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<br />, <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />loan documentation and accounting, collections, and risk management. These other services <br />could be optional and may not be required every year. <br /> <br />The cost associated with the 5-year program described above is_ conservatively <br />estimated at about $400,000. This would offer a wide range of consulting services along with <br />the core service of the CAFR. Contracts with accounting firms providing these services are <br />typically three years in length with options to renew annually for an additional two years. <br />After five years a new auditing firm is typically selected in order to provide a fresh review of <br />the program. <br /> <br />The establishment of this new account creates the spending authority within the <br />Construction Fund program to contract with an independent accounting firm to perform a <br />CAFR and other business consultation and performance auditing services. Staff would prepare <br />a detailed audit program scope of work for review by the Board prior to issuing a request for <br />proposals. <br /> <br />Recommendation <br /> <br />Staff recommends that the Board consider a motion to recommend to the General <br />Assembly that an Independent Audit Account be created within the CWCB Construction Fund <br />with an initial appropriation to the account of $400,000. The purpose of the account will be to <br />fund the expenses associated with a five-year program of providing a comprehensive annual <br />financial report and business performance audit of the CWCB' Construction Fund Loan <br />Program. <br />