NUMB:
990957
VERS:
ORIGINAL
REF:
871363
XXBY:
THE CHAIR
TITL:
Resolution authorizing the examination of the City of Milwaukee's financial activity for the years 1999-2002.
ANLS:
- Analysis -
This resolution:
1. Directs the City Clerk to issue a new request for proposal for the audit of the City's financial activity for the years 1999 through 2002, hold a bidders conference, evaluate responses and select an auditing firm.
2. Provides that the City's audit selection policy shall permit engagement of the services of an independent auditor for a 4-year period without competitive selection at the City's sole option, and subject to satisfactory performance and contract negotiation, and that auditors selected may succeed themselves for consecutive 4-year terms without limitation provided there is a competitive bidding process every 4 years.
BODY:
Whereas, An examination of the financial activity of the City of Milwaukee by an independent auditor is an essential element of financial control and accountability; and
Whereas, In November, 1987, the Common Council by Resolution File Number 871363 adopted a City policy regarding the engagement of the services of an independent auditor which includes a requirement for competitive selection every four years with an annual renewal option, subject to satisfactory performance and contract negotiation while prohibiting the participation of any independent auditor in the bid selection process that would allow that firm to audit the city's financial activity more than 8 consecutive years; and
Whereas, The City's audit selection committee observed that when Resolution File Number 871363 was adopted it was current industry practice to rotate auditors periodically to insure auditor independence in fact and perception; and
Whereas, The audit selection committee noted that since the adoption of File Number 871363 the Government Finance Officer's Association issued a policy which does not preclud...
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