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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