Orange County NC Website
4 <br /> 10. After completing his audit, the Auditor shall submit to the Governing Board a written report of audit This <br /> report shall include,at least,the financial statements of the governmental unit and all of its component units r <br /> and notes thereto prepared in accordance with generally accepted accounting principles, combining and <br /> supplementary information requested by the client or required for full disclosure under the law, and the <br /> auditor's opinion on the material presented. The Auditor shall furnish the required number of copies of the <br /> report of audit to the Governing Board as soon as practical after the close of the accounting period. <br /> ` 11. The Auditor shall file with the Local Government Commission three copies of the reporting package, which <br /> includes the audit report,(four copies for councils of governments)if a single audit is conducted.If there is a <br /> finding in a direct federal program, one additional copy of the audit report must be submitted to the Local <br /> Government Commission for each direct federal grantor with a finding.Two copies of the report of audit should <br /> be submitted if an audit in accordance with Government Auditing Standards is conducted and one copy if no <br /> single audit or audit in accordance with Government Auditing Standards is required. Copies of the report <br /> should be filed with the Local Government Commission when (or prior to) submitting the invoice for the <br /> services rendered All copies of the report submitted must be bound. The report of audit, as filed with the <br /> Secretary of the Local Government Commission,becomes a matter of public record for inspection and review in <br /> the offices of the Secretary by any interested parties.Any subsequent revisions to these reports must be sent to <br /> the Secretary of the Local Government Commission. These reports are used in the preparation of Official <br /> Statements for debt offerings, by municipal bond rating services, and to fulfill secondary market disclosure <br /> requirements of the Securities and Exchange Commission. <br /> 12. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than <br /> necessary under ordinary circumstances,the Auditor shall inform the Governing Board in writing of the need <br /> for such additional investigation and the additional compensation required therefor. Upon approval by the <br /> Secretary of the Local Government Commission, this agreement may be varied or changed to include the <br /> increased time and/or compensation as may be agreed upon by the Governing Board and the Auditor. <br /> 13. If an approved contract needs to be varied or changed for any reason,the change must be reduced to writing, <br /> signed by both parties, preaudited if necessary, and submitted to the.Secretary of the Local Government <br /> Commission for approvaL No change shall be effective unless approved by the Secretary of the Local <br /> Government Commission.the Governing Board.and the Auditor. <br /> 14. Whenever the Auditor uses an engagement letter with the client, Items 9 and 15 may be completed by <br /> referencing the engagement letter and attaching a copy of the engagement letter to the contract to incorporate <br /> the engagement letter into the contract In case of conflict between the terms of the engagement latter and the <br /> terms of this contract,the terms of this contract will control Engagement letter terms are deemed to be void <br /> unless the conflicting terms of this contract are specifically deleted in Item 20 of this contract Engagement <br /> letters containing indemnification clauses will not be approved by the Local Government Commission. <br /> 15. There are no special provisions except: See attached Engagement Letter <br /> 16. A separate contract should not be made for each division to be audited or report to be submitted A separate <br /> contract must be executed for each component unit which is a local government and for which a separate audit <br /> report is issued. <br /> 17. The contract should be executed and submitted in triplicate to the Secretary of the Local Government <br /> Commission,325 North Salisbury Street,Raleigh,North Carolina 27603.1385. <br /> 18. Upon approval,the original contract will be returned to the Governmental Unit,a copy will be forwarded to the <br /> Auditor,and a copy retained by the Secretary of the Local Government Commission.The audit should not be <br /> started before the contract is snoroved. <br /> 19. There are no other agreements between the parties hereto and no other agreements relative hereto that shall <br /> be enforceable unless entered into in accordance with the procedure set out herein and approved by the <br /> Secretary of the Local Government Commission. <br /> 20. All of the above paragraphs are understood and shall apply to this agreement,except the following numbered <br /> paragraphs shall be deleted(See Item 15.) <br /> Deloitte & Touche LLP Orange County . <br /> Audit arm Governmental Unit <br /> By K. Alan Lonbom By.William L. Crowther, Chairman <br /> I� (P ae pe.a< rinc name) (P)es"type or print name and yW <br /> ��lwatuee) (Signature of Ham or Srhslr9etssa of governing board) <br /> Approved by the Secretary of the Local This instrument has been preaudited in the manner <br /> Government Commission as provided in Article 3, required by The Local Government Budget and Fiscal <br /> Chapter 159 of the General Statutes or Article 31, Control Act or by the School Budget and Fiscal Control <br /> Part 3,Chapter I15C of the General Statutes. Act <br /> Kenneth T. Chavious <br /> For the Secreup•,Local Government Commission Governmental Unit Finance Officer Messe type or print name) <br /> (Signature) (Signature) <br /> Date Date *„ <br /> (Presudit Cert(acaw aja be datad.) <br />