Title
Resolution approving a contract with Crowe LLP, Chicago, Illinois, for internal audit consulting services, in the amount not to exceed $91,249.
Staff Summary
• A departmental study in 2018 identified the need for a more robust internal audit function for Lake County. The Finance Department has freed up authorized, budgeted headcount to staff this function in the form of an internal audit manager and an internal audit accountant, which has been unfunded for two years because of budget pressures.
• After difficulty in Fiscal Year 2021 recruiting the internal audit manager and upon research of the various methods that the function can be executed, the Finance Department converted the budgeted FY22 salary and benefits for its internal audit manager into professional services consulting dollars to fund an external assessment of and recommendations for Lake County’s internal control framework.
• A request for proposals was extended to 22 vendors and sealed proposals were received from six vendors. After interviews with the top three respondents, Crowe LLP has been identified as the firm whose proposal best meets the County’s needs.
• The scope of the engagement includes the development of an audit charter and updated internal control procedures; a risk assessment and audit plan; and a current state assessment and recommendations. The anticipated schedule results in completion prior to November 30, 2022.
• The cost of the project was included in the approved Fiscal Year 2022 Finance Department budget in account 101-1200010-71150. County Administration will manage the project / contract.
Body
RESOLUTION
WHEREAS, there is a need for external expertise and assessment of Lake County’s internal controls framework; and
WHEREAS, a request for proposal was extended to 22 vendors, and sealed proposals were received from six vendors; and
WHEREAS, based on the criteria set forth in the Request for Proposals, the evaluation committee selected Crowe LLP, Chicago, Illinois as the most favorable proposal for Lake County internal audit consulting services; and
WHEREAS, the execution of this contract will result in the improvement of the internal controls framework of Lake County through the analysis and documentation of the existing processes as well as the incorporation of best business practices, systems and procedures.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the Purchasing Agent is authorized to enter into a contract with Crowe LLP, Chicago, Illinois, for internal audit consulting services, in the amount not to exceed $91,249.
DATED at Waukegan, Illinois, on June 14, 2022.