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

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* -The independent auditors' report of Deloitte &Touche I,I,P 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 Govcming Board a ++•ritten report of audit. This report shall include, at least, the financial statements of the go+•emmental unit and all of its component units and notes thereto prepared in accordance +cith generally accepted accounting principles, combining and supplementary information requested by the client or required for full disclosure under the la+v, 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 Govcming Board tts soon az practical after the close of the accounting period. I I. Tltc Auditnr shall file ++•itlt the i.ocal Govcmment 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+vo copies of the report of audit should be submitted if an audit is rcquircd 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 Govcmment Auditnn¢ Standards. Otherwise, one copy shall be submitted. Copies of the report shall be filed ++•ith the Local Government Commission ++•hen (or prior to) submitting the invoice for the sen•ices rendered. All copies of the report submitted must be bound. The report of audit, az filed ++•ith the Secretap• of the Local Government Commission, becomes a matter of public record for inspection and revie++• in the offices of the Secretary by any interested panics. Any subsequent revisions -o these reports must be sent to the Secretary of the Local Govcmment Commission. These audited financial statements arc 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 neccssaq• under ordinap• circumstances, the Auditor shall inform the Govcming Board in ++•riting of the need for such additional investigation and the additional compensation rcquircd therefor. Upon approval by the Secretary of the Local Go+•emmcnt Commission. this agreement may be +aricd or changed to include the increased time andlor compensation as may be agreed upon M• 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 +vriting, signed by both parties, preaudited if necessary, and submitted to the Secretary of the Local Government Commission for approval. No chan¢e shall he efTenivc unless anrtmvcd h+• the Sccrctan• of the Local Gm•crnment Commission. the Go+•crninr Roard. and the Auditor. I~. \~'hcnt+•cr the Auditor uses an engagement latter ++ith the client, hems 9 and 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 benceen the terms of the engagement Ieuer and the terms of this contract, the terms of this contract will rnntrol. hn,artnrcnt Itucr arms arc deemed to he +oid unless the conflicting terms of this contract arc specifically deleted in Item 21 of this contract. Gtgagcmtnt )cotes containing indcmnilication clauses +vill not be approved by the Local Government Crnnmission. I5. Tltcrc are nn special provisions cacept: See attached engagement letter 16. A separate contract should nm be made for oath di+ision to be audited or report to be submiUCd. A scparetc contract must bt c~txutcd for cash component unit Which is a local government and for ++hich a scparatc audit report is issued. 17. 7~hc contract should be ececutcd and submiucd in trinlicatc to the Secretary of the Local Government Commission, 325 North Salisbury Street, Raleigh. Nosh Carolina 27603-1385. I8. upon approval, the original contract ++ill be returned to the GovcnnncnWl )Joie, a copy +cill be foncarded Io dtc Auditnr, and a tope retained by the Secretan• of the Local Government Commission. Tttc audit should na he started heforc the rnntnct is art•mved. 19. 1'htre arc nn other aeretnunts hct~~ttn the panics hereto and no other agreements rclaticc hereto that shall he tnforttahlt unless tnrtred into in aaordantt With the procedure set out herein and appro+td by the Saretary of the Local Go+tnuntnt Cmnmissimt. 20 I1•this audit cna,tmrnt is not ntt?tcet to Go+crnntcnt Auditing gandards. than Item S shall he listed as a deleted provision in Item 2 L ~\n c~planation nutst he given lift deleting this pro+ision. I . All of the abort para. raphs are understood anJ shall apply to this aerecment. c~ecpt the follon ing numbered paragraphs shall be deleted: (tits Item 13.) / Deloitte & Touche LLP / Audit fine _V// It+. K. Alan Lonbom, Partner 11`I.acr t; pe or print name) ~~-s ~SiEmature) Uate ~ Approved by the Scerctap• of the Loeat Govcmment Commission as pmvidcd in Aniclc 3, Chapter 159 of Ute Gcnerat Statutes or Article 31. Part 3. Chapter t I5C of the TER~e~A BORDEAUX f ~/dte S/aYrctan~,~l.~/cal Go, ,ment Car scion (~i( ~~L/l. ~~ J~~ta nrcr Date Orange County, North Carolina n+•crnmcntal ml It>~ Alice M. Gordon, Chair ~1 Icast type or print name and title C~.Q~.~. lit ,~~..~ (Si@nature or Alaror or Chai npmt of goq.•emin_ board) Date ~t.G~[. ~ . ~ ! ! This instrument has been preaudited in the manner rcquircd by Thc Local Govcmment Budget and Fiscal Control Act or b)• the School Budget and Fiscal Control Aet. Kenneth T. Chavious Goremmenul Unit Finance Oniiccr Qh au y1k or prim name) ~~~~~ Dare `+~/~~ ~~ -~Ihcaud'n-Crniticatc n+nu b, d:neJ.l