Item 4O Audio♦ �
SOUTHLAKE
Honorable Mayor and members of City council,
Item 4K is presented to you as a request to approve a professional services
agreement with Weaver and Tidwell, L.L.P. for the City's annual audit requirements.
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The City of Southlake provides municipal services that support the highest quality of fife.
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City Council
• City Charter requirement
• Audit objective
— expression of an opinion as to whether the
financial statements are fairly presented
— report on internal control
• The total amount is not to exceed $110,000
Chapter 9, Subchapter D Section 9.42 of the City of Southlake Charter requires the
provision of an independent audit by a Certified Public Accountant at the close of
each fiscal year.
The objective of the audit is to express an opinion as to whether the financial
statements of the City are fairly presented in accordance with GAAP or generally
accepted accounting principles. A secondary objective is to provide a formal report
on the city's compliance with local, state and federal regulations as well as
contractual obligations. Finally, an assessment of the internal controls and internal
control environment are provided.
The total amount of this contract is not to exceed $110,000 and is currently
budgeted in the Finance Department professional services line item.
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SOUTHLAKE
Questions?
Sharen Jackson 817- 748 -8042
This concludes the presentation for Item 4K. Staff recommends approval of the
contract. Should you have questions or require additional information, please
contact Sharen Jackson at 817 - 748 -8042.
Thank you for your time.
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