Audit committee offers $2,500 incentive for component units that hire Ritchie May auditor

The Grand County Internal Audit Committee on Dec. 5 agreed to encourage the county’s component units to consolidate their audits with the county’s new external auditor, Ritchie May, by offering a $2,500 subsidy to any unit that chooses that firm.

Committee members said the financial incentive is intended to smooth scheduling and reduce the risk that staggered audit timelines delay the county’s annual audit. Chair said staff should contact component units and Ritchie May and invite the auditor and representatives from the component units to the committee’s January meeting so the firm can explain its timelines and expectations. Karen, an audit consultant who joined the meeting, urged early outreach: “It would be appropriate to ask for an engagement letter prior to fiscal year end, and they may want to do some preliminary field work,” she said.

Quinn, a county staff member who will document the arrangement, clarified the terms for the minutes: “Just to clarify for me for the minutes, we're offering them $2,500 off if they go with Richie May,” Quinn said. Committee members discussed alternatives — paying a flat subsidy, paying only when Ritchie May’s price is higher than prior auditors, or paying nothing if Ritchie May’s quote is already cheaper — and settled on the $2,500 supplement as a workable starting point.

The committee confirmed the list of entities potentially affected includes Grand County’s audit itself plus audited component units identified in the meeting (Canyonlands Healthcare, Grand County recreation special service district, Grand County solid waste special service district and Grand County EMS). Staff were assigned to contact each component unit and Ritchie May to set expectations and calendar field work.