Agenda - 12-07-2009 - 4l - Laserfiche WebLink

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I1. The Auditor shall File with the Local Govemment Commission two bound copies of the report of audit. In addition, if the North Carolina Office of the State Auditor designates certain programs to be audited as major programs, a turnaround document and a representation letter addressed to the State Auditor shall be submitted to the Local Government Commission. Two bound 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. Three bound copies of the audit are to be submitted for Councils of Governments. Two bound copies of the audit should be submitted for tax levying Municipalities. Otherwise, one bound copy shall be submitted. Bound copies of the report shall be filed with the Local Govemment Commission when (or prior to) submitting the invoice for the services rendered. The report of audit, as filed with the Secretary of the Local Govemment Commission, becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. Any subsequent revisions to these reports must be sent to the Secretary of the Local Government Commission. These audited financial statements are used in the preparation of Official 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 additional investigation and the additional compensation required therefore. Upon approval by the Secretary of the Local Govemment Commission, this agreement may be varied or changed to include the increased time and/or compensation as may be agreed upon by the Governing Board and the Auditor. 13. [f an approved contract needs to be varied or changed for any reason, the change must be made in writing, signed and dated by all parties and pre-audited if the change includes a change in audit fee. This document and a written explanation of the change must be submitted in tripilicate to the Secretary of the Local Govemment Commission for approval. No chance shall be effective unless anoroved by the Secretary of the Local Govemment Commission the Govemine Board. and the Auditor. 14. Whenever the Auditor uses an engagement letter with the client, Item 15 is to be completed by referencing the engagement letter and aztaching a copy of the engagement letter to the contract to incorporate the engagement letter into the contract. In case of conflict between the terms of the engagement letter and the terms of this contract, the terms of this contract will wntrol. Engagement letter terms are deemed to be void unless the conflicting terms of this contract are specifically deleted in Item 20 of this contract. Engagement letters containing indemnification clauses will not be approved by the Local Govemment Commission. 15. There are no special provisions except: The attached arrangement lefts is an integral part of this txmtract and should be read in its entirety when reading this contract. 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 triolicaze to the Secretary of the Local Govemment Commission. The mailing address is 325 North Salisbury Street, Raleigh, North Carolina 27603-1385. The physical address is 4505 Fair Meadow Lane, Suite 102, Raleigh, North Carolina 27607-6449. 18. The contract is a tri-party agreement and is not valid until it is approved by the Local Govemment Commission. Upon approval, the original contract will be returned to the Governmental Unit, a copy will be forwarded to the Auditor, and a copy retained by the Secretary of the Local Govemment Commission. The audit should not be slatted before the contract is aooroved. 19. There 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 Govemment Commission. 20. If this audit engagement is not subject to Govemment Auditine 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 engagement, except for the following numbered paragraphs shall be deleted: (See Item 14) Firm McGladrev & Pullen. LLP BY (Please type or print name and tide) By John J. Gilberto Partner le t pri t n ) (S' atu of au orized auditnfirm representative) Date ~~ ~ ~ ~ 7l ~"~ ~~ Approved by the Secretary of the Local Government Commission as provided in Article 3, Chapta 159 of the General Statutes or Article 31, Pan 3, Chapta I15C of the General Statutes. For the Secretary, Local Govemment Commission (Signature) Dale (Sig~uttue of Mayor a Cluirpe[son of governing board) Date sy (Chairpastm of Audit Committee (Please type or print name) (Signature of Audit Committee Chairperson) Date (If unit does rot have an audit comminee, this section should be marked'NlA.') This instrument has been ptesudited m the manna required by The Local Govemment Budget and Fiscal Ctmtrol Act or by the School Budget and Fiscal Control Act. Governmental Unit Fwnce Officer (Please type or print name) - (Signature) Dale (Preaudit Certificate must be dated.)