Finance Committee Agenda and Packet 2013 03 18

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City of Louisville Request for Proposals Professional Auditing Services 2 of 10 SPECIFICATIONS I. GENERAL INFORMATION The City of Louisville, Colorado is requesting proposals from qualified firms of certified public accountants to audit its financial statements for the fiscal year ending December 31, 2013, with the option, on mutual agreement, of auditing the City’s financial statements for each of the six (6) subsequent fiscal years. These audits are to be performed in accordance with applicable standards. There is no expressed or implied obligation for the City of Louisville to reimburse responding firms for any expenses incurred in preparing proposals in response to this request. During the evaluation process the City of Louisville reserves the right, where it may serve the City's best interest, to request additional information or clarifications from the firms, or to allow corrections of errors or omissions. At the discretion of the City of Louisville’s Finance Director or Finance Committee, firms submitting proposals may be requested to make oral presentations as part of the evaluation process. The City of Louisville reserves the right to retain all proposals submitted and to use any ideas in a proposal regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the firm of the conditions contained in this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the contract between the City and the firm selected. To be considered, six (6) copies of a proposal must be received by the City of Louisville Finance Department, 749 Main Street, Louisville, CO 80027 by 5:00 p.m. on August 9, 2013. The City of Louisville reserves the right to reject any or all proposals submitted. Proposals submitted will be evaluated by the Finance Committee, consisting of the Mayor and two Council members. The City manager and Finance Director provide staff support to the Committee and will also evaluate the proposals. It is anticipated that the selection of a firm will be completed by August 30, 2013. Following the notification of the selected firm, it is expected a contract will be executed between both parties by September 17, 2013. II. NATURE OF SERVICES REQUIRED A. SCOPE OF WORK TO BE PERFORMED The City of Louisville desires the auditor to express an opinion on the fair presentation of its governmental activities, its business-type activities, each of its major funds, and its aggregate remaining fund information in conformity with generally accepted accounting principles. The City of Louisville also desires the auditor to express an opinion on the fair presentation of its combining and individual fund financial statements and schedules in conformity with generally accepted accounting principles. The auditor is not required to audit the supporting schedules contained in the comprehensive annual financial report. However, the auditor is to provide an "in-relation-to" opinion on the supporting schedules based on the auditing procedures applied during the audit of the basic financial statements and the combining and individual fund financial statements and schedules. The auditor is not required to audit the introductory section of the report or the statistical section of the report. The auditor shall also be responsible for performing certain limited procedures involving required supplementary information required by the Governmental Accounting Standards Board as mandated by generally accepted auditing standards 7