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

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Irt.ECEIVED LGG?os (Itev. tnRaosl CONTRACT TO AUDIT ACCOUNTS MAY ~ ~ 2006 Flle la rrlpgmta. of Orange County Spottspltx °avcmntattal unit ~0(~GOMMISSIONENI Oa this 3rd dtty of April 2006 Cherry, Bekaen & Holland, L.L.P.. 262fi Glenwood Avenue, Suite 300, Raleigh, North Carol(na 27608 Auditor Mailing Address hereinnt4er referred to as the Auditor, nail the County Cormaissioners of Orange County . heminnfler referred Gavtmtiag Hone! Govtmm~ema) Unit to its thn Governmcnntl Unit, agree as follows: I. The Auditorshnll nadir all stetemcnts nail disclosutd rcgtdrcd by generally accepted accounting principles and additional requited legal statemcnLa gad diselosurcs of all iunda and/or divisions aC the Govetnmrnml Unit for the penal beginning December 16 _ _____. 2005 .and ending )aae]o Zoos .The, rnamgemem's tOseussion nail analysis, Wort-major eomhiding, and intOvidual fund stntcments and sebcdults shall bo subjected to dre atulidag prtradtttee applied is dre audit oCdre basic financial stattmtrnts and nn opinion will be tendered in rclodon ro (as npplimble) the governmental activities, the business-type aciivities, dre aggregate d'ucrcatly presented component units, each major govcmtnenral sad enterprise toad, and dre aggregme remaining fund information (nonmajor govemrtnt and enterprise funds, the internal service fund type, and the fiduciary focal types). 2. At a minimum, the Auditor shall conduct his audit card render l:is rcpan is asxordanee with gcncrrlly accepted auditing stnndnrds. 7be Audior shall perform the audit in nccsudaoce wtlh Government Auditirta Standards if required by the State Single Audit Implamrntation Acl, as codified in G.S. 159-3~F. If requited by OMH Circular A-133 and the State Single Audit Implemrntstion Asst, the auditor shall perform a Single Audit. 3. TLIs carnnct cantemplater an unqualified nplulon being rendered If financial statemenLS ate not prepared in amonlanee with generally aaepted acroundng principle {GAAP), or the slalements fail to include ali disclosures required by GAAP, explain drat depnnurc from GAAP in the space below: None 4. This rantrrrrt eontenrplwes an rmqualifred opirdnn being rendered The audh shall include such tests of the neeswotiag rcrords mid such other nutOdag procaltrres as are ronsitlered by the Auditor to be nece®ry in the circumstances. day Unrltarronr or resMeNons to srnpe a IJrh xw1J lend !n n gnal~eotfou should be~u!!y erplulneJ lrr an attachment ro this eunrrart. The audit will nova as :rope limitntinas except: N/A 5. If this audit rngagamrnt fs subject to the standards for atufit as deUned in Qovemment Auditing Standards, issued by the Comptroller Gertetnl of the United States, rhea dre Awlitor warroats by accepting this ea}pgetttent that he/she has met the taquircmmts far a par review gad condnuiog education u spccifted is Cinverrrment Audidne StandnrrLs. The Auditor agrees to provide a ropy of their most meant-peer rtwiew report to the Governmeaml Uait gad the Secretary of the Losntl Government Commissitra nrL'or. to the extxudon oFtbe audit oontrocL (See Item 20.) 6. tt u agreed that time is of the essrnce in this commit. All gsulits arc m be performed mtd the rnpnrt ofnuditsubmiued by October 3 I 2006 7. It in agreed that generally aoeepted auditing standnrtls include a revinv of the Govrmmtmml Unit's system of internal tmnwl nail acrouatiag its same relates to accountabil3ry of funds and odhercnex to budget and Isw requirements applirnble thereto; that the Author will mdse a written report, tvhich may of may not be a part of the tvrinm report of audio to tits Governing Board sawing forth his findings, together with his rccommandadotu for improvamen6 T'hnt written report must include all matters defined as "reportable rondidons° in AU 325 of the AICPA Profesiorml 3tandnnls. The Auditor shill file a cogv of that rcroB th the SecreMarv oCth I.nwl Gsrvemmcnl Commission. S. All local government gad public authority contracLS for otmua! or speein[ audits, booldcecping or other assismnce necessary to prepare the Unit's records for nudiy financial statement prcparotion, any finance-related investigations, or any other oudit•relgtal work in the State of North Carolina regstirc the approval of the Secremry aC the Local Government Commission. Invoice far services rrndered under there eontmets shall not be tmid by the Governmental Unh strttil the invniea has_been annroveil by the Secretary of rho Ltrtal Government Corranisai°a i'tlris also includes apy pmec~s biliinas t All invoices should he submitted in triplicate Io the Secretary of the Local Government Commission. The origirml gad one rnpy will be returned to the Auditor. Approval is oat requital on contracts and invoitxs for system imptvoemrnts Wad similar smices of anon-auditing ttruure. 9. In tonsidsxndon of the sndsfasnory performance of the provisions of this agrcamrny the OovemntenWl Unit shall pay to the Auditor, upon approval by the Secretary of the Local Government Commission, the followioa fee which ineludee any cost t}re Auditor may incur from work paper or peer reviews to any other quality assumrtsx program raquicerl by third partial (Federal nail State grantor gad oversight agrncie or other organizations) as required undo the Federal and Stara Siag[e Audit Acts: Aadit B°dPRP°r`a°nohhefinandalsfmtments•S17,SW 10. After campledng his ntrdit, the Auditor shill submit to the Governing Hoard a written report of audit Thu rcpon shall include, nt least, Management's D'uwssian and Analysis, the financial smtamtmis of the govemmernal unit and all of ics component units and notes dtcteto prcpaterl ip accanlnnsm with generally accepted nceoundng principles, wmbiaing and supplemrmnry ioformntioa raqursled Isy the client err required for full diselasurc under the law, and Ina Auditor s opinion an dre mntaial preserved. Thr Auditor shalt furnish the required number oC copies of the report of audit to the Governing 9aard as soon as pmctieal alto the close of the accounting period.