2009-40• 0
RESOLUTION NO. 2009- 40
A RESOLUTION APPROVING AN AUDITING SERVICES AGREEMENT
BETWEEN THE VILLAGE OF BUFFALO GROVE AND WOLF & COMPANY LLP. TO
PROVIDE INDEPENDENT AUDITING SERVICES
WHEREAS, the Village is required to have an independent auditor provide an opinion as to
whether its financial statements fairly represent the financial position of the village, and;
WHEREAS, it is prudent to ensure that internal fiscal polices and pronouncements set forth by the
Governmental Accounting Standards Board are adhered to within the context of both day to day operations
and annual financial reporting, and;
WHEREAS, Village of Buffalo Grove has opted to select an auditing firm that can provide these
services, demonstrating a experience with similar size communities and meeting the requirements of the
RFP, at the most reasonable cost.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that:
Section 1. The Audit Services Agreement between the Village of Buffalo Grove and Wolf &
Company, LLC. will begin for the audit of FY 2009 and, if extended by mutual agreement, will
conclude at the end of the FY 2013 audit.
Section 2. The Village Manager is authorized and directed to execute the Auditing Services
Agreement. A copy of said Auditing Services Agreement is attached hereto and made a part
hereof.
AYES: 6 – Braiman, Glover, Berman, Trilling, Stone, Sussman
NAYES: 0 – None
ABSENT: 0 – None
PASSED: November 2 , 2009. APPROVED: November 2 , 2009.
APPROVED:
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Village President
ATTEST:
Village Clerk
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EXHIBIT I
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AUDITING SERVICES AGREEMENT
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THIS AGREEMENT, made this 2nd date of November , 2009, by and
between Wolf & Company LLP , hereinafter referred to as "Auditor ", and the
VILLAGE OF BUFFALO GROVE, a municipal corporation in Cook and Lake County, Illinois,
hereinafter referred to as "Village ".
SECTION I. The Auditor agrees to furnish capable and efficient accountants to conduct
a general audit of the books and financial records of the Village in accordance with Generally
Accepted Auditing Standards (GAAS).
SECTION II. The Auditor agrees to begin the examination as soon after the acceptance
of this Agreement to the mutual convenience of the Village and the Auditor. The Auditor further
agrees that he will conduct said examination with diligence as to insure its completion at the
earliest possible date with such efficiency and thoroughness as is expected under GARS. In any
event, the examination and Auditor's report shall be completed and a report delivered prior to
June 1" of each year.
SECTION III. The Auditor and the Village shall comply with Section I, Audit Scope
and Section II, General Information of the Request for Proposal (copy attached) and incorporate
those sections into the contract.
SECTION IV. The Auditor agrees to adopt reasonable procedures as to insure the safe
custody of his working papers for a period of time sufficient to satisfy legal and administrative
requirements. Furthermore, he agrees to make the working papers available for examination by
the Village as requested, and to provide copies of such work papers that may be requested by the
Village's accounting staff. .
SECTION V. The Auditor agrees to publish 40 copies of the Annual Finance Report.
SECTION VI. The Village agrees to pay the Auditor for services rendered based on the
following not -to- exceed fees:
2009
Annual Financial Report $39,300
Single Audit Report 3,000
Total Fees $42,300
2010
$39,300
3,000
2011 2012 2013
$39,300 $40,400 $41,600
3,000 3,050 3,100
$42,300 $42,300 $43,450 $44,700
Payment will be made upon receipt of progress billings with final payment made after
receipt of the Annual Financial Report and Single Audit Report.
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The Auditor and the Village agree that an equitable adjustment in the contract price may
be negotiated if the cost or the time required for performance of the audit service is increased
pursuant to a change in scope requested by the Village or required by State of Federal
regulations.
SECTION VII. If the Auditor is unable to complete the audit before the scheduled
completion date provided in Section II of this Agreement, written notice to the Village must be
provided by the Auditor thirty (30) days prior to said date of completion.
The Auditor agrees to deliver the Audit Report prior to June 1St of each year of the
Agreement, unless the Village has caused the audit period to be longer.
The Village reserves the right to cancel audit services for the remainder of the period
covered by their agreement.
oe-4.LP 1, 200-t
Date
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Date
Attest:
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Village Clerk
D LIt 0 Pa14M -ee
A ditor Wolf & Company LLP
Signature of Authorized Representative
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Village of Buffalo Grove
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