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 docua-ent without the express written permission of Deloitte &Touche I+LP. 10. After completing his audit. the Auditor shall wbmit to the Governing Bosh a written report of audit This report shall include, at Icast. the financial statements of the governmental unit and all of its component units and notes thereto prepared in seeoManee ++ith generall;• accepted accounting principles, combining and supplementary information rtxluested 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 Boats as soon as practical after the close of the aecoundng period. l I. The Auditor shall file with the Loal Govcrnmrnt Commission twro copies of the report of sudi4 including one copy of the federal Data Collection Form, if a kdcral single audit is eonducttd. Twro copies of the report of audit should be wbmittexl if on audit is required to be performed only under the tt:quircments oC the State Single Audit lmplcmentation As or a financial audit is required to be performed in aaoMana with Government Auditine ShndaMs. Otherwise. one copy shall be wbmittt:d. Copies of the report shall be filed with the Loaf Government Commission when (or prior to) wbmitting the invoice for the seniees rrndered. All copies of the report wbmitted must be bound. The report of audit, as filed with the Setxetary of the Loaf Government Commission, becomes a matter of public record for inspection and review in the offices of the Seerctaq• by any interested panics. Any subsequent revisions to these rcporu must be sent to the Seeraary of the Lotatl Government Commission. These audited financial statemea+u arc used in the preparation of Official Sutements for debt offerings, by municipal bond rating services, and to fulfill secondaq• market disclosure requiremenu of the Securities and Exchange Commission. 12. Should circumstance disclosed by the audit all for a more detailed investigation by the Auditor than nacssary under ordinary circumstances. the Auditor shall inform the Governing Boats in writing of the need for wch additional im•estigation and the additional compensation required therefor. Upon approval by the Seerctuy of the Loal Governmrnt Commission, this a,recment may be varied or changed to include the increased time and/or compensuion as may be agreed upon by the Governing Boud and the Auditor. 13. If an approved e:ontraa nods to be varied or changed for any reason, the change must be reduced to writing, signed by both panic, prcaudited if necessaq•, and wbmitted to the Seeeetary of the Local Governmrnt Commission for approval. 'n n shall he effcsi+e unless annmved M• the Sccrctan• of the 1 excel Government Commiccinn the Gm•emine RnaM and the A r I~. N'heneer the Auditor uses an engagement khter with the client. Items 9 and IS may be completed by referencing the engagement later and attaching a copy of the engagemeat Inter to the contract to incorporate the engagement letter imo the contras. In ease of eemAis henvexn the terms of the engagement later and the terms of this contract. the terms of this contract will cnntml. Gnga,ctncnt Icner tcrnts arc deemed to he told unless the conflicting terms of this eontms arc sp+xifieally dclscd in Item 21 of this contras. l:ngagemcr+t fellers containing inden+nifiation clauus will not be approved by the Local Govemttkttt Commission. 1 S. Tltcre arc m+ special provisions except: See attached engagement letter Ifs. A separrtc eontnct should tint be made for taeh division to be audited or report to be wbmiUCd. A separate contras must be c~eeuted for each component unit which is a local government and for which a separate audit report is issued 17. 1'he contras should be executed sod submitted in trinlieate to the Secrctar)• of the Local Government Commission. 323 North Salisbury Street. Raleigh. North Carolina 27603.13g3. Ig. upon approval, the original contras will be rctumrd to the Govcmntenwl Unit. a copy will be fontaMed to tho Auditor. and a copy retained by the Seerctan• of the Local Goveroet><m Commission. Thc audit should ntu he staved before the eemtms is arnrm•ed. 19. llt.re err. no ntluv a=r~titttrnts helaaro the panics hcrso and no other agrmnents relative hereto that shall he cnforccahlc unless entered into in arcnrdancc eeidt the procedure set out ht.7cin and appro+cd M~ the Sarctaq• of the Letal Ga+~Kttnxrtt Contmixxinn. 10. If this audit cngagt.•+nrnt ix nee suhjes to Gn.cmttnnt Auditine Standards, then hem S shall he listed at a ddetcd provision in hem 21. An ~~planatiat muxt he givrn Fitt dclsing this pros ision. .1. All of the shove paragraphs arc undcrxtetod and shall apply to this agrcctttcttt. e~ccpt the following numht:rcd parogmphs slwll be Deloitte &Touche LLP Aad+fan tt.• K. Alan Lonbome Partner ~ 1lkWhlKerMN+we1 _~~/jy/ 1 !)ate -/ Al+pnwKd M• the Seeraary of the Local Govanttttan Commissar u prm•ided in Aside 3. Chapter 159 of Wes General Statutes or Aniek 31. Pan 3. Chapter 11 SC of the Cameral Stutttes. Fa the aee+eta7. toed enttaea Cawiedea (4aaaurel I )ate Orange Countye North Carolina a ntt ey Alice M. Gordon, Chair (1'kaet types x ptiat awe led it (Sipeatre of atrnr tr i of po.Yminp btntd) Due This inswment has been preaudited in the tttamta required b)• The (.sal Government Budges and Final Control Aa a bg dte School Dudga and Final Control Aa. Kenneth T. Chavious GeaentatenW Unit Fiawee Officer IPleae +Ype err pries aaatel (Siptuttrel Dare pheaudit CMilia9la' m~a to J,tteJ.I 3