Loading...
HomeMy WebLinkAbout2003 S Finance - Cherry, Bekaert & Holland, L.L.P Audit Contract for the June 30, 2003 Fiscal Year.` ~ ~ RETURN THIS COPY TO THE CLERK'S _ OFFICE FOR THE PERMANENT AGENDA FILE ~~ ~ ~~z~~~~~ MAY 30 2003 LGC March 31, 2003 Mr. Kenneth T. Chavious, Finance Director Orange County 208 S. Cameron St. Post Office Box 8181 Hillsborough, North Carolina 27278 Dear Mr. Chavious: This letter of arrangement between the Orange County (the "County") and Cherry, Bekaert & Holland, L.L.P. sets forth the nature and scope of the services we will provide, the County's required involvement and assistance in support of our services, the related fee arrangements and other terms and conditions designed to assure that our professional services are performed to achieve the mutually agreed upon objectives of the County. SUMMARY OF SERVICES A. Financial Audits We will audit the basic financial statements of the County as of and for the year ending June 30, 2003, in accordance with auditing standards generally accepted in the United States of America; the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; the Single Audit Act Amendments of 1996; the provisions of OMB Circular A-133, "Audits of States, Local Governments and Non-Profit Organizations"; and the State Single Audit Implementation Act. Our audit will include tests of accounting records, a determination of major programs in accordance with Circular A-133 and the State Single Audit Implementation Act, and other procedures as deemed necessary to enable us to express such an opinion and to render the required reports. The objective of an audit is the expression of our opinion concerning whether the basic financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the County in conformity with accounting principles generally accepted in the United States of America. In connection with our audit, we will report on the fairness of presentation of the schedules of federal and state financial assistance in relation to the basic financial statements taken as a whole. We also will perform tests of compliance as required by Government Auditing Standards, the provisions of OMB Circular A-133, and the State Single Audit Implementation Act, and issue our reports thereon. If any of our opinions resulting from the procedures described above are other than unqualified, we willfully discuss the reasons with you in advance. The objective of our audit is the expression of an opinion about whether your basic financial statements are fairly presented, in all material respects, inconformity with accounting principles generally accepted in the United States of America. The objective also includes reporting on the County's: Internal control related to the basic financial statements and compliance with laws, regulations, and the provisions of contracts or grant agreements, noncompliance with which could have a material effect on the basic financial statements in accordance with Government Auditing Standards. Internal control related to major programs and an opinion on whether Orange County complied with laws, regulations, and the provisions of contracts or grant agreements that could have a direct and material effect on each major program in accordance with the Single Audit Act Amendments of 1996, OMB Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations", and the State Single Audit Implementation Act. The reports on internal control and compliance will each include a statement that the report is intended solely for the information of the audit committee, management, specific legislative or regulatory bodies, federal and state awarding agencies, and if applicable, pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. We will begin our audit on a future agreed-upon date that we both mutually agree to and will issue our report no later than October 31, 2003. You agree that Orange County will prepare the Management's Discussion and Analysis for their respective basic financial statements. I will lead the engagement and will be responsible for assuring the overall quality, value, and timeliness of our services to you. YOUR EXPECTATIONS As part of our planning process, we have discussed with you your expectations of Cherry, Bekaert & Holland, L.L.P., your concerns about your local government, your views on risks facing you, any relationship issues with Cherry, Bekaert & Holland, L.L.P., and specific engagement arrangements and timing. Our services plan, which includes our audit plan, is designed to provide a foundation for an effective, efficient, and quality-focused approach to accomplish the engagement objectives and meet, and/or exceed, your expectations. Our service plan will be reviewed with you periodically and will serve as a benchmark against which you will be able to measure our performance. LIMITATIONS OF THE AUDITING PROCESS Our audit will include procedures designed to obtain reasonable, rather than absolute, assurance of detecting misstatements due to errors or fraud that are material to the basic financial statements. As you are aware, however, there are inherent limitations in the auditing process. For example, audits are based on the concept of selective testing of the data being examined and are, therefore, subject to the limitation that material misstatements due to errors or fraud, if they exist, may not be detected. Also, an audit is not designed to detect error or fraud that is immaterial to the basic general-purpose financial statements. As required by the Single Audit Act Amendments of 1996, OMB Circular A-133, and the State Single Audit Implementation Act, our audit will include tests of transactions related to major federal and State award programs for compliance with applicable laws and regulations and the provisions of contracts and grant agreements. Because an audit is designed to provide reasonable, but not absolute assurance and because we will not perform a detailed examination of all transactions, there is a risk that material errors, fraud, other illegal acts, or noncompliance may exist and not be detected by us. In addition, an audit is not designed to detect immaterial errors, fraud, or other illegal acts or illegal acts that do not have a direct effect on the basic financial statements or to maj or programs. It should be recognized that our audit generally provides no assurance that illegal acts will be detected, and only reasonable assurance that illegal acts having a direct and material effect on the determination of fmancial statement amounts will be detected. However, we will inform you with respect to material errors and fraud, or illegal acts that come to our attention during the course of our audit. We will include such matters in the reports as required for a Single Audit. If, for any reason, we are unable to complete the audit, or are unable to form. or have not formed an opinion on the basic financial statements, we may decline to express an opinion or decline to issue a report as a result of the engagement. RESPONSIBILITIES AS TO INTERNAL CONTROLS As a part of our audit, we will consider the County's internal control structure, as required by auditing standards generally accepted in the United States of America, Government Auditing Standards, the provisions of OMB Circular A-133, and the State Single Audit Implementation Act, sufficient to plan the audit and to determine the nature, timing, and extent of auditing procedures necessary for expressing our opinion concerning the basic financial statements. You recognize that the basic financial statements and the establishment and maintenance of an effective internal control over financial reporting are the responsibility of management. You also recognize that management is responsible for identifying and ensuring that the entity complies with the laws and regulations applicable to its activities. Appropriate supervisory review procedures are necessary to provide reasonable assurance that adopted policies and prescribed procedures are adhered to and to identify errors and fraud or illegal acts. An audit is not designed to provide assurance on internal control. As part of our consideration of the County's internal control structure; however, we will inform you of matters that come to our attention that represent significant deficiencies in the design or operation of the internal control structure, if any, as required by OMB Circular A-133 and the State Single Audit Implementation Act. As required by OMB Circular A-133 and the State Single Audit Implementation Act, we will perform tests of controls to evaluate the effectiveness of the design and operation of controls that we consider relevant to preventing or detecting material noncompliance with compliance requirements, applicable to each major federal and State award program. However, our tests will be less in scope than would be necessary to render an opinion on those controls and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to OMB Circular A-133 and the State Single Audit Implementation Act. We are prepared at your request to perform a more in-depth assessment of the County's intemal control structure, and report our findings and recommendations, or to conduct an examination engagement on the effectiveness of your internal control structure. We would be pleased to discuss fees for these services, which depend on their scope. RESPONSIBILITIES AS TO COMPLIANCE Our audit will be conducted in accordance with the standards referred to in the section Summary of Services. As part of obtaining reasonable assurance about whether the basic financial statements are free of material misstatement, we will perform tests of the County's. compliance with applicable laws and regulations and the provisions of contracts and agreements, including grant agreements. However, the objective of those procedures will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards. OMB Circular A-13 3 and the State Single Audit Implementation Act requires that we also plan and perform the audit to obtain reasonable assurance about whether the auditee has complied with applicable laws and regulations and the provisions of contracts and grant agreements applicable to major programs. Our procedures will consist of the applicable procedures described in the OMB Circular A-133 Compliance Supplement and the Compliance Supplement provided by the Local Government Commission for auditors in North Carolina for the types of compliance requirements that could have a direct and material effect of each of the County's major programs. The purpose of those procedures will be to express an opinion on the County's compliance with requirements applicable to major programs in our report on compliance issued pursuant to OMB Circulax A-133 and the State Single Audit Implementation Act. At the conclusion of the engagement, it is management's responsibility to submit the reporting package (including the basic financial statements, schedule of expenditures of federal and state awards, summary schedule of prior audit findings, auditor's reports, and corrective action plan) along with the Data collection Form to the designated federal clearinghouse and, if appropriate, topass-through entities. The Data Collection Form and the reporting package must be submitted within the earlier of 30 days after receipt of the auditor's reports or 13 months after the end of the audit period, unless a longer period is agreed to in advance by the cognizant or oversight agency for audit. Our procedures relative to compliance with laws and regulations and internal control over financial reporting are limited to those discussed herein. We would be happy to discuss our procedures with you further at your request. REPRESENTATION FROM MANAGEMENT Management is responsible for the fair presentation of the basic financial statements in conformity with accounting principles generally accepted in the United States of America, for making all fmancial records and related information available to us, and for identifying and ensuring that the entity complies with the laws and regulations applicable to its activities. Management is also responsible for adjusting the basic financial statements to correct material misstatements. Additionally, as required by OMB Circular A-133 and the State Single Audit Implementation Act, it is management's responsibilityto follow up and take corrective action on prior audit findings and to prepare a summary schedule of prior audit findings and a corrective action plan. The summary schedule of prior audit findings and the corrective action plan should be made available to us during the course of our engagement. At the conclusion of the engagement, the County's management will provide to us a representation letter that, among other things, addresses these matters and confirms certain representations made during the audit, including, to the best of their knowledge and belief, the absence of fraud involving management or those employees who have significant roles in the entity's internal control, or others where it could have a material effect on the basic basic financial statements. The representation letter will also affirm to us that management believes that the effects of any uncorrected misstatements aggregated pertaining to the current year basic basic financial statements are immaterial, both individually and in the aggregate, to the basic basic financial statements taken as a whole. COMMUNICATIONS At the conclusion of the engagement, we will provide management, in a mutually agreeable format, our recommendations designed to help the County make improvements in its internal control structure and operations, and other matters that may come to our attention (see "Responsibilities as to Internal Controls" above). As part of this engagement we will ensure that certain additional matters are communicated to the appropriate members of management and the County Commissioners. Such matters include (1) the initial selection of and changes in significant accounting policies and their application; (2) the process used by management in formulating particularly sensitive accounting estimates and the basis for our conclusion regarding the reasonableness of those estimates; (3) audit adjustments that could, in our judgement, either individually or in the aggregate be significant to the basic financial statements or our report; (4) any disagreements with management concerning a financial accounting, reporting or auditing matter that could be significant to the basic financial statements; (5) our views about matters that were the subject of management's consultation with other accountants about auditing and accounting matters; (6) major issues that were discussed with management in connection with the retention of our services, including, among other matters, any discussions regarding the application of accounting principles and auditing standards; (7) serious difficulties that we encountered in dealing with management related to the performance of the audit; and (8) total fees for management advisory services during the year under audit, including a description of the types of such services rendered. ACCESS TO WORKING PAPERS The working papers for the engagement are the property of Cherry, Bekaert & Holland, L.L.P. and constitute confidential information. Except as discussed below, any requests for access to our working papers will be discussed with you prior to making them available to requesting parties. The work papers for this engagement will be retained for a minimum of three years after the date the auditors'report is issued or for any additional period requested by the County. If we are aware that a federal and State awarding agency, pass-through entity, or auditee is contesting an audit fmding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the work papers. Our Firm, as well as all other major accounting firms, participates in a "peer review" program, covering our audit and accounting practices. This program requires that once every three years we subject our quality assurance practices to an examination by another accounting firm. As part of the process, the other firm will review a sample of our work. It is possible that the work we perform for you maybe selected by the other firm for their review. If it is, they are bound by professional standards to keep all information confidential. If you object to having the work we do for you reviewed by our peer reviewer, please notify us in writing. SUBPOENAS In the event we are requested or authorized by you or required by government regulation, subpoena, or other legal process to produce our working papers or our personnel as witnesses with respect to our engagement for you, you will, so long as we are not a party to the proceeding in which the information is sought, reimburse us for our professional time and expense, as well as the fees and expenses of our counsel, incurred in responding to such a request. OTHER MATTERS If any dispute, controversy or claim arises in, connection with the performance or breach of this agreement, either party may, on written notice to the other party, request that the matter be mediated. Such mediation would be conducted by a mediator appointed by and pursuant to the Rules of the American Arbitration Association or such other neutral facilitator acceptable to both parties. Both parties would exert their best efforts to discuss with each other in good faith their respective positions in an attempt to finally resolve such dispute or controversy. If any dispute, controversy, or claim arising out of or in connection with the performance or breach of this agreement cannot be resolved by mediation, then the dispute, controversy, or claim would be settled by arbitration in accordance with the rules of the American Arbitration Association (AAA) for the Resolution of Accounting Firm Disputes. The award issued by the arbitration panel may be confirmed in a judgment by any federal or state court of competent jurisdiction. TERMS AND CONDITIONS SUPPORTING FEE As a result of our planning process, the County and Cherry, Bekaert & Holland, L.L.P. have agreed to a fee, subj ect to the following conditions. To facilitate meeting our mutual objectives, the County will provide in a timely manner audit schedules and supporting information, including timely communication of all significant accounting and financial reporting matters, as well as working space and clerical assistance as mutually agreed upon and as is normal and reasonable in the circumstances. When and if for any reason the County is unable to provide such schedules, information and assistance, Cherry, Bekaert & Holland, L.L.P. and the County will mutually revise the fee to reflect additional services, if any, required of us to achieve these objectives. In providing our services, we will consult with the County with respect to matters of accounting, financial reporting or other significant business issues. Accordingly, time necessary to effect a reasonable amount of such consultation is reflected in our fee. However, should a matter require research, consultation or audit work beyond that amount, Cherry, Bekaert & Holland, L.L.P. and the County will agree to an appropriate revision in services and fee. Except for any changes in fees which may result from the circumstances described above, our fees will be limited to those set forth below. FEES Our fees for the services described above will be based upon our standard billing practices at the time of the engagement. Our fees will be billed periodically as charges are incurred and are payable on presentation. A service charge will be added to past due accounts equal to 1-1/2%per month (18% annually) on the previous month's balance less payments received during the month, with a minimum charge of $2.00 per month. Based on our contract to audit accounts, the fee will not exceed $64,000. This fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. Any modification to the fee shall be in writing and signed by both parties. You agree to pay all costs of collection (including reasonable attorneys' fees) that we may incur in connection with the collection of unpaid invoices. Base Charge -Financial Audit Base Charge -Compliance Audit Charge per Program for Additional Compliance Testing $45,000 19,000 (includes 8 major programs) 2,000 If the foregoing is in accordance with your understanding, please sign a copy of this letter in the space provided and return it to us. If you have any questions, please call me at 483-7131. Very truly yours, CHERRY, BEKAERT & HOLLAND, L.L.P. Eddie Burke, CPA Partner ~~ ACCEPTED BY~ !/ r TITLE / ~ I LGC-205 (Rev.1/[/2003) CONTRACT TO AUDIT ACCOUNTS File iu Triplicate. of Orange County, North Carolina Governmental Unit MAY so 2003 On this 31st day of Maroh 2003 cherry, Bekaem, 8 Holland, LLP Auditor P.O. Drawer47 Fayetteville, North Carolina 28302 Mailing Address hereinafter referred to as the Auditor, and coumy Commissioner of Orange County, North Carolina ,hereinafter referred Governing Board Governmental Unit to as the Governmental Urtit, agree as follows: LGC 1. The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and additional required Legal statements and disclosures of all funds and/or divisions of the Governmental Unit for the period beginning ~uiv t , zooz ,and ending ~v^a ~ ,2003 .The combining, individual fund, and account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit of the combined financial statements and an opinion will be rendered in relation to the combined financial statements taken as a whole. 2. At a minimum, the Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. The Auditor shall perform the audit in accordance with Government Auditine Standazds if required by the State Single Audit Implementation Act, as codified in G.S. 159-34. If required by OMB Circulaz A-133 and the State Single Audit Implementation Act, the auditor shall perform a Single Audit. 3. This contract contemplates an unqualified opinion being rendered. If financial statements are not prepared in accordance with generally accepted accounting principles (GAAP), or the statements fail to include all disclosures required by GAAP, explain that departure from GAAP in the space below: 4. This contract contemplates an unqualified opinion being rendered. The audit shall include such tests of the accounting records and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances. Any limitations or restrictions in scope which would lead to a qualification should be fully explained in an attachment to this contract. The audit will have no scope limitations except: 5. If this audit engagement is subject to the sandazds for audit as defined in Government Auditing Standards, issued by the Comptroller General of the United States, then the Auditor warants by accepting this engagement that he/she has met the requirements for a peer review and continuing education as specified in Government Auditing Sta ardc. The Auditor agrees to provide a copy of their most recent peer review report to the Governmental Unit and the Secretary of the Local Government Commission prior Ss the execution of the audit contract. (See Item 20.) 6. It is agreed that time is of theessence in this connect. All audits are to be performed and the report of audit submitted by October 31 2003 7. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal control and accounting as same relates to accountability of funds and adherence to budget and law requirements applicable thereto; that the Auditor will make a written report, which may or may not be a part of the written report of audit, to the Governing Board setting forth his findings, together with his recommendations for improvement. That written report must include all matters defined as "reportable conditions" in AU 325 of the Ai PA Pmfeccional an a c, The Auditor shall file a cony of that renort~th [he[he Secretary of the Local Gov meet .ommic ion. 8. All local government and public authority contracts for annual or special audits, bookkeeping or other assistance necessary to prepare the Unit's records for audit, financial statement preparation, any finance-related investigations, or any other audit-related work in the State of North Carolina require the approval of the Secretary of the Local Government Commission. Invoices for ~rv of t_ne t_ocat Ciovemment Co mi cion fThi al o in 1 rd an~p~eresc billings 1 All invoices should be submitted in triplicate to the Secretary of the Local Government Commission. The original and one copy will be returned to the Auditor. Approval is not required on contracts and invoices for system improvements and similar services of anon-auditing nature. 9. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the Auditor, upon approval by the Secretary of the Local Government Commission, the following fee which includes any cost the Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties (Federal and State grantor and oversight agencies or other organizations) as required under the Federal and State Single Audit Acts: Year-end bookkeeping assistance - N/A Audit - $39,000 -Financial Audit, $19,000 -Single Audit, $2000 -for each additional single audit progran Preparation of the financial statements - $6,000 10. After completing his audit, the Auditor shall submit to the Governing Board a written report of audit. This report shall include, at least, the financial statements of the governmental unit and all of its component units and notes thereto prepared in accordance with generally accepted accounting principles, combining and supplementary information requested by the client or required for full disclosure under the law, and the Auditor's opinion on the material presented. The Auditor shall famish the required number of copies of the report of audit to the Governing Board as soon as practical after the close of the accounting period. 11. The Auditor shall file with the Local Government Commission two copies of the report of audit, including one copy of the federal Data Collection Form, if a federal single audit is conducted. Two copies of the report of audit should be submitted if an audit is required to be performed only under the requirements of the State Single Audit Implementation Act or a financial audit is required to be performed in accordance with Government Auditing Stan ardc. Otherwise, one copy shall be submitted. Copies of the report shall be filed with the Local Government Commission when (or prior to) submitting the invoice for the services rendered. All copies of the report submitted must be bound. The report of audit, as filed with the Secretary of the Local Government Commission,. becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. Atry subsequent revisions to these reports must be sent to the Secretary of the Local Government Cotmission. These audited financial statements are used in the preparation of Official Statements for debt offerings, by municipal bond rating services, and to fulfill secondary rrtazket disclosure requirements of the Securities and Exchange Commission. 12. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under ordinary circumstances, the Auditor shall infomt the Governing Board in writing of the need for such additional investigation and the additional compensation required therefor. Upon approval by the Secretary of the Local Government Commission, this agreement may be varied or changed to include the increased time and/or compensation as may be agreed upon by the Governing Board and the Auditor. 13. If an approved contract needs to be varied or changed for any reason, the change must be reduced to writing, signed by both parties, preaudited if necessary, and submitted to the Secretary of the Local Government Commission for approval. No change shall be effective unless approved by the Secretary of the Local Government Commission the Governing Board and the Auditor 14. Whenever the Auditor uses an engagement letter with the client, Item IS may be completed by referencing the engagement letter and attaching a copy of the engagement letter to the contract to incorporate the engagement letter into the contract. In case of conflict between the terms of the engagement letter and the terms of this contract, the terms of this contract will control. Engagement letter terms are deemed to be void unless the conflicting terms of this contmct are specifically deleted in Item 21 of this contract. Engagement letters containing indemnification clauses will not be approved by the Local Government Commission. 15. There are no special provisions except. Engagement letter attachments A & B 16. A sepamte contract should not be made for each division to be audited or report to be submitted. A separate conttact must be executed for each component unit which is a local government and for which a separate audit report is issued. 17. The contract should be executed and submitted in triplicate to the Secretary of the Local Government Commission, 325 North Salisbury Street, Raleigh, North Carolina 27603-1385. 18. Upon approval, the original contract will be returned to the Governmental Unit, a copy will be forwarded to the Auditor, and a copy retained by the Secretary of the Local Government Commission. The audit should not be started before the contract is annroved• 19. There are no other agreements between the parties hereto and no other agreements relarive hereto that shall be enforceable unless entered into in accordance with the procedure set out herein and approved by the Secretary of the Local Government Commission. 20. If this audit engagement is not subject to Government Auditing Standards, then Item 5 shall be listed as a deleted provision in Item 21. An explanation must be given for deleting this provision. 21. All of the above paragraphs are understood and shall apply to this agreement, except the following numbered pamgmphs shall be deleted: (See Item 14.) 22. Will the audited financial statements be prepared in accordance with GASB Statement No. 34~ r YES NO If the audited financial statements are prepared in acrnrdance with GASB Statement No. 34 the references in Item 1 to the combining, individual fund, and account group statements shall mean the basic fmanclal statements, management's discussion and analysis, and required supplementary statements as defined in GASB Statement No. 34. Auditing procedures applicable to other supplementary schedules are not changed by the implementation of GASB Statement No. 34. By erry, Bekaert , & Holland, LLP (Plea or print name) (Signam f authorized audit firm re sentative) n„a 3-37-03 Approved by the Secretary of the Local Government Commission as provided in Article 3, Chapter 159 of the General Stautes or Article 31, Part 3, Chapter 115C of the General Statutes. y~g~a,~tp~ ~/A~ ~~ P~djlt,.~®t1C+0~~ For the Sec ry, Loa ovemment Co fission 1 I~~SiIC~) ~ ~ i ~ Date By~sc r ge. R.G~' ~1. ~~R,e~t,vn,, l..(/1 ,l ~~'~~~ (Pleas type or print a and,tit(rJ ~~ WW's Y , ~P'1''*~'c'~ (Signature of or Chai rson of governing board) Dale ,~' ~ col a 3 By (Chairperson of Audit Committee (Please type or print name) ~,. (Signature of Audit Committee Chairperson) Date ~~~ (If unit does not have an audit committee, this section should be marked "N/A.") This instrument has been preaudited in the manner required by The Local Government Budget and Fiscal Control Act or by the School Budget and Fiscat Control Act. ~~.vNc~ % C/lj~f/~V NS Govermnental Unit Finance Officer (.Please type` or print name) t% ~!//J /%//~~__~~ (Signature) Date 'r ~~-~ 3 (Preaudit C ificate IIIYSI be dated.) Orange County, North Carolina CONTRACT TO AUDIT ACCOUNTS For the period beginning July 1, 2002 and ending June 30, 2003 Attachment A The funds which make up the 2002-2003 budget are as follows: General Government: General Fund Special Revenue Fund Capital Projects Fund Proprietary Funds: Enterprise Fund Internal Service Fund Fiduciary Funds: Agency Fund Trust Fund Attachment B Time being of the essence, it is agreed that adequate records, schedules and the general ledger(s) necessary to the audit, shall be provided to the auditors by a future agreed upon date. Additionally, the County shall provide the auditors with work space and facilities adequate for the conduct of the examination and timely assistance in the retrieval of any required documentation.