Having used a local auditing company for 25 years, Christina Brown, senior vice president and chief financial officer of Xerox FCU of El Segundo, California, said management ''started talking about getting a fresh perspective'' on its financial reporting procedures.
It wasn't anything the auditor had done, said Brown; it was more that the credit union had outgrown the smaller firm's capabilities. ''Our profile has changed. Our needs have changed, we're more complex'' she said. ''Our assets are up and we have purchased some derivatives and CMOs to leverage our investment portfolio.''
XFCU invited four additional candidates to submit a statement of qualifications for the job, which included KPMG; McGladrey and Pullen; Clifton, Gunderson; and Turner, Warner, Hwang and Conrad (located in Burbank ). The next step was to accept responses to the request for proposal (RFP). KPMG declined the invitation and Turner chose not to answer the RFP.