PORT OF SEATTLE 
MEMORANDUM 
AUDIT COMMITTEE AGENDA              Item No. 
Date of Meeting     December 9, 2021 
DATE:      November 8, 2021 
TO:       Audit Committee Members  Commissioner Stephanie Bowman, 
Commissioner Sam Cho and Public Member Christina Gehrke, CPA 
FROM:     Lisa Lam, Assistant Director, Accounting & Financial Reporting 
Rudy Caluza, Director, Accounting & Financial Reporting 
CC:         Dan Thomas, Chief Financial Officer 
SUBJECT:   Selection of External Audit Services for the Port's 2022 to 2026 Operating
Periods 

ACTION REQUESTED: 
Endorse the selection of the Port's external independent auditor and inform the full 
Commission of the external independent auditor selected, Moss Adams LLP, based on an
open competitive process. 
SYNOPSIS: 
Annual independent audits are required for the financial statements of the Port's Enterprise
Fund and the Warehousemen's Pension Trust Fund for purposes of obtaining an independent
auditors opinion as to the fairness in presentation of the financial results and position. 
Independent audits are also required for the Port's administration of Federal grants and
Passenger Facility Charge (PFC) revenues in accordance with applicable regulations. The 
audits covered under the existing external audit services contract (P-00318441) are expiring
in May 2022 once the audit services for the Port's 2021 Financial Period are completed. 
The annual external audit services include the following deliverables: 
Independent Audit and Opinion  Financial Statements of the Port's Enterprise Fund 
Independent Audit and Opinion  Financial Statements of the Port's Fiduciary Fund 
Independent Audit and Opinion  Net Revenues Available for Revenue Bond Debt
Service 
"Single Audit"(Federal grants regulatory compliance) and Report of Federal Grants
Awarded 
Passenger Facility Charge (PFC) Program Audit and Report 
Agreed Upon Procedures Report for Washington State Department of Ecology

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Agreed Upon Procedures Report for Environmental Protection Agency 
As in the past, the Port openly and competitively selects the external auditor. The solicitation 
for external audit services incorporating the evaluation criteria was reviewed and approved
by the Audit Committee on June 17, 2021. Additionally, at the July 13, 2021, Commission
meeting, the Commission approved and gave authorization to Executive Director, Steve
Metruck, to execute a contract for external independent audit services once a competitive bid
process was completed. The solicitation process from drafting, advertising, evaluation, and
selection, was led by the Central Procurement Office (CPO) with the participation and
guidance of a member of the Internal Audit Department. Diversity in Contracting Program
was also incorporated in this solicitation. 
Four national public accounting firms submitted proposals to the soliticiation in August 2021.
The four proposals were evaluated against pre-determined evaluation criteria contained in the
solicitation by four evaluators from AFR, Aviaiton Finance & Budget, Internal Audit, and 
Women/Minority Business Enterprise (WMBE) departments, along with the presence of a
CPO representative throughout the entire process. 
Moss Adams LLP was the highest ranked proposer based on the pre-determined evaluation
criteria. Summary of the overall strengths of the highest ranked proposal are as follows: 
Proposed engagement team's experience comprised of a combination of public sector
clients that are similar in size and industry to the Port 
Committed earliest completion of all deliverables; 20 days and 5 days earlier than the
required deadlines for the agreed upon procedures and remaining audit reports,
respectively 
Included solid examples from past client experiences to identify potential audit risks 
and audit approaches for new lease accounting standards for the Port 
Included solid quality improvement programs along with careful consideration of
adopting new auditing standard procedures to improve audit efficiency and quality 
Committed 15% in Diversity in Contracting Program with integration of WMBE
firms into the overall audit engagement and work 
SOURCE OF FUNDS: 
The total audit fee estimated for all five years is expected to be under $3,000,000. The audit
services fee for the 2022 financial period, which is conducted during latter 2022 and the first
half of 2023, will be included in the AFR department's 2022 and 2023 proposed operating
budgets, and in non-operating budgets as appropriate. The funding sources are
approximately split 55% and 45% between operating and non-operating expense,
respectively. For audit services related to each of the financial periods following, 2023 
through 2026, the requirements will be similarly split and included in the Port's proposed
annual budgets. 
STRATEGIC OBJECTIVES: 
Be a highly effective public agency: To be transparent and accountable over the
stewardship of public funds/assets, to be in full compliance with prescribed industry

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accounting & financial reporting standards and Federal regulations, and to timely and
accurately report on the Port's financial results and position. 
PREVIOUS AUDIT COMMITTEE ACTION: 
7/13/2021  The Commission authorized execution of a contract for external audit
services for the financial periods 2022 to 2026 in an estimated amount not-to-exceed
$3,000,000 for the full contract term. The base contract is three years with the option to
extend for two additional one-year term. 
6/17/2021 Audit Committee approved proceeding with the external audit services 
solicitation 
12/10/2020  External Audit Services Contract Extension for the Port's 2021 Financial
Period