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

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I1. The Auditor shall file with the Local Goverttmem Commission two ropier of the report of audit, inclnding one ropy of the Cederrl Dam Collection Form, if a federal single audit is rondueted In addition, it the North Cnrotina Office of the State Audiwr designates certain progrntna to be audited as major programs, a one pope ttnneroutul documem and a teprcsenmdon letter addressed to the State Audiwr shall be submitted to the Loco! Ciovemment Commission. Two copies of the report of audit should be submitted if the audh is performed only under dte provisions of the State Single Audit Implementation Act or a fiaanciai audit is requited to be ptaiormed in accordance with t3ovemmrnt Au~j(jpe Standards. Otherwise, one ropy shall be submitted Capim aithc report shall be filed with the Local Government Commission when (or prior toy submitting the invoitx for the services rcndttred All copies of the report submitted muse be bound The report of audit, as filed with the Secretary of the Loarl Govemmrnt Commission, beetmta a matter of public record Car irtspectian and review in the offices oC the Secretary by wry iaterested prudes. Any subsequent revisions to these reports must be seat to the Seerewry of the Lacnl Govcmatrnt Commission. These audikd fmaneinl swtemrnts are used i4 the prtpamdun of gffitial Smtemtmt5 far debt offerings, 6y muniripal bond rating services, nod to fulfill serondary market disclosure rcquircmrnts of the Seadties and Exchange Commission. 12. Should rircumstantrs d'udoud by die audit tail Far a mom detailed investigoaon by the Auditor rhea necessary under oalinary citcumswaca, the Auditor shall infomt the Governing Board in writing of the need for such ttddidottai invesdgedon anti !fie addittenal rotnpensation required therefore. Upon approval by die Secretary of the foal Government Commission, this agreement may be varied or changed to include the iacreosed trne and/or rotapensadan as may be agreed upon by this Governing Hoard and ehc Auditor. 13. !Can approved anttnct Heads to be varied or changed for any reason, the change must be induced m writing, signed by both parties, ptarudited if necessary, aad~ submitted to the Secretary of the Local Govetmnrnt Commission for approwl. No chenae shall be effective unless spgigved by the Sexretarv of the Loal Government Commission the ~°_F!i!I!1>~e Based. end the Auditor. 14. Whenever die Auditor uses rn engogcmrot letter with the client, Item IS may 6e completed 6y referencing the engagement letter rnd attaching o copy of the eagagemrnt letter to the rontran to incorporate the rngogement letter inb the contract Ia ease of roaflia betwern the leans of the engngrraent Inner and the trmtu of this romroct, .tire terms of this rontmct will control. Engagement lestter calms ata deemed to be void unless the conflicting terms of this crnttnet rates specifunlly deleted in item 21 of this contract Engagement !alters eorttaining iadrnttrificatiop clauses will not Ire approved by the Cereal Government Commission. 15. There arc no sperial provisiot>, except: See attached engagement letter. 16. A separate troatmet ough Id_not he made for ach division to be audited or sport to be submitted. A separate ronuact must ha executed for e'acb componem unh which is a 1oa1 govematrnt and for which a ta:pamte audit report is issued 17. The ctmtract shook! be extxtmd rnd submitted ' i e'to the Secretory of the Local Gavtmtmrnt Commission, 325 Norih Salisbury Sheet, Raleigh. Nartlt Carolina 27603-1385. 18. Upon approval, the original txmmtx will he returned to the Gtrvernmenml Unit, n copy will be forwarded to the Auditor, and n copy retained by the Secretary of the Loal Government Commission. The audit should not be started before the rontmet is aonroved 19. There me ao other agreements between the parties hereto and na other ogrcetnents resiativa hereto tlwt shall be enforcarbk unless rnte[esd iota in acrordancc with the prttarthuc gel out herein and approved by Ute Secretary of the Coal l3avernment Cottmdssion. 20. iCthis audit rngagtnnrnt is not aubjcd a S1R~~lnyN Auditing Senndnrds rhea Item 5 shalt be listed as n deleted provision is Item 21. An exphmedon taus! be given for deleting this provision. 21. Ail of the above paragraphs am underswod and shall apply to this agreement, except the following nutnbercd patngmphs ahaU be deleted: (sec Item 14.) N/A Cherry, Bekaert & Iiallarld, L.L.P. (Place type or prim soma) (Sigm of nulhotized audit firm representative) Dote ~ ` ~ `' 4 Approved 6y the Secrewry of the Laval l;ovenmeru Cooun[ssioo u provided in Article 7, Chapter 159 of the Gennal Stawtn err Article 31, Pon 3, Chapter I ISC of the General Stomta. ~~'~~~~ EDMUNncn~~ For flu Secre i xnl G~onunissiori Date ~ tgn rc g gh (Chairpetsoa of Awut Committee (plmsa type err print camel (Signatures of Audit Cammincc Chairperson) Data (ICunit don not have as Durst ammdnee, this section ahwld he marked •N/A.7 TMs instrument has hear preoudited is the manna required by The Local Gwerontent Budgd and Foarl t.antml Act or try the School $ud~ge/r aaa Fiscal enrnrnl act/' ' Gavernmco Urdt Fioetxe Officer (Place typo or print Hama) s Sigaatttte) ~~ Date (P eaudit C dfiate must he dated.) Hy