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

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* - The independent auditors' report of Deloitte & Touche LLP should not be included or incorporated by reference in any client prepared document without the express written permission of Deloitte & Touche LLP. 10. After completing his audit,the Auditor shall submit to the Governing Board a written report of audit.This report shall include,at least.the financial statements of the governmental unit and all of its component units and notes thereto prepared in accordance _ with generally accepted accounting principles,combining and supplementary information requested by the client or required for full disclosure under the law,and the auditor's opinion on the material presented.The Auditor shall furnish the required number of copies of the report of audit to the Governing Board as soon as practical after the close of the accounting period. H. The Auditor shall file with the Local Government Commission two copies of the report of audit, including one copy of the federal Data Collection Form,if a federal single audit is conducted. Two copies of the report of audit should be submitted if an audit is required to be performed only under the requirements of the State Single Audit Implementation Act or a financial audit is required to be performed in accordance with Government Auditing Standards.Otherwise,one copy shall be submitted.Copies of the report shall be filed with the Local Government Commission when(or prior to)submitting the invoice for the services rendered. All copies of the report submitted must be bound. The report of audit, as filed with the Secretary of the Local Government Commission,becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties.Any subsequent revisions to these reports must be sent to the Secretary of the Local Government Commission. These audited financial statements arc used in the preparation of official Statements for debt offerings,by municipal bond rating services,and to fulfill secondary market disclosure requirements of the Securities and Exchange Commission. 12. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under ordinary circumstances,the Auditor shall inform the Governing Board in writing of the need for such additional investigation and the additional compensation required therefor. Upon approval by the Secretary of the Local Government Commission. this agreement may be%aricd or changed to include the increased time and/or compensation as may be agreed upon by the Governing Board and the Auditor. 13. If an approved contract needs to be varied or changed for any reason•the change must be reduced to writing,signed by both parties,preaudited if necessary,and submitted to the Secretary of the Local Government Commission for approval.No chance shall he effecti%c unless approved M• the Sccrclar• of the Local Government Commission. the Governing Board. and the Auditor. 14. Whenever the Auditor uses an engagement letter %%ith the client, Items 9 and 15 may be completed by referencing the engagement letter and attaching a copy of the engagement letter to the contract to incorporate the engagement letter into the contract.In case of conflict between the terms of the engagement letter and the terms of this contract•the terms of this contract vv ill control.Gngagenicnt letter terns arc deemed to be%oid unless the conflicting terms of this contract are specifically deleted in Item 21 of this contract.Engagement Icucrs containing indemnification clauses mill not be approved by the Local Government Commission. 15. There are no special provisions except: See attached engagement letter 16 A separate contract should not be made for each division to be audited or report to be submitted.A separate contract must be executed for each component unit which is a local government and for which a separate audit report is issued. 17. The contract should be executed and submitted in triplicate to the Secretary of the Local Government Commission,325 North Salisbury Street.Raleigh.North Carolina 27603.1385. 18. Upon approval•the original contract will be returned to rile Governmental Unit.a copy will be forwarded to the Auditor,and a cope retained by the Secretary of the Local Government Commission. The audit should not he started before the contract is aprroed. 19. There arc no other agreements between the panics hereto and no other agreements rclaii%c hereto that shall be enforceable unless entered into in accordance %with the procedure set out herein and approved by the Secretary of the Local Government Commission. 20. If this audit engagement is not subject to Cmernment Auditing Standards,then Item 5 shall be listed as a deleted provision in hem 21. An explanation must he given for deleting this pro%ision. 21. All of the above paragraphs are understood and shall apply to this agreement.except the following numbered paragraphs shall be deleted:(Sec Item 1.1.) Deloitte & Touche LLP Orange County, North Carolina Audu fnn mcrnmcnta Unit f)v. K. Alan Lonbom, Partner fill 1. r print name) l►> Alice M. Gordon, Chair /y A f Plwx r r prim name and tide Signature) /L�l' GUt�K (Signature or Ma,or or Chai rson orgotroming board) at Date 2 Date � L 3 so . 1 l ! 1 Approved by the Secretary of the Local Government Commission as provided in Article 3.Chapter 159 of the This instrument has been prcaudited in the manner required by General Statutes or Article 31.Part 3.Chapter I I SC of the The Local Government Budget and Fiscal Control Act or by the General Sta a School Budget and Fiscal Control Act. TEES A BORDEAUX Kenneth T. Chavious r the Secretary.L-I Go. unent Con 'ssim Gm-emmental Unit Finance OBeer(1 I axe type or prim name) (Si•na urcl (Signature) Date_ �U Dave `�/� --'o� (p-1,nJ Q•n��t be dated.)