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HomeMy WebLinkAboutMinutes_Audit_5/12/2021MINUTES SELECTION COMMITTEE MEETING VILLAGE OF TEQUESTA, FL MAY 12, 2021 10:00 AM COUNCIL CHAMBERS CALL TO ORDER AND ROLL CALL Chair Kyle Stone at 10:00 am. A roll call was The meeting was called to order by Committee taken by Deputy Clerk Mary Ann Grieser. Present were: mittee Member Daniel Chrost, Committee Member Larry Committee Chair Kyle Stone, Com Dugan, Committee Member Bill Watkins AGENDA ITEMS 1. Auditor Presentations 10:00 a.m. - Marcum, LLP 11:00 a.m. - Mauldin & Jenkins, LLC 12:00 p.m. - MSL, P.A. Audit Partner Moe Ariza presented via Zoom for Marcum, LLP and was joined by Quality Control Director Michael Futterman and IT Audit Risk Director Jose Antigua. Mr. Ariza reviewed the presentation highlighting the values, innovation, productivity and pricing that sets Marcum apart from other firms. He noted they were a top 15 firm with a local team and listed their governmental accounts in Miami, Monroe, Palm Beach and Broward Counties. He then reviewed their audit approach and quality control measures noting their new technology and client database called Marcum INFLO. The presentation concluded and was opened to the committee for questions. Chair Stone was concerned with notifications of when fund balances became low and how Council would be notified in these situations. Mr. Futterman explained it was typically reported if Marcum noticed it and was reported during the last audit. Chair Stone was expecting the information highlighted verse being detailed at the end of the reports. Marcum explained the information followed a template from the Auditor General and could provide a summary page and follow direction given to them as they had worked with the Village since 2009 and looked forward to continuing. Committee members felt Marcum's presentation was very strong. Mauldin and Jenkins, LLC Partner Wade Sansbury presented via Zoom along with Engagement Manager Daniel Anderson and Additional Resource Partner Alison Wester in person. They highlighted their experience in the government sector and the accolades and memberships of the company. The company was located in Bradenton, Florida, but preferred an onsite Audit approach and did not see travel or location being a problem. The transition of clients was a seamless process as they had a high level approach with partner and manager involvement. Mauldin and Jenkins provided further detail on their tailored audit approach including planning, procedures and reviews as well as their Suralink technology which was the client dashboard. The presentation concluded and was opened to the committee for questions. The committee emphasized their onsite preference. Mr. Watkins asked about the entities within 80 miles of the Village which included Hallandale Beach, Pinecrest, South Florida Regional Transportation Authority, Miami Beach Pension and Palm Beach Gardens Pension. Mr. Chrost questioned their experience with Suralink. Mauldin & Jenkins had been utilizing the software for three years and was excited about the capabilities being added to it. Chair Stone was interested in how they devised the 400 hour engagement estimate. Mr. Sansbury explained it was based on the Village's prior years audit, nature of funds and a look at similar accounts which was then averaged to determine the Village hours and fees. They also noted the fees quoted would not change. Chair Stone also inquired on the review of policies and procedures and if the Village was not meeting a threshold how would that be corrected. Mr. Sansbury explained if a policy was not being met it would be brought to management and Councils attention. Committee members felt this was also a very strong and detailed presentation. Engagement Shareholder Joel Knopp presented for MSL CPAs & Advisors along with Audit Manager Eddie Castaneda and Auditor Brenda Fairfoot. They detailed their experience and positions within MSL. Mr. Knopp highlighted MSLs vast experience with governmental agencies which was a key aspect of the firm. A summary of the 17 different municipalities was shared along with a comparison of similar firms and their audit and IT approach and Suralink. Chair Stone questioned if they worked with any municipalities similar in size to the Village, Mr. Knopp shared that Cocoa Beach, Indian Rocks Beach and Sunny Isles were either similar in size or funds. Chair Stone also asked how they would keep Council informed of fund balances, MSL explained they adhered to Florida Statutes in reporting obligations and work together to keep Council and Managers informed of all balances. Chair Stone further questioned the 600 hours estimate and how they reviewed Village policies. MSL explained they request all policies and procedures to review and analyze how that would impact transaction cycles. Any discrepancies are brought to managements attention. They further explained the 600 hours was based on similar clients and passed audit reviews. Committee members thought positively of MSL IT testing as it seemed more detailed than other firms. Presentations and discussions concluded at 12:00 p.m. 2. Evaluation and Ranking of Proposals Deputy Clerk Mary Ann Grieser explained the committee was tasked with ranking each firm one through three, with one being the top firm. Each committee member evaluated and ranked the firms Deputy Clerk Grieser tallied and announced the results. Kyle Stone: Marcum, LLP - 2 Mauldin & Jenkins, LLC - 1 MSL, P.A. - 3 Larry Dugan: Marcum, LLP - 2 Mauldin & Jenkins, LLC - 1 MSL, P.A. - 3 Bill Watkins: Marcum, LLP - 3 Mauldin & Jenkins, LLC - 1 MSL, P.A. - 2 Daniel Chrost: Marcum, LLP - 1 Mauldin & Jenkins, LLC - 2 MSL, P.A. - 3 The final results were Mauldin & Jenkins as the top pick with Marcum next and MSL last. MOTION: Committee Member Larry Dugan made a motion to recommend Mauldin & Jenkins, LLC to Village Council; Chair Kyle Stone seconded the motion. Carried unanimously 4-0. ADJOURNMENT Respectfully submitted, lflc. �-- Lori McWi liams, MMC Village Clerk Note: These summary minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio record is available from the office of the Village Clerk. All referenced attachments are on file in the Village Clerk's office.