Agenda - 06-01-1999 - 8m - Laserfiche WebLink

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CONTRACT TO AUDIT ACCOUNTS ~-~ 9 j/~ t rate. of Orange County , A, y ~ - . SUN 9 ~qgg Govcmmental ut RETURN THIS COPY TO THE CLERK'S OFFICE FOR THE PERMANENT AGENDA FILE On his ~ 6 h day of April , 19 99 Deloitte & mo ~ hP r r p Auditor Post Office Box 2778, Raleicrh. NoYth carol;na ~7tim X778 Alailing Address 0 oun y hereinafter referred to as the Auditor, and Commissioners of Orange County hereinafter referred Governing Doard to as the Governmental Unit, agree as follo~~•s: Govcmmental Unit I. The Auditor shall audit all statements and disclosures rcquircd by gtnerally accepted accounting principles and additional required legrl statemenu :utd disclosures of all funds and/or divisions of the Govenunental Unit for the perind beginning July 1, , 19 98 ,and ending June 30, . 19g~. 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 uatements and an opinion v~ ill be rendered in relation to the combined financial statements taken as a whole. 2. At a minimum, the Auditor shall conduct his audit and reader his report in accordance with generally accepted auditing Standards. "hhe auditor shall perlurm the audit in accordance with Government Auditine Standards if require) by the Stale Single Audit Irnpletttcntation Act, as codified in G.S. 159-3~. If rcquircd by 0~1D Circular A-133 and the State Single Audit Implcmcntation Act, the auditor shall perform a Single Audit. 3. Tlus conrracr conrenrplares an ruryualified opinion being rendered. If financial statements arc not prepared in accordance with cenerall+ accepted accountinc principles (GAAP). or the statcn,ents fail to include all disclosures rcquircd by G.AAP, explain that deparwro liom GAAI' in the .p,tcc helu+v: ~ 7lus runvucr coruewplares un nnyualified 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 he ncecssary• in the circumstanccs...lnr lLnirnrions or rrorricrions in scope Ulrich a ordJ lead ro a qualrficanon slrorrld be firllt' explained in an arrocluucnl ro this coruracl. The audit a ill have no scope limitations cxccpC S. II this audit engagement is suhject to the standards for audit as defined in the Gm•crnmcnt Auditine Standards, issued by the Comptroller General of the lMited States, then the Auditor x+arrants by accepting this cngagentcnt that he/she has met the rcyuircn,ents for a peer re. ie++ and continuing education as specified in the Government Auditine Standards. 'I'hc Auditor agrees to pruxide a copy nl'their most recent peer review report to the Gr+xemmemal Unit and the Sel'relarx' of the Local Government Cununis>iun riot to the execution ul the :urJit contract. (See Item 2U.) G It is aped that Ilnte is of the es<ence in this contract. All audits are to be pcrlornted and the rcpon of audit suhmitted by October 31, . Iq 99_ 7. It i> agreed that grnrralh accepted Auditine standards include a rex•iety of the Governmental Unit's s~•stem of internal control and accuumin~ as same relates to accountability of funds and adhercnee to budget and law requirements applicable thereto: that the Auditor „ill make a t+rinen report. txhich may or may not be a pan of the xvritten report of audit. to the Governing Doard setting litrth hi: findings, utgether with his rcconunendations for improvement. That written report must include all matters delined as "reportable conditions" in AU 325 of the AICPA Professional Standards. The Auditor shall file a rnnv of that report with the Cecrctan• of the Local Government Commission. S. ,\II local government and public autl,oriq• contracts for annual or special audits, bookkeeping or other assistance necessary to prepare tl,c Unit's records for audit, financial statement preparation, any finance-related investigations, or any other audit-related ++urk in the Stag of 1;onh Carolina require the approval of the Secretary• of the Local Govrrnmcnt Commission. Invoices for services rendered under these contracts shall not be paid by the Governmental Unit until the invoice has been anaroved by the Secretan of the Local Government Commission (This 11co includes anv nroerea billines) All invoices should be submitted in uiplicatc to the Secrctary• of the Local Government Commission. The original and one copy will be returned to the Auditor. A~proxal is not rcquircd on contracts and invoices for system improvements and similar services of anon-auditing nature. 9. In aa,>idention of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the :\uditor, upon approval by the Secretan• of the Local Government Commission, the folloxx•ine fee which includes anv cost the Auditor may incur from work paper or peer rcvieo s or any other quality assurance program rcquircd b.• third parties (federal and Stag agencies or other organizations) as rcquircd under the Federal and State Single Audit Acts: 1'car-end bookkeeping assistance- ~;~r~ ,}+-~ t^ a - ---- - ~- ~ ~} N/A :~utlit - r $60 300 Preparation of the financial statements G~.-w I I w+ 9 i,~,l-s+ ~~ sas+r ~ N/A (Continued on Reverse)