Agenda - 04-15-2008-4f - Laserfiche WebLink

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i4 Lcc-ws (tzCr. uttzoa7l CONTRACT TO AUDTT ACCOUNTS F!leiaTrtpllata. Orange County, North Carolina of Govenmtmtd Gait On ~ 24th day of March , 2DD8 McGiadtEy & Pullen, l1P Auditor P.O. Box 2470, Greensboro, NC 27402-2470 Mm7ing Addtas .hereineftareferred toes the Autiito ,and the Commissioners of Orange County, NorRi Carolina , here'ineRer refetred GoverningHoerd GovemmentntUnit to as the Governmental Unit, egtee as follows: t. The Auditor (:ball audit all statements and disclosures squired by geaemlly accepted accounting principles end additional re9titred legal statements and disclosures of all fonds andlor dfvisians of tho Govcrnmrntal Unit far tho period beginning .tyr 7DO7 . and ending .~.so . ~ The nonrnajor combining, and individual fend statemrnts and schedules shall be subjected to the auditing procedures applied in the audit of the basic financial atatemrnts and an opinion will be readered in relation to (as applicablo) the govermnentel nctivides, tits business-typo activi6cs, the aggsgate discretely presented componrnt ratite, each tmjar governmental and rntegrrise Sand, and the aggregate remaining fiord information (nomnajor government and enterprise fiends, the internal service [imd type, and the fiduciary fund types). 2. At a minimtmt, the Auditor shell conduct hiUhar audit and render bisTher report in accordance with generally accepted wd[ting staadetds. The Auditor shell perform the audit is accordance with Govemme Avdittn¢ Stendmds if required by the State Single Audit Implementation Act, as codified in G.S. I59-34. If squtsd by OMB Circular A-133 and the Stato Singio Audit Implementation Act, the auditor shall perform a Single Audit. 3. Thin contract wntempfares an unqualifred opinion being rendered If financial smtcmrnts are not prepared in nccordwce with getterally accepted accounting principles (GAAP), or Ilse statemrnls fail to include all d(sclosmca rcqu'tsd by GAAP, explain that departure from GAAF in the space below: No doparwrns rem cantomplntad 4. This connract contemplarra an unguafified opinion bdng rendered lira audit shall include such torts of tare accounting scords and each other auditing procultues ns ns cottsttiered by the Auditor to be necessary in tho citcumstancos. Arty IhnUatians or rrstrietions la scope tvhieh would lead to a guai~callan shmdd be fully esplafned to an attachment to This contract. The audit wiD have no scope limitations except: ~No Ilmitations are tmntempielad s. IF thiv wdit engagement is subject to the standards for audit as defined in Government Auditing Standards. issued by the Comptroller Grncrnt of tho United Status, titer the Aadittu warrants by accepting this engagement that he has met the requiroments for a peer review and continuing education as specified in Government Auditine Standatds. Tho Auditor agrees to provide a copy of Choir most recent peer sview report to tiro Govormnental Unit and dro Secretary of We Local Government Commission prior L the execution of the audit contract. (See Item TA.) 6. It is agreed that time is of the esseatx in this contract. AU audits are to 6e performed and the sport of audit submitted by October31 2008 7. it is agreed that grneraliy accepted auditing standazda include a review of the Gavetnmentnl Unit's system of internal control and aewuniing as earn( slates to accatmtnbSliry of funds mtd atiherrntx to budget and law regniremrnts applitatble Westo; that the Auditorwill mako a tvrincn report, which tray ar may not bo a part of the written sport of andiy to the Governing Board setting forth his findings, togadter with his scommendntions For improvemeat. 'that carillon report most include all matters defined as "sigtdficont deficiencies and material weaimesses" in AU 3Z5 of the p1CPA Professiennl Standntds. The Auditor shall file a cony gjjfiet report with tho Secretory of theJ.ocnl Government Commission. 6. Alt local govermnent and public authority eotrtracts for annual or special audits, bookkeoping or odtor assistance necessary to prepare the Unit's records for oudit, fimtncisl slntemem pspamtion, nay fmanon-slated investigntioas, or any other audit-sintod work in the State of North Carolina require ttte approval of the Secretary of the Local Government Commission. Invoices for carYl£a° rendered tmdaf these comracts shalt not be acid by the Govemmenlni Unit anti( the invoice }ras been naaroved 6v the e ~ of the Local Governmrnt Commission. (Ttus also mcindes any omarcss 6dhnasl [G.S..159 34 and IISC-447) All imrottxs shwld be submitted in triplicate w the Secretary of the Loca! Gavernmeat Commissioa. The original and one copy wUl be rehuaed to the Auditor. Approval is not required on contends and invoices for system improvemems sad similar services of a non-nnditiognnttue. 9. Tn considerntion of the antisfadory perfatmnnce of the provisions of (Iris egreemrnt, the Governmental Unit shaD pay m the Auditor, ttpon approval by the Secstary of the Local Goverrunrnt Commission, the fa0otvine Foe which includes any cost the Auditor tray inwr from work paper or peer reviews or arty other quality assurance program required by third Parties (Patera! and Stau grantor and oversight agrncies or other orgnn'vntions) as required under the Fedorai'and Stato Singlo Aud'u Acts: Year=sad bookkeeping assistance-(For audits subfeet to Goterturtent Auditing Standards, Jbis is limited to boahkerping ecru/cespermiNedbgrevLredfndcpendrnceSYaadardsJ ~°nr'"'~"'~°""°"'dd'°"'°"d"m"'°""`°aw.pdaw,~wam. Andtt- a~mit4+m~^7rmm.W>»dY,gi~rraG6W~/eYnf NrlaE,bMiWM~IrpM,INr1M,k~.N7+~Iwbrp~panf t0a,lerNl~bbCmMNl~wc0. Ftreparatlonofthefianncialetalaments- ~~°0°t"a"P"P°rte"a'a'w"°w°v"'rr`r"°w'°u'r«a"T°""`accam.ru°'n`ot~o"mawaaa'wn ID. Ails completing his audit, the Auditor shall submit to the Governing Hoard o wrinrn sport of audit. This sport shall include, at least, Mmtagemrnt's Discussion and Analysis, dto financial statements of the governmental unit and all of i1a component units and notes dtetcto ptepmed in accordance with generally accepted aceounting Principles, combining and supplemrntary infommtion requested by Ute clieot of requited for full disclosure undo Cho law, and the Auditor's opinion on the mntedat prrsrnttxl. The Avtlitor shall huaish the legated mtmber of copies of the report of audit to the Governing Hoard as soon as pendicat aRa the close of dte accounting period. '