DATE: October 11, 2022
SUBJECT:
Title
RESOLUTION SELECTING AND AUTHORIZING AN AGREEMENT WITH TAP INTERNATIONAL, INC. FOR AS-NEEDED INTERNAL AUDIT SERVICES FOR AN AMOUNT NOT TO EXCEED $300,000 AND A DURATION OF FIVE YEARS. FISCAL YEAR 2023 FUNDS ARE BUDGETED. FUNDS REQUIRED FOR FUTURE FISCAL YEARS WILL BE BUDGETED IN THE APPROPRIATE YEAR, SUBJECT TO BOARD APPROVAL UPON ADOPTION OF EACH FISCAL YEAR'S BUDGET.
Body
EXECUTIVE SUMMARY:
The Port is strategically changing processes in the way it conducts business using innovative thinking and technology. This approach requires the application of new skillsets and assurances over Port processes/procedures. Risks associated with a dynamic business environment 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 March 29, 2022; five submittals were received during the 30-day advertisement period. In addition, three firms were interviewed by an evaluation panel of District staff representing the Office of the Port Auditor, Government and Civic Relations, and Procurement. Based on the interviews, written proposals, and a decision analysis process, using the criteria stated in the RFQ, the evaluation panel recommended TAP International, Inc. to the Audit Oversight Committee. On September 22, 2022, the Audit Oversight Committee approved and recommended an agreement with TAP International, Inc. for Board approval (Attachment A).
RECOMMENDATION:
Recommendation
Adopt a Resolution selecting and authorizing an agreement with TAP International, Inc. for as-needed internal audit services for an amount not to exceed $300,000 and a duration of five years. Fiscal Year 2023 funds are budgeted. Funds required...
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