Title
Discussion of Forensic Audit
History
The Village Board has requested that staff retain the services of an audit firm to conduct a forensic audit. The scope of the forensic audit will be a review and analysis of the Village formal bid and Request for Proposals (RFP) policies and procedures, as well as a review of the selection process for all bids and RFPs issued over the last five (5) to seven (7) years.
The Village's financial statement auditors, BKD CPAs & Advisors, have provided the Village with a high-level fee estimate of approximately $15,000 to $50,000 depending on test sample size. BKD has extensive experience in audits of this type and also are familiar with the Village's purchasing policies and procedures based on documentation of internal controls and internal control testing performed as part of the FY2018 financial statement audit. Staff is looking for the Board's input on whether staff should obtain a formal proposal from BKD and/or if staff should reach out to other audit firms to obtain formal proposals.
Recommended Action/Motion
Discussion Only