1999 S Audit Contract for Fiscal Year Ending June 30, 1999

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CONTRACT TO AUDIT ACCOUNTS ", ,)coo of Orange County, , ; n Governmental Ui Ju% RETURN THIS COPY TO THE CLERK'S OFFICE FOR THE PERMANENT AGENDA FILE On 6 6 h _day of April , 19 99 . Deloitte & Tou�he LI P Auditor Post Office Box 2778, Raleigh, North Carolina 27A02_977$ Mailing Address board 0 county ,hereinafter referred to as the Auditor,and Commissioners of Orange County ,hereinafter referred Governing Board Governmental Unit to as the Governmental Unit,agree as follows: 1. 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 Governmental Unit for the period beginning July 1, , 19 98,and ending June 30, , 1999 .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 a ill 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 gcneralh• accepted auditing standards.The auditor shall perform the audit in accordance%%ith Government Auditing 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 on unqualified opinion being rendered. If financial statements are not prepared in accordance with gencrally Sccepted accounting principles(GAAP).or the matcments fail to Include all disclosures required by GAAI',explain that deparwre from GAAP in the.pace btlu�v; 4 Ills contract contemplates all urapralified opinion being rendered. The audit shall include such tests of file accounting records and such other auditing procedures as are considered by the Auditor to he necessary in the circumstances. Anv linritations or ic.)irtctions its scope it itould lead to a yuahftcarrori should be fire/•explained in on aitachnrew to this contract. The audit ti ill have no scope limitations except: 5. II'this audit engagement is subject to the standards for audit as defined in the Government Auditing Standards, issued by the Comptroller General of the Unitcd States. then the Auditor ixarrants by accepting this cngagement that lie/she has stet the requirements for a peer rex icxi and continuing education as specified in the Government Auditing Standard,.The Auditor agrees to pros ide a cop; of Ilicir most recent peer rc%-icN report to the Governmental Unit and the Secretary of the Lucid Government tr Ulnlllla}Ion prlihr Ill tee C\CCtllloll oI leis audit contract. (sec Item 2U.) G. It is agrec,l that time is of the essence in this contract.All audits arc to be performed and the report of audit submitted by October 31, . 19 99. 7. It is agreed that gencralh accepted auditing standards include a review of the Governmental Unit's system of internal control and accounting as sanic relates to accountability of fundz and adherence to budget and lacy requirements applicable thereto;that the Auditor dill make a\%ritten report.%shish may or may not he a pan of the written report of audit,to the Governing Board setting forth his findings,together%%ith his recommendations f'or improvement.That written report must include all matters defined as "reportable conditions" in AU 325 of the AICPA Professional Standards.The Auditor shall file a cony of that report xvith the Secretnry of the Local Government Commission. S. 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 preparation,any finance-related investigations,or any other audit-related \%ork in flit State of North Carolina require the approval of the Secretary of the Local Government Commission. Invoices for sen ices rendered under these contracts shall not be paid by the Governmental Unit until the invoice has been approved by the Secretan of the Local Government Commission. (This also includes any progress billings.)All invoices should be submitted in triplicate to the Secretary of the Local Government Commission. The original and one copy will be returned to the Auditor. Approval is not required on contracts and invoices for system improvemcnts and similar services of a non-auditing nature. 9. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the Auditor,upon approval by the Secretary of the Local Government Commission,the following fee which includes any cost the Auditor may incur from xvork paper or peer reviews or any other quality assurance program required by third parties(federal and State agencies or other organizations)as required under the Federal and State Single Audit Acts: Year-end bookkeeping assistance- N/A Audit- r $60,300- Preparation of the financial statements N/A (Continued on Reverse)