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

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LGC-205 (Rev. UI/1999) GUi11 KAI..I 1 U AUUI 1 AIa.UUi~ r ~ tilt in Triplicate. of Orange County, North Carolina Goccrnmcntal Unit 2 On this 26th day of April , 19 99 Deloitte & TOL7Cf1P r.r.p Auditor Post Office Box 2778, Raleigh. North Caro1'na ~7t;n~_~7?g Alailing Address . hereinafter referred to as oun y the Auditor, and Cotttmissioners of Orange County ,hereinafter referred GoveminE Doted Go+•cmnxntal Unit to as the Governmental Unit, agree as follo++•s: I. The Auditor shall audit all statcmcnts and disclosures r~-quired by generally accepted accounting principles and additional rcquircd Icgal statements and diselosuros of all funds and/or di+•isions of the Governmental Unit for the period beginning July 1, , 19 98 ,and ending June 30, , 19s~. The combining, indi+•idual fund, and account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit of the combined financial statcmcnts and an opinion ++ill be rendered in relation to tltc combined financial statements taken as a ++•hole. 2. At a minimum, the Auditor shall conduct his audit and rcndw his rcpon in accordance +vith generally acceptrd auditing standards. 1'hc auditor shall perl'urm the audit in accordance with Government Auditine Standards if required by the State Single Audit Itnpletnentation Act, as codified in G.S. 159-34. lC required by O~tI3 Circular A-133 and the State Single Audit Implcmcntation Act, llte auditor shall perform a Single Audit. 3. This contract contemplates an +u+y+ralified opinion being tendered. If financial statements arc not prepared in accordance ++•itlt gcncrall~ accepted accnuming principtes (GAAP). r+r Ute statcntents fail to include all disclosures rcquircd by GAAP, explain that departure Gom GAAI' in the space t+elo+c: • a. ]•hn cunnuct contenrp/atcs on nay+mlifirrl opir,ia+ i'xiug tendered. The audit shall include such tests of the accounting records mtJ such other auditing procedures as arc considered h;• the Auditor to he necessaq• in the circumstances.. d-q• limitatians or +r.tvictions in scope ul+icl+ uo++IJ /earl m a yual+frcanon shon/rl be jrl/t• agrlained in an auaclnnenr to tl+is contract. The audit ++ill have no scope limitations except: 5. If this audit engagement is suhject to the standards far audit as defined in the Cn+•crnmcnt Auditine Ct:tndards. issued by tltc Contptrullw General of Utc United States. then the Auditor +~arrants hj• accepting this cngrgentent that he/she has met the rcyuircntents for a peer rc+ie++ and continuing cducatimt as specified in the Cmernmcnt Auditine Standards. 1'hc Auditor agrees t.. pm+ide a enp. t+rd-eir most rceetu peer reyie++ repot to the Gc,+ernmcntal lJnit and the Secretary of the Local Guvennnem Cuuunis.iun tint t~+ the execution ul'the audit contract. (Seo Rent 2U.) G. It is a_rr.~l that time is nl'the essence in this contact. All audits are to he performedrnd the report of audit submitted by October 31, _ Iq 99, 7. It is screed that gcncralh acccpt.d auditing standards include a rc+•ie+v of the Goyernmental Unit's system of internal contml and accounting as same relates to accountability of funds and adherence to budget and lae• requirements applicable thereto: that the Audior ++iU make a ++riucn rcpon, a hich may or may not he a part of the +vrittt:rt report of audit, to -the Go+•cming Doard setting litnh his lindings, together ++ith his recommendations for improvement. That written report must include all matters defined as "rcponahle conditions" in AU 323 of the AICPA I'rofessinnal Standards. The Auditor shall file a con+• of that rennrt ++•itlt the ~ecr~han• of tltc I_ncal C,o+•emment Commission. S. All lugs/ go+•crnntcnt and public authoriq• contracts for annual or special audits, bookkeeping or other assistance necessary to prepare the Unit's records for audit, financial swtcrr-ent preparation, any finance-related investigations, or any other audit-related er~rk in the State of Nonh Carolina require the approval of the Secretaq• of the Local Government Commission. Im•oices for scrvic~K rendered. under these contracts shall not be naid by the Governmental Unit until the invoice has been aooroved by the Cccretan• of the Local Go+•eromcnt Commission. (This also includes an+• nrnnrcss billint!s.l All invoices should be submitted in triplicate to the Sccretaq• of the Local Go+•eroment Commission. The original and one copy ++•ill be rctumtd to the Auditor. :\ppmyal is not rcquircd an contracts and in+•oiccs for system improvements and similar services of anon-auditing nature. ~J. In consiJcration oC the satisfacton• pcrformancc of the provisions of this agreement. the Governmental Unit shall pay to the :\uditor. upon approval by the Secrctan• of the Local Government Commission, the follrn+•ine fee ++•hich includes any cost Ute :1udilnr may incur from +cork paper or pew rc+•iea•s or any other quality assurance program required h.• third parries (I'edwal and State agencies or other organizations) as rcquircd under the Federal and State Single Audit Acts: \'car-end bookkeeping assistance - See attached engagement letter :\udit - See attached enctaaement letter Preparation of the financial statements SPP attarheA an~gement ~ Qtt0,r (Crnninucd on Reverse)