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Setting Standards of Practice for Consultants  


Author:  Susan Gaffney.; Leo J. Karwejna.; Gary Caporicci.; Robert Doty.


Source: Volume 38, Number 04, Winter 2018 , pp.15-24(10)




Municipal Finance Journal

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Abstract: 

This panel addresses the policies and procedures governments should adopt to ensure that the work performed by outside consultants is in the best interest of the agency. The discussion includes a review of legal and professional standards, including fiduciary roles, conflicts of interest, and codes of ethics of various types of outside professionals, including municipal advisors and auditors. Having appropriate policies and procedures in place when hiring professionals, including thorough due diligence, developing a scope of services, engaging in a request for proposal process, and understanding how fees are assessed, are key takeaways from the panel.

Keywords: Government consultants, fiduciary duty, auditors, municipal advisors, AICPA standards, GFOA standards

Affiliations:  1: National Association of Municipal Advisors; 2: PFM Asset Management LLC; 3: Caporicci CPA; 4: AGFS.

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