TOWN OF LAKE PLACID

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QUESTIONS AND ANSWERS REGARDING  

Town of Lake Placid RFP # LP2016-03
Town of Lake Placid External Audit Services

Posted 12/15/16

1) What were the prior 3 years of audit fees paid for auditing services? If possible, please break down by
service (Financial audit, single audit, CAFR prep, etc)

FY ending 2015 Financial audit $23,050
FY ending 2014 Financial audit and single audit $28,500
FY ending 2013 Financial audit $25,969

2) If available, what was the total hours spent by the previous auditor on the most recent audit?

Hours unknown

3) Where there any additional services provided in the prior 3 years?

Outside the scope of the audit, no additional services were provided

4) Will the selected firm be responsible for preparing the financial statements?

Yes! The financial statements and the single audit (if required)

5) The proposal states providing a CAFR of similar clients, is a CAFR required or can we provided their audited financial statements?

Currently the CAFR is not prepared by or for the Town of Lake Placid. The statement about the CAFR was to ensure a future option (if so desired by the Town)

6) Will the town continue to submit audited financial statements or do you plan to move to a full CAFR?

At this time, no full CAFR (audited financial statements)

7) What was the typical schedule for the audit? (timing of when auditors were in the field)

We sort of let the external auditor set the schedule and they took our scheduling and staff availability in consideration.

8) Would you like to keep a similar schedule or do you have a preferred schedule you would like the auditors to follow?

As long as we are not commencing the audit at the last minute in June (preferably giving us applicable amount of time to review and discuss changes and schedules) , we will continue to allow the external auditor to set the schedule

9) Do you expect any significant changes in the following: a. Sources of funding or the amounts of funding received from outside agencies (contracts, grants, etc.)?
b. Debt (either new or reductions beyond normal payments)? No significant changes
c. Expenditures of the Town? No significant changes
d. The number of major funds in the next year? No changes

10) Does the Town expect to need a single audit for FY2017? (expending federal or state funds greater than $750,000)

The Town does not foresee a single audit for the FY 2017; however, if the opportunity arises, Town staff will track the expenditures and present in an organized manner.

End question Posted 12/15/16


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