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File #: 20-0636    Version: 1 Name:
Type: Board of Directors Item Status: Agenda Ready
File created: 7/17/2020 In control: Board of Directors
On agenda: 8/11/2020 Final action:
Title: Approve Amendment No. 3 to Agreement No. A4071A with TAP International, Inc. for Board Independent Auditing Services Increasing the Not-to-Exceed Fee by $250,000, for a Total Revised Fee of $1,255,000.
Attachments: 1. Attachment 1: Amendment No. 3
BOARD AGENDA MEMORANDUM


SUBJECT:
Title
Approve Amendment No. 3 to Agreement No. A4071A with TAP International, Inc. for Board Independent Auditing Services Increasing the Not-to-Exceed Fee by $250,000, for a Total Revised Fee of $1,255,000.


End
RECOMMENDATION:
Recommendation
Approve Amendment No. 3 to Agreement No. A4071A with TAP International, Inc. for Board Independent Auditing Services, increasing the not-to-exceed Fee by $250,000, for a revised total fee of $1,255,000.


Body
SUMMARY:
On May 23, 2017, the Board approved an on-call consultant agreement with TAP International, Inc. (TAP International) for Board Independent Auditing Services. The agreement requires TAP International to work with the Board and the Board Audit Committee (BAC) to develop an annual audit program, assess operational risks, advise on potential audits to ensure Santa Clara Valley Water District (Valley Water) is in full compliance with its policies, procedures, and regulations, and conduct audits as directed by the Board and BAC.

On September 26, 2018, TAP International presented the final Risk Assessment Model to the BAC assessing operational risks to Valley Water. The Risk Assessment Model developed heat maps of Valley Water operational areas based on risk impact (low, moderate, and high risk). The results of the risk assessment include input from Valley Water's Board of Directors, management, and staff and would be used to assist in the development of an Annual Audit Work Plan. The highest risk areas include procurement, contract change order management, succession planning, and fraud prevention.

On December 3, 2018, TAP International presented a draft Audit Work Plan to the BAC. The draft Audit Work Plan identified 41 potential audits to conduct, ranked by highest risk, based on the results of the risk assessment previously conducted by Valley Water's independent auditor, Board of Directors, and management and staff. The BAC reviewed the draft Audit Work Plan and on Ja...

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