HomeMy WebLinkAbout(0005) IR 21-10600 - External Financial Audit Services Selection ProcessINFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 21-10600
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To the Mayor and Members of the City Council
June 22, 2021
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SUBJECT: EXTERNAL FINANCIAL AUDIT SERVICES SELECTION PROCESS
The purpose of this Informal Report is to brief the Mayor and City Council on the selection
process for External Financial Audit Services.
The Financial Management Services Department issued a Request for Qualifications (RFQ) for
External Financial Audit Services. The procurement of professional services is exempted from
competitive bidding requirements, under Chapter 252 of the Texas Local Government Code, and
requires approval by the City Council. Services provided under this engagement allow the City to
ultimately publish the Annual Comprehensive Financial Report.
As recommended by the Government Finance Officers Association (GFOA), the City has
undergone a competitive process for the selection of these services. The GFOA also offers a
best practice on external auditor rotation in certain circumstances after a multi -year contract.
A selection committee, consisting of the City Controller/Assistant Director of Finance, City
Treasurer/Assistant Director of Finance, the Financial Reporting Manager, City Internal Auditor,
Assistant Director - Water Utility, and a Diversity & Inclusion Business Equity Division designee,
was responsible for reviewing the six proposals received and assisted in developing this
recommendation. Proposals were evaluated based on criteria outlined in the RFQ.
The Financial Management Sevices Department has recommended BKD, LLP (BKD) to serve as
the City's external independent auditor starting with the FY21 external financial audit for three
consecutive years with two one-year renewals. BKD has a history of serving numerous Texas
municipalities and other large cities across the country, such as the City of San Antonio, the City
of Arlington, the City of Los Angeles, and the City of Phoenix. BKD also offers a fresh
perspective, efficiencies, and financial reporting technologies, based on their experience
providing services to approximately 220 governmental entities, including approximately 30
municipalities and their component units.
Weaver and Tidwell, LLP has served as the City's External Auditors from FY2016 through
FY2020 and has been an excellent partner in accomplishing the City's internal goal of early
issuance of the Annual Comprehensive Financial Report. They have been a value-added part of
the City's accounting and financial reporting providing multiple services needed beyond the City's
external financial audit, such as assistance with the implementation of new accounting standards.
The City was very pleased with the services that were provided by Weaver.
If you have any questions, please call Reginald Zeno, Chief Financial Officer, at 817-392-8500 or
Anthony Rousseau at 817-392-8338.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS