City Council tonight approved issuing a Request for Proposal (RFP) for internal auditing of City operations.
The City’s current five-year audit service agreement expires December 2016 after realizing more than $5.2 million of cost avoidance, cost savings and/or new revenues across the corporation and the City’s boards and commissions.
“Internal audit has provided significant value for money savings, increased efficiencies at half the cost over the previous 5 years,” said Coun. Paul Hubert, Deputy Mayor and Audit Committee Chair. “For every dollar invested on auditing services, we have saved $3.46.”
The City of London moved to an outsourced internal audit model in 2011 reducing the City’s budget requirement to $300,000 from approximately $600,000 in 2010.
In late 2010, Council appointed Price Waterhouse Cooper to provide outsourced internal audit services for a three-year period plus two one-year options, which have both been exercised.
The City is seeking RFPs from qualified, experienced firms to provide internal audit services beginning in 2017 for a four year period plus the option to renew for an additional one- year term.