1997 NS Finance - 1996-97 Audit Proposal and Contract

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8 , May 23, 1997 The Board of County Commissioners Page 4 and for making all financial records and related information available to us. It also is our understanding that you are responsible for implementing the requirements of applicable GASB Statements effective this fiscal year. We will advise you about accounting principles and their application and will assist in the preparation of your general purpose financial statements,but the responsibility for the general purpose financial statements remains with you. We will make specific inquiries of management about the representations embodied in the general purpose financial statements. As part of our audit procedures, we will request that management provide us with a representation letter acknowledging management's responsibility for the preparation of the general purpose financial statements and confirming certain representations made to us during our audit,and confirming management's responsibility for compliance with laws and regulations, applicable to federal and state financial assistance programs. The responses to those inquiries and related written,representations of management required by generally accepted auditing standards are part of the evidential matter that we will rely on as auditors in forming our opinion on the County's general purpose financial statements. Because of the importance of management's representations in performing an effective audit,the County agrees to release and indemnify Deloitte &Touche LLP, and its partners,principals and employees,from and against any and all actions,losses,damages, claims,liabilities,costs and expenses (including,without limitation,attorneys' fees and expenses,and the time of Deloitte&Touche LLP personnel involved)relating to our services under this engagement letter attributable to any misrepresentation by management that should not have been detected in an audit conducted in accordance with generally accepted auditing standards, as required in Item No. 2 of the Contract to Audit Accounts.. If the County intends to publish or otherwise reproduce in any document our report on the County's general purpose financial statements, or otherwise make reference to Deloitte &Touche LLP in a document that contains other information in addition to the audited general purpose financial statements (e.g.,in a debt or equity offering circular or in a private placement memorandum), the County agrees that prior to making any such use of our report, or reference to Deloitte &Touche LLP,County management will provide us with a draft of the document to read and obtain our approval for the inclusion or incorporation by reference of our report, or the reference to Deloitte& Touche LLP,in such document before the document is printed and distributed. The inclusion or incorporation by reference of our report in any such document would constitute the reissuance of our report and any request by the County to reissue our report or to consent to its inclusion or incorporation by reference in an offering or other document will be considered based on the facts and circumstances existing at the time of such request The estimated fees outlined herein do not include any services that would need to be performed in connection with any such request to make use of our report, or reference to Deloitte &Touche LLP,fees for such services(and their scope)would be subject to our mutual agreement at such time and would be described in a separate engagement letter.