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2004 S Finance - Cherry Bekaert & Holland Audit Contract for the June 30, 2004 Fiscal Year
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2004 S Finance - Cherry Bekaert & Holland Audit Contract for the June 30, 2004 Fiscal Year
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Last modified
4/14/2011 11:46:54 AM
Creation date
2/7/2011 4:37:15 PM
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BOCC
Date
5/4/2004
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
5d
Document Relationships
Agenda - 05-04-2004-5d
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\Board of County Commissioners\BOCC Agendas\2000's\2004\Agenda - 05-04-2004
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LGC-205 (Rev. 1/1/2003) <br />File in Triplicate. <br />CONTRACT TO AUDIT ACCOUNTS <br />_~ :} <br />MAY ~ ~. 20041 <br />Orange County, North Carolina L~A~ ~~~~.tQa°~1l~lE~~ <br />On this 31st day of March, 2004, Cherry, Bekaert & Holland, L.L.P., 2626 Glenwood Aven~`,~Ii1~~'6lYR~A~h, NC 27608, <br />hereinafter referred to as the Auditor, and the Board of County Commissioners of Orange County, North Carolina hereinafter <br />referred to as the Governmental Unit, agree as follows: <br />1. The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and additional required <br />legal statements and disclosures of all funds and/or divisions of the Governmental Unit for the period beginning July 1, 2003 and <br />ending June 30, 2004. The combining, individual fund, and account group financial statements and schedules shall be subjected to <br />the auditing procedures applied in the audit of the combined financial statements and an opinion will be rendered in relation to the <br />combined financial statements taken as a whole. <br />2. At a minimum, the Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. <br />The auditor shall perform the audit in accordance with Government Auditing Standards if required by the State Single Audit <br />Implementation Act, as codified in G.S. 159-34. If required by OMB Circular A-133 and the State Single Audit Implementation Act, <br />the auditor shall perform a Single Audit. <br />3. This contract contemplates an unqualifed opinion being rendered. If financial statements are not prepared in accordance with <br />generally accepted accounting principles (GAAP), or the statements fail to include all disclosures required by GAAP, explain that <br />departure from GAAP in the space below: <br />None <br />4. This contract contemplates an unqualified opinion being rendered. The audit shall include such tests of the accounting records and <br />such other auditing procedures as are considered by the Auditor to be necessary in the circumstances.. Any limitations or restrictions <br />in scope which would lead to a qualification should be fully explained in an attachment to this contract. The audit will have no <br />scope limitations except: <br />None <br />5. If this audit engagement is subject to the standards for audit as defined in the Government Auditine Standards, issued by the <br />Comptroller General of the United States, then the Auditor warrants by accepting this engagement that he/she has met the <br />requirements for a peer review and continuing education as specified in the Government Auditing Standards. The Auditor agrees to <br />provide a copy of their most recent peer review report to the Govemmental Unit and the Secretary of the Local Government <br />Commission prior to the execution of the audit contract. (See Item 20.) <br />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 <br />October 31, 2004 <br />7. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal control and <br />accounting as same relates to accountability of funds and adherence to budget and law requirements applicable thereto; that the <br />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 <br />forth his findings, together with his recommendations for improvement. That written report must include al] matters defined as <br />"reportable conditions" in AU 325 of the AICPA Professional Standards. The Auditor shall file a copy of that report with the <br />Secretary of the Local Government Commission. <br />8. All local government and public authority contracts for annual or special audits, bookkeeping or other assistance necessary to <br />prepare the Unit's records for audit, financial statement preparation, any finance-related investigations, or any other audit-related <br />work in the State of North Carolina require the approval of the Secretary of the Local Government Commission. Invoices for <br />services rendered under these contracts shall not be paid by the Governmental Unit until the invoice has been approved by the <br />Secretary of the Local Government Commission. (This also includes any progress billings.) All invoices should be submitted in <br />triplicate to the Secretary of the Local Government Commission. The original and one copy will be returned to the Auditor. <br />Approval is not required on contracts and invoices for system improvements and similar services of anon-auditing nature. <br />9. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the Auditor, <br />upon approval by the Secretary of the Local Government Commission, the following fee which includes any cost the Auditor may <br />incur from work paper or peer reviews or any other quality assurance program required by third parties (Federal and State grantor <br />and oversight agencies or other organizations) as required under the Federal and Siate Single Audit Acts: <br />
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