1999 S Finance - Deloitte & Touche Audit Contract 06-01-1999 - 8m

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* -The independent auditors' report of Deloitte &Touche LLP should not be included or incorporated by reference in any client prepared document without the express written permission of Deloitte &Touche LLP. 10. After completing his audit, the Auditor shall submit to the Goveming Board a +vritten report of audit. This report shall include, at least. the financial statements of the govemmental unit and all of its component units and notes thereto prepared in accordance ++ith generally accepted accounting principles, combining and supplcntentaq• information requested by the client or required for full disclosure under the la++•, and the auditor's opinion on the material presented. The Auditor shall fumislt the rcquircd number of copies of the report of audit to the Goveming Board as soon as practical oiler the close of the accounting period. I I. Tltc Auditor shall file +citlt the Local Govcmmcnt Commission t++•o copies of the report of audit, including one copy of the federal Data Collection Form, if a federal single audit is conducted. T++•o 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 Implcmcntation Act or a financial audit is required to be performed in accordance with Govcmmcnt Auditine Standards. Otherwise, one copy shall be submitted. Copies of the report shall be filed ++•ith the Local Govcmmcnt Commission t+•hen (or prior to) submitting the invoice for the sen•ices rendered. All topics of the report submitted must be bound. The report of audit, as filed ++•ith the Secretar}• of tltc Local Government Commission. becomes a matter of public record for inspection and review in the offices of the Secretary by am' interested panics. Any subsequent revisions to these reports must be sent to the Secretary of the Local Govcmmcnt Commission. These audited financial statements are used in the preparation of Official Statements for debt offerings, by municipal bond rating services, and to fulfill sccondaq• market disclosure requirements of the Securities and E~ehange Commission. 12. Should circumstances disclosed b~• the audit call for a more detailed investigation by the Auditor than neccssap• under ordinap~ circumstances, the Auditor shall inforn the Goveming Board in writing of the need for such additional investigation and the additional compensation rcquircd therefor. Upon approval by the Secretary of the Local Government Commission. this agreement may be varied or changed to indudc the increased time and/or compensation as may bt 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 ++•riting, signed by both panics, preaudited if neccssap•, and submitted to the Secretary of the Local Govcmmcnt Commission for approval. No chance chatl he effective unle« annrm•ed h+• the Secret•tn• of the Local Government Commission, the Governine floarA. and the Auditor. I~. N'hcnevcr the Auditor uses an engagement letter +~ith the client, Items 9 and IS ma~• he completed by referencing the engagement Icttcr and attaching a copy of the engagement letter to the contract to incorporate the engagement Icttcr into the contract. In case of conflict between the terms of the engagement Icttcr and the terms of this contract, the terms of this contract sill control. f:n_a<<ment Icucr tcnns arc deemed to hr +oid unless the conflicting terms of chi. contract arc spccilicall~• deleted in hem 21 of this contract. Gtgagcmem lettcn containing indenmilication elauses+vill not be approved by the Local Gm•crnment Commission. I S. Tltcrc are nn special provisions cr;cept: See attached engagement letter IG A separate contract should not be made for each di+ision to he audited or report to be submitted. A separate contract nntsl be estxuted for cash component unit ++hich is a local government and for +chich a separate audit report is issued. 17. l~hc contract should be esecutcd and submimcd in trinlicatc to the Sccrctap• of the Local Go+•ernmcnt Commission. 325 North Salishun• Street. Raleigh. Noah Carolina 27603•I3RS. I S. Upon approval, the original contract ++ill be returned to the Governmental lJnit, a copy +cill be foro•arded to the Auditor, and a cope retained by the Seeretan• of the Local Gnvcrnmcnt Commission. The audit should not he started hefnre the rnntract is annmved. 19. 1'hsc arc no ahcr a~recmcnts hca~ccn the panics hereto and no other agreements relative hereto that shall he cnforceahlc unless entered into in accordance ~+ith the procedure xt out herein and appro+cd b~ the Scerctary of the Local Go+enuncnl Commission. ?0. U this audit ena^rm+•nt is not sut?jeet to Gmernntent Auditing StmtdarAs. then hem S shall he listed as a delded provision in hem 21. ~\n e~planatiat must h. given lift deleting this pro+ision. 21. All of the oho+e paragraphs arc understood and shall apply to this acrccment. eccept the following numbered paragraphs shall be delete.l: (tiee hem I~.) Deloitte & Touche LLP / Atdit lion -~/// a+ K. Alan Lonbom, Partner tl9taet not or prim name) Date ~4T~7 Orange County, North Carolina Gm•crnmcntal Unit It)• Alice M. Gordon, Chair ~1 Please type or print ,n(a_me and tide (Sign(a~ture~of Ali or or Chai rsprnt oGf go.•eming board) Date 7LG~G 3. ~ ( ( J Approved by the Sarctan~ of the Local Govcmmcnt Commission as provided in Aniclc 3. Chapter 159 of Ute General Statutes or Aniclc 31. Part 3. Chapter I 1 SC of the TER~eSA BORDEAUX __ _ _ F the Secnrctan~, laxal Goy tment Con sston ~~„{~ I>atc This instrument Itaz been preaudited in the manner rcquircd by The Local Govcmmcnt Budget and Fiscal Control Act or b+• the School Dudget and Fiscal Control Act. Kenneth T. Chavious Go+•emmental Uttit Finance Onicer (1'I a~typc or print name) J//~~'~ / /~'~ (Signature) Dave `^~/~/ ~~ -T'icaud'n- Ccni~~u Iw J:neJ.l