LVCVA board considering independent audit of monorail, ad contract
An independent audit firm would review the Las Vegas Monorail Co.’s parts and inventory supply, Monorail revenue and the Las Vegas Convention and Visitors Authority advertising contract under the 2021 audit plan a committee recommended Thursday.
The LVCVA Audit Committee also unanimously recommended a $51,500 contract with the Las Vegas office of BDO USA, LLC to conduct an independent audit for the year ending June 30. An additional $6,000 is being allocated to conduct the annual third-party audit of the receipt and use of lodging tax revenues for the Las Vegas Convention Center District West Hall expansion and renovation.
The LVCVA board of directors will consider the Audit Committee recommendation at its Tuesday board meeting.
The authority has had a long-term contract with Piercy, Bowler, Taylor & Kern as its independent auditor, last signing a five-year deal with annual reappointments in March 2018. BDO acquired Piercy, Bowler, Taylor & Kern last July and the 2021 audit will represent the fourth year of the five-year contract.
The monorail company audits will be new piece of the process since the LVCVA acquired the 3.9-mile electric transit system out of bankruptcy last year.
The auditors’ review of the LVCVA advertising contract began last year when a request for proposal process for a new advertising contract was disrupted by closures resulting from the coronavirus pandemic.
In addition to the monorail and advertising audits, BDO would review employee management, the purchasing process, promotional materials and a general information technology overview if approved by the full board next week.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.