07 - Independent Outside Audit - Laserfiche WebLink

Home Browse Search

would estimate that the fee for the year ending September 30, 2023, would not exceed $68,500 plus out-of- pocket expenses (such as report reproduction costs, postage, etc) for audit years which do not require single audit. When applicable, single audit procedures will be billed separately at our standard hourly rates except that we agree that our fee for single audit requirements will not exceed $5,000. This estimate assumes no more than two major programs. Additional fees will be billed for more than two major programs. This fee does not include any additional work related to implementation of new audit standards. As competitive bidding by licensed certified public accountants is not permitted by state law, this is considered a fee estimate and as such, we will not be bound to provide the proposed services for the estimated amount. Our estimated fee for these services is based on the following rates and estimated hours of professional time. It should be noted that this fee is an estimate and the actual fee billed will be based on our standard billing rates and the number of hours necessary to complete the required scope of work. For the years ending September 30, 2024 and 2025, we propose to limit increases to the change in the annual average of the consumer price index published by the U.S. Department of Labor (CPI -U). Position Hours Partner 300 Staff 515 Clerical 60 Total 875 MattersThat Can Cause Work in Excess of Fee Estimate We want you to receive the maximum value for our professional services and to perceive that our fees are reasonable and fair. However, in seeking to provide you with such value, we find there are various matters that can cause us to perform work in excess of that contemplated by our fee estimate. The following explains the matters that arise most frequently. Changing Requirements Today, there are numerous governmental or rule-making bodies that regularly add or change various requirements. Although we attempt to plan our work to anticipate the requirements that will affect our engagement, three types of situations make this difficult. Sometimes, these new requirements are not communicated in time for us to anticipate their effects in our preliminary planning. Secondly, in spite of our anticipation and planning, the work necessary to comply with new requirements may be underestimated. Finally, in some instances, you may decide that it is advantageous to you to have the new requirements applied immediately. Incorrect Accounting Applications or Errors in Records We generally form our fee estimates on the expectation that your accounting records are in good order so that our work can be completed based upon our normal testing and other procedures. However, should we find numerous errors, incomplete records, or disorganized bookkeeping methods, we will have to do additional work to determine that the necessary corrections have been made and are properly reflected in the financial statements. City of Paris February 20, 2023 Page 6 Lack ofAudit Facilitation or Timely Preparation