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CC - Approval of a Professional Services Agreement with Moss Adams LLP for Internal Auditing Services for a Term of Five Years (Ending on June 30, 2020) in an Amount Not-to-Exceed $90,000 for Fiscal Year 2015/2016 and Approved Appropriations in Subsequent Years.
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Contact Person/Dept: Jeff Muir/Finance
Phone Number: (310)253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: Yes [] No [X]
Commission Action Required: Yes [] No [X]
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (10/22/15)
Department Approval: Jeff Muir, Chief Financial Officer (10/21/15)
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RECOMMENDATION
Staff recommends the City Council approve a professional services agreement with Moss Adams LLP for internal auditing services for a term of five years (ending on June 30, 2020) in an amount not-to-exceed $90,000 for Fiscal Year 2015/2016 and in an amount not-to-exceed approved appropriations in subsequent fiscal year budgets.
BACKGROUND
Internal audits will assist the City in the efficient use of resources by providing analysis and recommendations for improved operations and stronger internal controls. Staff recommends engaging the services of an independent audit firm to perform internal audit services in accordance with applicable industry standards and relevant rules and regulations established by the City. Culver City has not historically had an internal audit function outside of the internal controls testing that is part of the annual audit of the City's financial statements and federal expenditures. An effective internal control function is a best management practice for financial operations.
While the option of hiring a staff member to perform this function was considered, the...
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