DATE: February 6, 2018
SUBJECT:
Title
RESOLUTION SELECTING AND AUTHORIZING AN AGREEMENT WITH KPMG LLP FOR AS-NEEDED INTERNAL AUDIT SERVICES FOR AN AMOUNT NOT TO EXCEED $300,000 FOR A PERIOD OF THREE YEARS; FY 2018 EXPENDITURES, IF NEEDED, ARE BUDGETED
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EXECUTIVE SUMMARY:
The Port is strategically changing processes in the way it conducts business using innovative thinking and technology. This new approach requires application of new skillsets (e.g., triple bottom line and people-centered design), the creation of new departments (e.g., Strategy & Innovation), and new lines of business (e.g., Parking, Attractions, and Advertising). Risks associated this new approach create an increased need for consistent audit coverage related to strategic processes and initiatives. This agreement for as-needed internal audit services will supplement internal staff in order to adequately address the Port's routine audit areas and sufficiently provide coverage of new Port-wide processes and initiatives.
A Request for Qualifications (RFQ) was issued on October 5, 2017; five submittals were received and one was considered non-responsive. Three firms were interviewed by an evaluation panel of District staff representing the Office of the Port Auditor, Human Resources and Procurement. Based on the interviews, the written proposals, and a decision analysis process, using the criteria stated in the RFQ, the evaluation panel is recommending that the Board select and authorize an agreement with KPMG Inc. Upon Board approval, Agreement #281-2017SN (Attachment A) would be executed.
RECOMMENDATION:
Recommendation
Adopt a Resolution selecting and authorizing an agreement with KPMG LLP for as-needed internal audit services for an aggregate amount not to exceed $300,000 for three years.
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FISCAL IMPACT:
Funds for the first year of this expenditure are included in the FY 17/18 approved budget for the Port Auditor in the Services - Professional account (#620100). These...
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