Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MARCH 18, 2020
Subject
SUBJECT: ANNUAL FINANCIAL AND COMPLIANCE AUDITS OF METRO AND ITS COMPONENT UNITS
Action
ACTION: AWARD CONTRACT
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to award a five-year, firm fixed-price Contract No. PS64807000 to Crowe LLP to provide Annual Financial and Compliance Audit Services in the amount of $1,836,135 effective April 10, 2020, subject to resolution of protest(s), if any.
Issue
ISSUE
Metro is required to have an independent Certified Public Accountant firm perform annual financial and compliance audits. The audit reports are submitted to funding partners and to financing institutions relative to Metro bond issues. The recommended contractor shall begin with the audit of Metro's financial statements and component units starting fiscal year ending June 30, 2020.
Discussion
DISCUSSION
The scope of services includes the financial and compliance audit requirements of Metro and the component units including:
* Comprehensive Annual Financial Report (CAFR);
* Single Audit Report on Federal grant activities;
* Transportation Development Act (TDA);
* Proposition 1B Public Transportation, Modernization, Improvement, and Service Enhancement Account Program (PTMISEA);
* State Transit Assistance (STA);
* Service Authority for Freeway Emergencies (SAFE),
* Low Carbon Transit Operations Program (LCTOP);
* Crenshaw Project Corporation (CPC); and
* National Transit Database (NTD).
The firm is also required to provide a management report which addresses any material weaknesses and/or significant deficiencies in Metro's accounting system and internal controls noted in the auditor's examination of Metro's books and records.
Determination_Of_Safety_Impact
DETERMINATION OF SAFETY IMPACT
Approval of this item will not impact the safety of Metro's patrons or employees.
Financial_Impact
FINANCIAL IMPACT
Funding of $342,410 for the contracted servi...
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