External Audit Services

The vendor required to provide external auditing services for the next five (5) fiscal years ending march 31, 2026, 2027, 2028, 2029 and 2030.
- Requirements
1. Audit firm
•    Provide a general description of your firm, including the structure and size. 
•    List your major municipal clients. 
•    Discuss your audit philosophy and methods. 
•    Include municipal references. 
•    Indicate your presence and support in county and the strait area.
2. Audit staff
•    Indicate the size and make-up of the audit team to be assigned to the audits. 
•    The extent of their municipal auditing experience. 
•    Estimate the number of hours that are anticipated to be required for the annual audit, broken down between the various categories of staff assigned to each of the responsibilities and including details of initial start-up and any changes in municipal reporting. 
•    Indicate the firm’s quality control procedures and supervisory and review procedures intended to be employed in the conduct of the municipality’s audit. 
•    It is expected that the audit senior will be present throughout most of the audit fieldwork and provide regular updates to the director of finance and the chief administrative officer as to the status of the audit and issues that may have arisen.
3. Audit approach
•    Indicate how your firm will determine an audit strategy and undertake audit planning.
•    Indicate how your firm will address matters of audit scope and materiality. 
•    Indicate your process for considering critical levels of errors warranting changes to the accounts. 
•    Indicate how your firm will control and co-ordinate the audit process. 
•    Identify and respond to critical audit issues. 
•    Group audit procedures that will be conducted given the consolidation of corporation in the consolidated financial statements.
4. Special audit work
•    The auditor to examine periodically the municipality’s compliance with municipal funding agreements.
•    The municipality requires the audited financial statements to be reported in such a way to be consistent with the information requested on the financial information return required by the department of municipal affairs. 
•    Indicate any extra charge for this service.
•    The municipality may require the auditor to prepare the consolidated statements. 
•    Indicate any additional work required by the municipality and any extra charge for this service.
•    The auditors may be required to conduct a financial training session with the audit committee. 
•    This would be a high-level presentation designed to better familiarize new and existing committee members with the process and expectations. 
•    Indicate any extra charge for these services.
5. Annual audit schedule
•    Before February 28th of each year, the municipality’s auditors shall meet with the audit committee to discuss the planning of the annual audit.
•    A list of necessary schedules, working papers, analysis and other information to be prepared by municipal staff will be finalized at this time.
- General Operating fund budget for the 2025-2026 fiscal year totaled $17,469,578. 
- The Water Utility Operating Fund budgeted revenues of $860,764.

- Contract Period/Term: 5 years