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Home My WebLink About2000 S Finance - Audit Contract for June 30, 2000 Fiscal Year s _... RETURN THIS COPY TO THE C RK_ OFFICE FOR THE PER DR,FILE l_GC-2 . 1/t/Mo) CONTRACT TO AUDIT ACCOUN� � 4 Pile in T e. 4 ,:wrf of Orange County 3p 24�U Governmental Unit 30 1 On this'' =`'24th day of May , 2000 , Deloit~td & Toudhe LLP Auditor 1100 Ca 29217719-1-675 Mailing Address ,hereinafter referred to as the Auditor,and Board of�Copuzissionersof Orange County ,hereinafter referred Governing Board Governmental Unit to as the Governmental Unit,agree as follows: I. 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 f�11,�_I 199() and ending Jae 30 2000 . 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 Auditing Standards if required by the State Single Audit Implementation Act, as codified in G.S. 159-34. If required by OMB Circular 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 standards for audit as defined in the Government Auditing Standards, issued by the Comptroller General of the United States, then the Auditor warrants by accepting this engagement that he/she has met the requirements for a peer review and continuing education as specified in the Government Auditing Standards.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 to the execution of the audit contract. (See Item 20.) 6. it is agreed that time is of the essence in this contract.Ail audits are to be performed and the report of audit submitted by Oct-obc r 31 , 2000 . 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 slaw 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 AICPA Professional Standards. The Auditor shall,file a copy of that report with the Secretary of the Local Government Commission. 8. All local government and public authority contracts for annual or special audits, bookkeeping otother 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 services rendered under these contracts shall not be paid by the Governmental Unit until the invoice has been approved by the Secretary of the Local Government Commission.(This also includes any progress billings.)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 a non-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!$kltAle Audit Acts: Year-end bookkeeping assistance- NIA Audit- $66,500 Preparation of the financial statements N/A 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 furnish 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. (Continued on Reverse) 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 Standards. 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.Any subsequent revisions to these reports must be sent to the Secretary of the Local Government Commission. These audited financial statements are used in the preparation of Official Statements for debt offerings,by municipal bond rating services,and to fulfill secondary market 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 inform 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. Wbenever the Auditor uses an engagement letter with the client, Item 15 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 contract 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: See attached engagement letter, 16. A separate contract should not be made for each division to be audited or report to be submitted. A separate contract 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-f 385. 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 approved. 19. There are no other agreements between the parties hereto and no other agreements relative 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 paragraphs shall be deleted:(See Item 14.) LO u1E C. Hi1►JSB 66po By Del ni t-t- - & Tot>rhe T T P By Orange Cotrity (Please type or print name) (Please ty 7 r n name and till (Sign ure of an orized audit firm represet tive) (Signature of M /or h i rs n of ve in o d) Date � ' �� Date Approved by the Secretary of the Local Government By Commission as provided in Article 3,Chapter 159 of the Chairperson of Audit Committee(Please type or print name) General Statutes or Article 3l,Part 3,Chapter I I SC of the General Statutes. e,A w'M: WoLLOM A N (Signature of Audit Committee Chairperson) Fo e e oca Government Commission Date (If unit does not have an audit committee,this section should be Ilig�ttQ) marked"N/A.") Date v l/ Q This instrument has been preaudited in the manner required by The Local Government Budget and Fiscal Control Act or by the School Budget and Fiscal Control Act. Governmental Unit Finance Officer(Please type or print name) ' . 7.e, � (Signature) Date Z`��'� (Preaudit Certificate must be dated.)