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2000 S Finance - Audit Contract for June 30, 2000 Fiscal Year
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2000 S Finance - Audit Contract for June 30, 2000 Fiscal Year
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Last modified
4/16/2013 3:47:37 PM
Creation date
3/12/2013 8:54:57 AM
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BOCC
Date
6/6/2000
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
8i
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Agenda - 06-06-2000-8i
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\Board of County Commissioners\BOCC Agendas\2000's\2000\Agenda - 06-06-2000
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s <br /> _... RETURN THIS COPY TO THE C RK_ <br /> OFFICE FOR THE PER DR,FILE <br /> l_GC-2 . 1/t/Mo) CONTRACT TO AUDIT ACCOUN� <br /> � 4 <br /> Pile in T e. 4 ,:wrf <br /> of Orange County 3p 24�U <br /> Governmental Unit 30 <br /> 1 <br /> On this'' =`'24th day of May , 2000 , Deloit~td & Toudhe LLP <br /> Auditor <br /> 1100 Ca 29217719-1-675 <br /> Mailing Address <br /> ,hereinafter referred to as <br /> the Auditor,and Board of�Copuzissionersof Orange County ,hereinafter referred <br /> Governing Board Governmental Unit <br /> to as the Governmental Unit,agree as follows: <br /> I. The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and additional <br /> required legal statements and disclosures of all funds and/or divisions of the Governmental Unit for the period beginning <br /> f�11,�_I 199() and ending Jae 30 2000 . The combining, individual fund, and <br /> account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit of the <br /> combined financial statements and an opinion will be rendered in relation to the 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 <br /> standards.The auditor shall perform the audit in accordance with Government Auditing Standards if required by the State Single <br /> Audit Implementation Act, as codified in G.S. 159-34. If required by OMB Circular A-133 and the State Single Audit <br /> Implementation Act,the auditor shall perform a Single Audit. <br /> 3. This contract contemplates an unqualified 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 /> 4. This contract contemplates an unqualified opinion being rendered. The audit shall include such tests of the accounting records <br /> and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances..Any limitations or <br /> restrictions in scope which would lead to a qualification should be fully explained in an attachment to this contract. The audit <br /> will have no scope limitations except: <br /> 5. If this audit engagement is subject to the standards for audit as defined in the Government Auditing 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 <br /> to provide a copy of their most recent peer review report to the Governmental 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.Ail audits are to be performed and the report of audit submitted by <br /> Oct-obc r 31 , 2000 . <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 slaw 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 all 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 otother 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 a non-auditing nature. <br /> 9. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the <br /> Auditor, upon approval by the Secretary of the Local Government Commission,the following fee which includes any cost the <br /> Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties(Federal and <br /> State grantor and oversight agencies or other organizations)as required under the.Federal and State!$kltAle Audit Acts: <br /> Year-end bookkeeping assistance- NIA <br /> Audit- $66,500 <br /> Preparation of the financial statements N/A <br /> 10, After completing his audit,the Auditor shall submit to the Governing Board a written report of audit.This report shall include,at <br /> least, the financial statements of the governmental unit and all of its component units and notes thereto prepared in accordance <br /> with generally accepted accounting principles,combining and supplementary information requested by the client or required for <br /> full disclosure under the law,and the auditor's opinion on the material presented. The Auditor shall furnish the required number <br /> of copies of the report of audit to the Governing Board as soon as practical after the close of the accounting period. <br /> (Continued on Reverse) <br />
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