2008-027 Finance - Cherry Bekaert & Holland 2007 Audit

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11. The Arditor shall file with the Local Government Commission two copies of the report of sudi; including one copy of Ote federal Data Collection Form, if a federal single audit is conducted. In addition, if tbe North Carolina Office of the State Auditor designates certain programs to be audited as major programs, a one page ttrrnaround document and a representation letter addressed • to the State Auditor shall be submitted to the Local Government Commission. Two copies of the report of audit should be submitted if the audit is performed only under the provisions of the State Single Audit Implementation Act or a financial audit is required to be performed in accordance with Government Auditing Standards. Throe copies of the audit should be submitted for Councils of Governments. Otherwise, one copy shall be submitted. Copies of the report shall be filed with the Local Government Commission when (or prior to) submitting the invoice for the services rendered. All copies of the report submitted must be bound. The report of audit as filed with the Secretary of the Local Goverment Commission, becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. Any subsequent revisions w these reports must be sent to the Secretary of the Local Government Commission. These audited financial statements are used in the preparation of (1t5cial Statements for debt offerings (the auditors' opinion is not included), by municipal bond rating services, to fulfill secondary market disclosure requirements of the Securities and Exchange Commission, and other lawful purposes of the government without subsequent consent of the auditor. 12. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under ordinary circumstances, the Auditor shall inform the Governing. Board in writing of the need for such additioml investigation and the additional compensation required therefore. Upon approval by the Secretary of the Local Goverment Commission, this agreement may be varied or changed to include the increased time and/or compensation as may be agreed upon by the Govering Board and the Auditor. 13. If an approved contract needs W be varied or changed for any reason, the change must be retltrced to writing, signed by boot parties, presudited if necessary, and submitted to the Secretary of the Local Government Commission for approval No cbapgg shall be effective tmless atnrroved by the Secretary of the Local Government Commission. the Govemina Board. and the Auditor. 14. Whenever the Auditor uses an engagement letter with the client, Item 15 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 terse of conflict between the terms of the engagement letter and the terms of this contract, the terms of this contract will control. Engagement letter terra are deemed to be void unless the conflicting terms of this contract are specifically deleted in Item 21 of this contract. Engagement letters containing indemnification clauses will not be approved by the Local Goverment Commission. 15. There are no special provisions except: 71,e aaenc~d artaa6emrai boa it iu iarPal pen of this w[4isit and should be and in ib aniaety wlm ~B atis cooaacr. 16. A separate contract should not be made for each division to be audited or report to be submitted. A separate contract must be executed for each component unit which is a local government and for which a separate audit report is issued. 17. The contract should be executed and submitted in triolicate to the Secretary of the Local Government Commission. The mailing address is 325 North Salisbury Street Raleigh, North Carolina 27603-1385. The physical address is 4505 Fay Meadow Lane, Suite 102, Raleigh, North Carolina 27607-6449. lg. Upon approval, the original contract will be returned to the Governmental Uni; a copy will be forwarded to the Auditor, and a • copy retained by the Secretary of the Local Government Commission. The audit should not be started before the contract is arroroved. 19. Thera are no other agreements between the parties hereto and no other agreements relative hereto that shall be enforceable unless entered into in accordance with the procedure set out herein and approved by the Secretary of the Local Govermnent Commission. 20. If this audit engagement is not subject to Government Auditing Standards. then Item 5 shall be listed as a deleted provision in Item 21. An explanation must be given for deleting this provision. 21. All of the above paragraphs are understood and shall apply to this agreement except the following numbered paragraphs shall be deleted: (See Item 14.) Firm McGladrey & Pu/ll~en, /T .i •p (P type or print na d title By ~jin ~S . Gi ~tXf~Q. P ~'del-- (Si of Mayor or Chavpetson o v ard) (Please type or print name) ~~~ Date gnattue authorized audit firm representative) B /y/~ Y Date T ~y f~0 7 (Chaicpersoo of A 't Committee (Please type or print Dame) ~/~ (Signature f Audit Committce Chairperson) Approved by the Secretary of the local Government Date Commissien as provided in Article 3, Chapter 159 of the (If snit does sot have an audit committee, this section should be General Statutes or Article 31, Pert 3, Chapter 115C of t~ General St a t ute s madwd "N/A.'~ . ~n ~ + { ,~ "'/ r'F?~oN EDMU . N~Sn~ This iastmmem has hem preaadited m the mamier required by Trte For the Secretary, Gov t Commission Local Government Budget sod Fiscal Control Act or by the School 1 Budget and Fiscal Control Act. /, l/ 1 i/di~uS Q~I~ Da[C ; Goveramearal Uoit Finaace Offic/er (/Pleya~se type or print tome) G/~~~ Date (P edit CettiHcate ~ be dated.) *~*