The auditing firm of Nell-Lairson will once again perform the annual audit of City of Katy finances following approval of a letter of engagement during this week’s city council meeting.
City council approved Null-Lairson’s proposal to conduct the audit for the city’s fiscal year that will end Sept. 30.
Cities are required by state law to annually have an independent audit conducted on their financial operations.
“We will audit the financial statements of the governmental activities, the business-type activities, the aggregate discreetly presented component units, each major fund and the aggregate remaining fund information, which collectively compromise the basic financial statements of the city, as of and for the year ending Sept. 30, 2010 that will be included in the city’s comprehensive annual financial reports,” the firm said in its proposal.
The cost to the city will be capped at $41,000.
“Our fee for these services will be at our standard hourly rates plus out-of-pocket costs (such as report reproduction, word processing, postage, travel, copies, telephone, etc.) except that we agree that our gross fee, including expenses, will not exceed $41,000,” the proposal said. “Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit.”
As in previous years, Null-Lairson partner Christopher L. Breaux will be in charge of the audit.
Council members approved the proposal in a unanimous vote.
