HomeMy WebLinkAboutAM Whitley Penn as Financial Advisors for the fiscal year 2002-2003Town of Westlake
To: Honorable Mayor and Members of the Board of Aldermen
From: Trent Petty, Town Manager
Subject: Regular Meeting of January 27, 2003
Date: January 22, 2003
ITE
Whitley Penn as Financial Advisors for the fiscal year 2002/2003.
Staff recommends approval.
As the town has continued to grow, the difficulty in the accounting transactions has
grown. Whitley Penn would be able to assist staff throughout the year to accurately
record all the transactions that occur.
The unique changing environment in which audit firms now operate further complicates
the Town's financial transactions. The requirement is for auditors to not have made any
recommended changes to the books they are auditing. This means that is there are certain
items if inadvertently miscoded, or if a new finical transaction requiring clarification as to
coding, we could not call the Whitely Penn and ask them to assist us in properly
recording those transactions.
Hiring Whitely Penn to assist in our bookkeeping means that the Town will need to hire a
separate auditor for the audit that would begin at the end of 2003. However, Whitley
Penn and staff are confident that the amount of money spent during the year to properly
record transactions, will be recovered in a smoother, cleaner audit process.