HomeMy WebLinkAboutAM audit firm of Weaver and TidwellTo: Honorable Mayor and Members of the Board of Aldermen
From: Trent Petty, Town Manager
Subject: Meeting of November 17, 2003
Date: November 12, 2003
I NUTi
Consider a resolution approving the audit firm of Weaver and Tidwell to perform the
2002/2003 financial audit for the Town.
Staff recommends approval.
Upon completion of the prior year's audit, Whitley Penn informed the Town that they
would no longer be performing our audit. They have decided to change their direction
and are planning to move away from governmental auditing.
We have a unique situation in that we need a firm that is knowledgeable in school district
accounting as well as municipalities. Because the Academy will be a component unit of
the Town it is logical that both audits be performed by the same firm. Debbie Piper
contacted TEA and requested a listing of all firms in this area that perform audits of
charter schools. She contacted several of the listed firms and found that many of the
firms had expertise in school district auditing but none in municipalities.
Three firms submitted a 3 -year proposal for the Town's audit. Upon review of the
proposals, we found that Rylander, Clay & Opitz of Fort Worth had vast municipal
experience but no school district knowledge. Another firm, Stovall, Grandey & Whatley
of Fort Worth, had school district knowledge but no municipal clients at the present time.
Weaver and Tidwell of Dallas have both municipal and school district experience.
Attached is detail of each of the above referenced firm's proposed fees. As can be seen,
Weaver and Tidwell and Stovall, Grandey & Whatley's fees are comparable. Because of
the knowledge of both school districts and municipalities, we recommend Weaver and
Tidwell to perform the 2002/2003 financial audit for the Town.
Weaver and Tidwell
Town
Academy
Stovall, Grandey & Whatley
Town
Academy
Implementation of GASB 34
Rylander, Clay & Opitz
Town
Academy
$ 5,500 GASB 34 included
** $10,000 GASB 34 included
**$ 1,000 GASB 34 included
2003 2004 2005
$ 18,500 $ 22,000 $ 20,000
10,000 10,000
20,000 21,000 22,000
8,000 9,500
$85/hour
34,000 39,000* 31,000 ***
5,000 6,000