Agenda - 06-02-1997 - 9b - Laserfiche WebLink

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10. After completing his audit, the Auditor shall submit to the Governing Board a written report of audit. This 4 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 cite report of audit to the Governing Board as soon as practical after the dose of the accounting period. 11. The Auditor shall file with the Local Government Commission three copies of the reporting package, which includes the audit report,(four Copies for councils of governments)if a single audit is conducted. If there is a finding in a direct federal program, one additional copy of the audit report must be submitted to the Local Government Commission for each direct federal grantor with a finding.Two copies of the report of audit should be submitted if an audit in accordance with Government Auditing Standards is conducted and one copy if no single audit or audit in accordance with Government Auditing Standards is required. Copies of the report should 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 reports are 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 circumsunums 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 varied 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 change shall be effective unless approved by the Secretary of the Local Government Commission.the Governing Board.and the Auditor. 14. Whenever the Auditor uses an engagement letter with 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 will control.Engagement letter terms are deemed to be void unless the conflicting terms of this contract are specifically deleted in Item 20 of this contract Engagement letters containing indemnification clauses will not be approved by the Local Government Commission. 15. There are no special provisions except: See attached Engagement Letter 16. A separate contact 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 the Governmental Unit,a copy will be forwarded to the Auditor,and a copy retained by the Secretary of the Local Government Commission.The audit should not be started before the contract is approved. 19. Then are no other agreements between the parties hereto and no other agreements relative 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. All of the above paragraphs are understood and shall apply to this agreement,except the following numbered paragraphs shall be deleted(See Item 15.) Deloitte & Touche LLP Orange County . Audit firm Gowtamental Unit By, K. Alan Lonbom By.W.i:lliam L. Crowther, Chairman / P pname) p'Laet type or print name area yW 7 _ egnature) (Signature of Msmc or CJMWMMM of eMAiraio f board) Approved by the Secretary of the Local This instrument has been preaudited in the manner Government Commission as pprovided in Article 3, required by The Local Government Budget and Fiscal Chapter 159 of the General Statutes or Article 31, Control Act or by the School Budget and Fiscal Control Part 3.Chapter 115C of the General Statutes. Act Kenneth T. Chavious For the Secretary,local Government Commission Governmental Unit Fuunte Officer(Pies"type or print name) (Signature) (Signature) Date Date t, (Preaudit Certifina cum&be dated.)