2006 S Finance - Audit Contract for the June 30, 2006 Fiscal Year

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11. Tba Anditar shall fUe with the Local Govtutamem Commission two copies of the report oC audit, including one copy of the federal Dam Collection Form, i[ a federel single audit is wnduned. In addhion, if tbt North Carolina Ogee of the Smu Auditor deaignatea eerinin progrntns to he atuitud os mojor progrems, a oat page tutnarouad document and o rcptrseateUan kttcr addressed to the Smu Auditor shall be subtnitud to the Local Government Commission. Two eopia of the rcpon oC nadir should be aulmtitted iCthe audit is performtd tmly ender the provisions of the 5tau Single Audit Impttaaattadoa Att or a financial nadir is required to be performed is accordance with Govtmmrnt Auditina Standards. Othrnvise, oat wpy shall be wbttdlttd. Copits otthc report shall be filed with the Ltteal Governmtnt Commission whrn [or prior to) autmtitting the invoice forehe setvias ttnalertd. All wpia oCthe report submitud must be bound. The report ofaudit, as filed with the Stxretary of the Loenl Government Commission, become a matter of public ttsord for inspection and revitw in the of5ees of the Seeremry by arty interested parties. Any subsequent revisions m ehtse rcparts must be atan w the 5ttatmry of the Local Government Commission. 7lttse audited fmandol suuemmts are used in the preparndon of Ofiieiai Smumems for dtbt offerings, by municipal bond rating setvitxs, and to fulfill seeaadary ttmrket diselasurc requirements of the Stxuritia and Exchongc Commission. L2 Should circumsmnces disclosed by the audit call for a mom derailed investigation by the Auditor than necessary undo ordinary cirwtrtstanees, tht Auditor shall inform the Governing Htmrd in writing of the peed for such addidoml investigation and the addhioml rompeasodon required tbercfort. Upon apptova[ by the Secretary oFthe Local Government Conunissian, Utis ogrcemrnt may be varied or changed u include the inercaud time and/or wmpenantion ns may be agreed upon by the Crovcming Hoard and the Auditor. 13. IF as approved contour nerds to be varied or changed for any reason, the clmnge must be reduced to carding, signed by 6odi partia, preaudited if tttxessary, and submitted to the Secretary of the t.ocol Government Commission for•opprevnl. o ch ~¢e efieetive unless tmnroved by the Secrctaty oFthe Local Govvnmentsomtgl_ssion the Governing Hoattt end the Auditor 14. Whenever efts Auditor user en tagagtment lever whit the client, Item IS-may be eompltNed by referencing the engegemrnt letur nod attaching o wpy of the rngagernent letter to the conuad ro incorporou tltt rngagemem letter into the coatroct In ease of wiiflict 6etwcw the terms of the engngt:ment letter and the terms of this contract, the terms of this coaunct will wntrol. Engagemrnt letter ttatrts are deemed u be void unless ate eon(Iiding terms of ttds contract arc apeei[iadly deleted is Item 21 of this watracL Engagement Itdters conmining indenmificatioa elauau will not bt approved by tht Local Governcotnt Commission 15. There rue no special provisions ucept See attached engagement letter. 16. A sepanue t.onttntt shoo d n t tie ovule for each divlaitm to be audited or rtport to be submitted. A sepamu comma must tit cxecuWl for tech wmpottent unit which is n !Deal govemtnent and for which a separnte audit report is issued. 17. Tht contract should be etteeutcd and submitud in triplicate to the Stsrcmry of the Local Govtxnmwt Commission, 325 North Salisbury Street, Raleigh, North Carol'ma 27503-1385. 18. Upon apptttval, the original cataract will tit retttmed to the Gavemmenml Unit, a wpy will be fottvarded to the Auditor, and a wpy rttained by the Secretary of dit Local Govetamwt Commission Tha audit should not he salted before the eontrntt is °norovcd. 19. Them ate no other agrtements 6ttvreen the panics hereto and na other ogrecmenm relative herero Uiat shall be enforcrnble unless catered into in aeeordanea with the prectedurc net out hernia and approved try the Secretary of the Law! Government Commission. 20. If this audit engogemwt is not tubject m Goytamrtrnt Auditina Smndards, then Item 5 shall tie 1'tated as a deleted prnvisinn in Item 2l. Aa explanation must tie given for deleting Utis provision 2l. All of the above paragraphs arc undeisuod and sting apply to this agrmnen~ ccept the following numbered paragraphs shall be • dtltted: (Sec ]tam 14.) N/A l~ • Hy • typeorp' e • tgna afgo iingboard} Cherry, Bekaert & Holland, L.L.P. Dort (phase type orpriat name) Dy (Cbairpeaan of Aadit Cottmditm (Please type a pant tmtaa} (Sigmturc ofauWorimd audit firm represenmrive) Approved by ate Seaamry of the Loaf Goveroomat Commission as provided in Article 3, Llmpla 759 of arc Gmerot Smwta m Aniele 3i, Pmt 3, Chapter 115C of the General Statutes. SHARON EDMUNDSOty For the Seerctar~Local ov~mment tmmission !1~_ .~ part JUs\igogtttrt~~~~ (Signature of Audit Camatittee Choirprnan) Dau (If unit does not have an mtdit cmtmitiee, rids seaioa abould be tnarL-ed "N/A'~ Ttds ittstromrnt bas Ixen ptraudiwl in the manner [egaired hY The Local Government Btalget and Fseal Control Act err by ate School Otdgct and fiscal Control Acr. Gtrvemm i Utdt Fittaoee Otiieer (Ptease type or prior ttatne) ~ ~ Oau Prwudit Cerllficatt must be dated.) ~~(~~)