title
Approval of a Professional Services Agreement with Weaver & Tidwell, LLP to Provide Internal Audit Services; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
The City implemented a formal internal audit (IA) program in FY2006 to ensure business processes reflect documented policies and directives, strengthen internal controls, and protect against the loss or misuse of City assets. The City’s internal audit program continues to operate under a hybrid model that combines the expertise of external professionals and in-house Finance staff. Under this proposed Professional Services Agreement, Weaver & Tidwell, LLP will provide professional internal audit services to assist the City in completing the annual internal audit plan and managing assigned audit projects. The Consultant will collaborate with management to identify critical risk areas, conduct testing and evaluation of internal controls, and prepare written reports for City management. Weaver & Tidwell will also maintain independence in accordance with professional auditing standards, as they continue to serve as the City’s external audit provider. The proposed agreement establishes a three-year term with the option to renew for two additional one-year periods, providing consistency in audit oversight while allowing for future program adjustments. The annual fee for internal audit assistance is structured based on estimated hours needed to complete the audit plan and individual projects, consistent with prior agreements. Funding for these services is available in the City’s Non-Departmental budget.
RECOMMENDATION:
That City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.