each audit year, and additional internal ...
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