1997 NS Finance - 1996-97 Audit Proposal and Contract

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LGC-205(Rev.1/1/1997) CONTRACT TO AUDIT ACCOUNTS 3 File in Triplicate. of orange County Governmental Unit On this 23rd day of May 1997 Deloitte & Touche LLP Auditor Post Office Box 2778, Raleigh, North Carolina -27602-2778 Mailing Address Board of-County hereinafter referred to as the Auditor,and Coltmissioners of Orange County hereinafter referred Governing Board GovernmenW 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 . 199 and ending June 30 – 199-7— 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 will 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 generally accepted auditing standards.The auditor shall perform the audit in accordance with 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. The audit shall include such tests of the accounting records and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances,except as follows(See Item 4): 4. This contract contemplates an unquol44W opinion being rendered Any limitations or restrictions in scope which would lead to o qualification should be fully explained in an attachment to this contract.The audit will have no scope limitations except: None 5. If this audit engagement is subject to the standards for audit as defined in the Government Auditing Standards issued by the Comptroller General of the United States,then the Auditor warrants by accepting this engagement that he/she will meet the requirements for a peer review and continuing education as specified in the Government Auditing Standards.The Auditor agrees to provide a copy of their most recent peer review report to the Governmental Unit and the Secretary of the Local Government Commission pd;l&the execution of the audit contract. 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 October 31 1g97 7. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal control and accounting as same relates to accountability of funds and adherence to budget and law requirements applicable thereto:that the 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 forth his findings, together with his recommendations for 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 copy of that report with the Secretary 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 Units records for audit, financial statement preparation, any finance- related investigations.or any other audit-related work in the State of North Carolina require the approval of the Secretary of the Local Government Commission.Invoices for services rendered under these contracts shall not be raid by the Governmental Unit until the invoice has been approved by the Secretary of the Local Government Commission. (This also includes anv progress Wings.) 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 improvements 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 fn which includes any cost the Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties(Fetg l and- agencies or other organizations)as required under the Federal and State Single Audit Acts: �oiuUuU (Continued on Reverse)