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

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-4 262ti Glenvrotld Avenua, 5ulte 300, Raleigh, North Carolina 27608 Auditor LGGIas incr. vtrzoos) CONTRACT TO AUDIT ACCOUNTS Fite tn'friplteate. of Orange County, Norilt Carolina envernmenwl unit On this 3rd day of ApnJ ?DO6 Chery, Bekaer & Holland, I t Pti Mailing Address hereittaRer referred to as the Auditor, and the County Commissioners of Orange County . hereina$er refcrretl Governing Board Gavemmcntal Unit tons the 13ovemmenittl Unit, agree ns follows RECEIVED MAY 2 ~ 2006 '_OCACOMMISSIONENT 1. The Auditor stroll nadir all statemrnit and disclosnrtz required by generally aeceplod accoumiag prnriples and sdditioml :cgtrircd legal amtemrnts mai disclowres of all toads arnllor divisions of the Governmental Unit far the period beginning Jutv 1 30p5 .and ending Jmm)a was .The, mnaagemcnt's discussion and oralysis, «on-major combining, and individual toad suuetnents sad schedules shall be wbjected to the auditing procedures applied to tht audit ofthe basic finnnciat staartreots and on opinion will be rendered in relation to {ns applicable) the govettunental aedvities, the business-type activities, the aggregme discreetly presented component units, each major govemmcotal sad enterprise fund, and the aggrcgorc trmaimng fund information (nontnajorgovcmmrnt and emerprise funds, the internal service fund type, and the Rduriery fund types). 3. At a minimum, ilrc Auditor steal! conduct his audit and render his report in accordance with generally accepted auditing smndards, The Auditor shall perform the audit in acconlance with Grrvemment rtuditin~Standards if required by the Slam Single Audit ]mplemrntadan Act, os codified in G.S. 139-34. if required by OMB Circular A-133 and the State Single Audit lmplcmeatation Act, the auditor shall perform o 5 iaglc Audio 3. T/ils contract cantrmplnter an anqual~ed opinion being rardered if financial smtements arc rat prepared in naorhtnce rviW gcaetaily accepted accounting principles {GAAP), orilte statemerts fail to include all disclostms requited by GAAF, explain that depmture from GAAI' in the space below: None 4. This cantrrrct rontemplutes un wrrlrroJ{jed ophdon being rendered The audit steal! include suck tads of the aeetwtttiag records and such other auditing procedtacs ns tun considered by the Auditor to be necessary in ilte eireumstatxea Any limttatlonr or rertrletlans !n srnpe trhlch nwrrld lead to o goof fcattwt sbarelJ betally esplalned in an mtudxnuir ro rhis tonrract. The audit wili leave no stops limitndons except: NSA 5. If this audit engagemem is subjen to the smndatds for audit as defined in Government Audidno Stmdsnls issued by the Compaoller General of the United States, then the Audiwr wartaats by accepting chit rngagemad dot he/she has met the tequbemrnts for n peer review and contuwiag education as speri6al is S'isvemment Auditine Stnndardt. The Auditor agrees to pmvide a rnpy of their most recent peer review rcpnrt to the Governmental Unit and the Secretary of the Load Governmrnt Commission gpyl!$ rite cucudoa of the nltdit txmtrnel (Sec Item zO J 6. it is agreed that time is of the essrnce in this catmtnet AH audits meta be performed and the report of nadir submitted 6y l]ctober 31 2006 7. It is agreed that generagy accepted ourgting standartts include n review of the Governmental Unit's system of internal rnntrol and accounting u same rclnla+ to accountability of funds sad ndhecnce to budges and ]nor tequbcmertla applicable thereto: that the Auditor will aakc a written report, which tray or may not be a part of the written report of audit, to the Governing Boanl easing forth his fmdings, tagedrer wiilt his reeammrndatitros for improvernenL That written report tttnst include all matters defined as "rcpattnble eondiaons" in AU 325 of the A1CPA Professional 5~ The Auditor sha11 file a ~Y of that rennn with the S~eutrv ofilte Local Government Commission 8. All local government and public authority contracts for nnniml err special audits, bookkeeping ru other assistance narssary to prcpam the Unit's records for audio Snaneial suuemeot prepomtioa, eny finance-relnttxl investigstians, orany other audit-related work is the Stott of North Caroliia require the approval of dte Secretary of the torn! Government Commission. ]nvaitts for 5ec,~eterv nFthe Laval Gnvcmment Commission tTbis elan includes env nmgerss biliin¢s~ An invoices should be submitted i» triplimte w the Secretory of the torn! Govemmrnt Commissirm. The original and one copy will be returned to ilrc Auditor. Approval is not required oa contrutc and invoices Car system improvements and similar services of o aan-auditing amore. 9. la ermsidtuntitm of the sntisfactary performance of ills provisions of this agreement, the Governmrntal Unit shall pay to the Audito , tgran apprm'nl by dre Scrremry of the Local Govetmrnt Camm~aslOA, the Collawioe fee which includes may cast the Auditor may incur from work paper or peer reviews or any other quality asstannce program required by th'tnl pnrtirs (Federal mad State gmmar mad oversight agencies err atherorganiz9tionsa) ns enquired order the Federal mad State Single Audit Acts: Yearend bookkeeping assistance-1Fnr audits snbJect to Gavernmaat Auditing Standards, this b limited to bookkeeping aervkes permitted by revised independence Standards( Andit_ 563,500 Pmparmttoa of the finandai stotcments - 51 D,OOD 6saiacaace with preparation of the schedule of federal sad State Finanelel assistance $3.n00_ lQ. Afitr completing his audit, dx Auditor shall submit to the Governing Hoard o tvrittrn tepnn of audit This rcpaK stall include, at (cast, Management's Discussion and Amtlysts, the fnaocial statements of the govemmcntal wait and o!I of its componrnt units and notes titercto prepared in necortlnncc wtilt gtmemlly accepter accounting principles, combining and supplemenmry taformoeian requested by the clirnt nr rcquuecl for foil disclosure under ilte low, and the Auditor's opinion on the naterinl presented. The Auditor shall famish the required Dumber of copies of the report of audit to the Governing Board as soon as practical after the close afdte accounting period.