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Tue July 17, 2012
New Audit Firm Hired for City of Commerce
COMMERCE - As expected, the Commerce City Council Tuesday approved a contract with a new audit firm, meaning they’ll part ways with Conway Co. CPAs at the conclusion of their agreement on September 30.
City Manager Marc Clayton had cited that city staff had experienced issues with the company the last several years, notably a five-month overdue financial audit.
The audit, received last Thursday but not reflected in Tuesday’s agenda preview, has been presented to council and will be considered for approval at the August 21 meeting, at which time a Conway executive will be present to address the city.
Clayton told KETR Tuesday night, “Getting our report the latest we got it, one of our bond rating agencies actually lowered our rating. And that wasn’t the only reason but they noted in their report that was a reason – that we didn’t have a current audit.”
Upon receipt, the city sent the audit to the Texas Water Development Board, who responded in an email noting “they did get it, but we’d been considered delinquent which could affect future projects.”
Scott Singleton Fincher & Co. PC CPAs out of Greenville will serve as the new professional audit services for the City of Commerce. Clayton said out of the five audit firms who submitted bids for the contract, Scott Singleton Fincher was the second-lowest, with Conway the lowest dollar cost.