5c Attach
MOSSADAMS1.1.1) CERTIFIED PUBLIC ACCOUNTANTS I BUSINESS CONSULTANTS www.mossadams.com T 206-302-6500 July 27, 2010 F 2066229975 l Mr. Rudy Caluza Director of Accounting and Financial Reporting Port of Seattle Pier 69 2711 Alaskan Way Seattle, WA 98121 Dear Mr. Caluza: Thank you for the opportunity to continue to serve as the independent accountants and auditors for the Port of Seattle. We place a lot of value on our relationship with the Port. We have developed our scope of work and related fee estimates for the 2010 audits and have presented those in the attachment to this letter. To recap some of the accomplishments from 2009 and the assumptions that contribute to our plan for 2010, we present the following: 0 We met weekly with key management personnel throughout our interim and nal fieldwork procedures and met or spoke regularly with management regarding accounting issues throughout the rest of the year. We plan to continue this approach for the 2010 audits. 0 All deadlines for report deliverables were met. The Single Audit reports were dated the same date as the financial statement opinion and were delivered over 6 weeks ahead of schedule. We commit to meeting and exceeding your expectations in this area again in 2010. 0 We adhered to the Port's cost cutting initiative by reducing our 2009 audit fee by over $30,000, or 5% when compared to the 2008 fee. Our best estimate for fees for 2010 reects an additional 4% decrease, with a not-to-exceed commitment in an amount that matches the 2009 fee. 0 We continue to use Branch Richards & Co. staff as fully integrated members of our audit team. BR&Co received $27,000 in subcontractor audit fees, well above our original plan as specied in our audit proposal. In accordance with the Ofce of Social Responsibility Small Business Initiative, we plan to continue subcontracting with Branch Richards & Co., for up to 10% of the audit contract. 0 Members of our audit team attend every Audit Committee meeting throughout the year. We plan to continue this in 2010 and 2011. 999 Third Avenue, SUIte 2800 PraXifif.z Seattle, WA 98104-4019 MEMBER .' GLOBAL ALLIANCE OF INDEPENDENT FIRMS MOSSADAMS Lu" CERTIFIED PUBLIC ACCOUNTANTS | BUSINESS CONSULTANTS Port of Seattle July 27, 2010 Page 2 0 We continue to use government accounting and auditing specialists. During the 2009 audit, we utilized a manager who specializes in real estate, as a vital member of our audit team, to assist with the complex real estate transactions entered in to by the Port last year. We are pleased to provide staff continuity for the 2010 audits. 0 We have a good working relationship with the State Auditor's Office and were responsive to their requests for access to our working papers. 0 We believe we were responsive to all of the requests made by Port Commissioners, management and staff throughout the year. We commit to meeting and exceeding your expectations in this area again in 2010. We look forward to working with you again on the 2010 audits. Please do not hesitate to contact me if I can provide you with any further information. Sincerely, urie J. Tish, Partner Enclosure Client #603642 MOSSADAMS my CERTIFIED PUBLIC ACCOUNTANTS | BUSINESS CONSULTANTS FEE PROPOSAL FOR 2010 AUDITS Description of Service Fee Audit of the enterprise fund financial statements and net revenue schedule $290,000 Audit of the warehousemen's pension trust fund 18,000 Single Audit and reports on federal award programs 225,000 Passenger Facility Charge Program audit and report 21,000 Assumptions: 0 We will commit to the deadlines specied in our proposal for professional services, which are consistent with prior years. 0 This represents an overall decrease of over 4% from last year's fees 0 The Single Audit fee remains fairly constant with the prior year (a $3,000 decrease) due to the recent history of few/no findings of noncompliance offset by the expected impact of the ARRA funding on our procedures. (All ARRA funds are deemed to be 'high risk' by the federal awarding agencies) 0 The amounts presented above represent our best estimate for each service; we will commit to a not-to-exceed fee of $577,600 in total for all audit services provided, an amount that matches our 2009 fees. 0 The amounts above include the subcontractor fees which we will pass on to BR&Co. 0 Our ability to provide the services in accordance with our estimated fees depends on the quality, timeliness and accuracy of the Port's records.
Limitations of Translatable Documents
PDF files are created with text and images are placed at an exact position on a page of a fixed size.
Web pages are fluid in nature, and the exact positioning of PDF text creates presentation problems.
PDFs that are full page graphics, or scanned pages are generally unable to be made accessible, In these cases, viewing whatever plain text could be extracted is the only alternative.