AUDIT 2013/01/17 MinutesThe City of Lake Forest
AUDIT COMMITTEE
Proceedings of the January 17, 2013 Meeting
5:15 p.m. – City Hall, 220 E. Deerpath
City Hall Conference Room
Minutes
I. Call to Order and Roll Call
Chairman Moreno called the meeting to order at 5:20 p.m. Audit Committee Members
present: Chairman Moreno, Baier, and Marwede. Absent: Mayor Cowhey, Ms. Krebs, Mr.
Logan and Finance Chairman Pandaleon. Quorum present.
City staff present: Robert Kiely, City Manager; Elizabeth Holleb, Finance Director; Diane Hall,
Assistant Finance Director.
Number present in the audience: none.
II. Consent Agenda
Approval of minutes from Audit Committee held on October 25, 2012
Ms. Baier made a motion to approve the October 25, 2012 minutes. The motion was
seconded by Mr. Marwede. The motion carried unanimously by voice vote.
Finance Chairman Pandaleon entered the meeting at 5:25.
III. Audit Firm Finalist Interviews
Ms. Krebs entered the meeting at 5:40
Interviews were conducted with the three Audit Firm finalists. The firms interviewed were
Baker Tilly Virchow Krause, LLP, McGladrey LLP, and Sikich LLP. Each firm was requested to
provide a 15 minute presentation covering the following subjects.
· Introduction of the proposed audit team members
· Summary of experience with similar audit engagements
· Overview of engagement approach
· Discussion of firm’s approach to new SAS and GASB pronouncements
Following each presentation Committee members asked questions of each firm.
Committee members discussed the presentations following the interviews. The Committee
requested Ms. Holleb to contact each firm to submit a last and final offer on fees. The
Committee also requested clarification of Sikich LLP’s audit approach and McGladrey LLP’s
fraud detection procedures.
Following discussion, Ms. Baier made a motion to recommend McGladrey LLP to the City
Council for approval. The motion was seconded by Ms. Krebs. The motion was approved
with four yes votes and one no vote.
IV. Other Business
Ms. Holleb stated the April agenda will include the audit Engagement Letter and the Elawa
Foundation will present their financial statements.
V. Opportunity for Public to Address the Audit Committee – None
VI. Adjournment
There being no further business, a motion was made by Mr. Pandaleon to adjourn the
meeting. The motion was seconded by Ms. Baier. The motion was approved unanimously
by voice vote. The meeting was adjourned at 7:45 p.m.
Respectfully submitted,
Diane Hall
Assistant Finance Director