RFP Auditing Services (FY 2023-2028) - Q&AsW �GN'NW
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AUDITNG SERVICES RFP NOVEMBER 17, 2023
QUESTIONS AND ANSWERS
How long has the current audit team audited for the City?
A. The current audit team has provided auditing services for the City since fiscal year
2016-17.
2. What is the reason that you are considering changing the auditor?
A. The City of La Quinta is following industry best practices by competitively
considering qualified firms for auditing services every five years.
3. Will your prior auditors be invited to bid?
A. Yes.
4. Is there anything specific that you are looking for with the successor auditors?
A. A knowledgeable firm that can assist with any unique technical questions, attention
to deadlines, experience in working with Cities, good communication skills, and
retention of assigned key audit staff. Additionally, we seek assistance in providing
overview training on audits and key financial statements for our Council,
Commissioners, executive staff, and other affected parties.
5. What are the things you liked and did not like about your current auditors?
The City liked that the current auditors are flexible, patient, responsive, and provide
training opportunities to clients. There is no response for what the City did not like
about the current auditors.
6. What are the things you liked and did not like in the audit process followed by your
current auditors?
A. The audit team was respectful of Finance staffs' time and consolidated their
requests for additional information. Additionally, the current auditors have a user-
friendly portal where the City can upload all requested documents electronically,
view progress of outstanding items, and communicate effectively saving time and
resources. There is no response for what the City did not like about the audit
process.
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7. If a team member possesses prior experience with another firm in financial statement
audits, including the scope of work, does this fulfill the firm's experience requirement?
A. Yes.
8. What are the specified timelines for:
a. Interim Audit April- May
b. Field Work October
c. Draft Reports November
d. Final Reports December
9. How many auditors were present, and for how many weeks, during both interim and
year-end fieldwork?
A. Post-covid, audits have been conducted virtually for 2 weeks with approximately 5-6
team members for interim and year-end fieldwork, as determined by the audit team.
10. Is the scope of the services requested the same as last year?
A. Yes.
11. Have there been any changes in your accounting system or software since last year?
12. Do you expect to have any retirement or replacement of key employees?
A. No.
13. What were the annual audit fees for the previous year? Please provide a breakdown by
report.
A. City audit and related reports:
• Audit of City, Housing Authority, Successor Agency, Financing Authority -
$62,100
• Single Audit- $3.240
• GANN Limit- $540
• State Controller's Report- $3,024
Total for Fiscal Year (not to exceed) $68,904
14. Are any new services requested in this RFP not covered in the prior year's audit fees?
A. No.
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15. If necessary, who is responsible for preparing and submitting the State Controller's
Financial Transaction Report? If handled by the auditors, what were the fees in the last
year?
A. The auditors prepared the State Controller's Report. Fee of $3,024 for the last year.
16. How many major programs were subject to examination each year of the Single Audit?
If applicable, please supply the most recent report.
A. The City's most recent single audit report is for FY 2020-21.
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Single Audit Report
17. Do you expect to have a single audit this year?
A. Yes.
18. How many journal entries were proposed by the auditors, and were there any identified
issues?
A. During the last audit, the City proposed 2 adjusting journal entries resulting in a
Material Weakness finding in Reporting and Closing.
19. Did the auditors make any significant adjustments during the examination of the prior
year's Financial Statements?
A. The 2 adjusting entries were proposed and posted by management resulting in
material prior period adjustments.
20. When will a closed trial balance be available for the audit with all closing entries
recorded?
A. A closed trial balance is generally provided before fieldwork begins.
21. Has the City entered any significant contracts, studies, or initiated Projects in the
Current Fiscal Year not reflected in the Prior Year's Financial Statements?
A. No.
22. Were there any New Debt Issuances in the Current Fiscal Year?
A. None.
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23. Is the City involved in any litigation not included in the Prior Year Financial Statements?
A. No.
24. Are there any other Major Changes in the Current Fiscal Year that would impact the
City's operations?
25. How was the quality of the audit evaluated?
A. Timeliness, accuracy, and constant communication are important factors to the City
when assessing the quality of the audit.
26. In your view, which audit areas presented challenges?
A. New GASB pronouncements.
27. What improvements or efficiencies would you like to see in the audit of the City's
financials?
A. The City would like to ensure that the financial statements be completed in a timely
manner, in accordance with GASB Standards and in compliance with all applicable
guidelines and regulations.
28. Would the City be open to having the majority of the audit being performed remotely?
A. Yes.
29. What was the City's experience with remote auditing? Would you suggest any
changes?
A. The City has conducted all audits virtually and communicated seamlessly with the
audit team via various communication channels (e.g., email, MS Teams, phone, and
auditor document portal). The City can provide access to files remotely in order to
expedite requests for additional information. The City does not have suggestions for
changes.
30. Are the majority of supporting documentation maintained electronically (e.g. PDF), such
as checks, vendor invoices, cash receipts, timecards, personnel files.
A. Yes.
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31. Do you permit third parties to access the City financial software remotely?
A. Yes.
32. Will digital proposals be accepted in place of hard copies?
A. Yes, digital proposals will be accepted but hard copies are included for distribution to
staff and Commission.
Thank you and we look forward to receipt of your proposal,
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Claudia Martinez I Finance Director
City of La Quinta
78495 Calle Tampico I La Quinta, CA 92253
Ph. 760.777.7055
Main: 760.777.7000
www.laquintaca.gov
www.playinlaquinta.com