2005 S Finance - Cherry, Bekaert & ITolland, L.L.P Audit Contract for the June 30, 2005 Fiscal Year

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4~'F s/r~ae o.~ D ~~~ ~~;~ JUN 1 2005 LGC-205 (Rev. 1/1/2004) CONTRACT TO AUDIT ACCOUNTS LOCgL G01fERNT File in Triplicate. Gp31~f `~~ ~~ I pN of Orange County. North Carolina iVl Govemmental Unit On this 8th day of April, 2005, Cherry, Bekaert & ITolland, L.L.P., 2626 Glemvood Avenue, Suite 300, Raleigh, North Carolina 28608, hereinafter referred to as the Auditor, and the County Commissioners of Orange County, North Carolina, hereinafter referred to as the Governmental Unit, agree as follows: I. The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and additional required legal statements and disclosures of all funds and/or divisions of the Govemmental Unit for the period beginning July 1, 2004 and ending June 30, 2005. The combining, individual fund, and account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit of the combined financial statements and an opinion will be rendered in relation to the combined financial statements taken as a whole. 2. At a minimum, the Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. Tile auditor snail perform the audit in accordance wish Government t~uditine Standards if required by the State Single Audit Implementation Act, as codified in G.S. 159-34. If required by OMB Circular A-133 and the State Single Audit Implementation Act, the auditor shall perform a Single Audit. 3. This contract contemplates an unqualified opinion being rendered. If financial statements are not prepared in accordance with generally accepted accounting principles (GAAP), or the statements fail to include all disclosures required by GAAP, explain that departure from GAAP in the space below: None 4. This contract contemplates an unqualified opinion being rendered. The audit shall include such tests of the accounting records and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances.. r(ny limitations or restrictions in scope which would lead to a qualifcation should be firlly explained in an attachment to this contract. The audit will have no scope limitations except: N/A 5. If this audit engagement is subject to the standards for audit as defined in the Government Auditi~ Standards, issued by the Comptroller General of the United States, then the Auditor warrants by accepting this engagement that he/she has met the requirements for a peer review and continuing education as specified in the Government Auditine Standards. The Auditor agrees to provide a copy of their most recent peer review report to the Governmental Unit and the Secretary of the Local Govemment Commission prior to the execution of the audit contract. (See Item 20.) 6. It is agreed that time is of the essence in this contract. All audits are to be performed and the report of audit submitted by October 3l, 2005. ~. ii .S ugrecd Thal ~,ti.1Gi'uiiy accepted audltmg StanddCUS lllClude a revleW' Gf ule GGVe1Ttlnentai IJ nit's Syste:rl Uf Internal L'Untr(71 and accounting as same relates to accountability oI' funds and adherence to budget and law requirements applicable thereto; that the Auditor will make a written report, which may or may not be a part of the written report of audit, to the Governing Board setting forth his findings. together with his recommendations for improvement. That written report must include all matters defined as "reportable conditions" in AU 325 of the AICPA Professional Standards. The Auditor shall Fle a conv of that report with the Secretary of the Local Government Commission. 8. All local government and public authority contracts for annual or special audits, bookkeeping or other assistance necessary to prepare the Unit's records for audit, financial statement prepazation, any finance-related investigations, or any other audit-related work in the State of North Carolina require the approval of the Secretary of the Local Government Commission. Invoices for services rendered under these contracts shall not be paid by the Governmental Unit until the invoice has been aonroved by the Secretary of the Local Government Commission. (This also includes any progress billin2s.1 All invoices should be submitted in triplicate to the Secretary of the Local Govemment Commission. The original and one copy will be returned to the Auditor. Approval is not required on contracts and invoices for system improvements and similar services of anon-auditing nature. 9. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental iJnit shall pay to the Auditor, upon approval by the Secretary of the Local Govemment Commission, the following fee which includes any cost the Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties (Federal and State grantor and oversight agencies or other organizations) as required under the Federal and State Single Audit Acts: