The Legislative Audit Subcommittee has picked the Reno accounting firm of Kafoury Armstrong for another four-year contract to handle the single Audit of federal funds — a job the firm has done for the past 20 years.
The choice was supported by Controller Kim Wallin, who said the firm has provided the state excellent service and that it would take a new audit company a significant amount of time to learn the state’s systems and get up to speed.
Kafoury Armstrong also was low bidder at $1.4 million for the four years, providing more than 4,000 manhours to handle the audit — an average cost of $83 an hour.
Both the other finalists, Eide Bailly of Idaho and Clifton Larson Allen of Colorado, had a higher per-hour cost ($100 and $108, respectively). While the Bailly firm was close in total price at $1.41 million, the Allen firm’s total bid was $2.2 million.
The Single Audit is a required audit of the use and accounting of all federal funds that come into Nevada’s state government.
Wallin said Kafoury Armstrong also handles the audit of the state’s annual Comprehensive Annual Financial Report.