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

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0 Orange County, North Carolina March 24, 2008 Page 4 . During the course of our engagement, we may accumulate records containing data which should be reflected in your books and records. You will determine that all such data, if necessary, will be so reflected. Aa:ordingly, you will not expect us m maintain copies of such retards in our possession. The assistance to be supplied by organization personnel, including the preparation of schedules and analyses of accounts, has been discussed and cx~ordinated with Mr. Gary Humphreys, Fscai Agent. The timely and accurate completion of this work is an essential condition to our completion of the audit and issuance of our audit report. Other Terms of our Engagement Our fees are based on the time required by the individuals assigned to the engagemerrt,,plus direct expenses. Infiertm billings will be submitted as work progresses and as expenses are incurned. We will submit our bill for these services prompNy upon delivering the reports. Billings an: due upon submission. Our fee far the services described in this letter wi11 not exceed $88,300 and $5.,000 for the.pn±paration of schedules of.property tax receivables for the Towns of Chapel Hili, Cartboro and Hillsborough unless the scope of the engagement is changed, the assistance which the County has agreed to furnish is not provided, or unexpected conditions an=encountered, in which case we wBl discuss the situation withyou before.ptoceeding, if agreed to by the County by an amendment to the Contract. Any senrices performed in addition to normal audit procedures will be charged at standani rates. Any additional major programs above the four (4) major programs Hnll be billed at $4,000 each. All other provisions of this fetter will survive any fee adjustment. . The working papers for this engagement an: the property of McGladrey ~ Pullen, LLP. However, you acknowledge and grant your assent that representatives of the cognrzant or oversight agency or their designee, other govemment audit staffs, and the t7.S. Government Accountability Office shall have access to the audit working papers upon their request; and that we shall maintain the working papers for a period of at least three years after the date of the report, or far a longer period if we are requested to do so by the cognizant or oversight agency. Access to requested working papers wtil be provided under the supervision of McGladrey & Pullen, LLP audit personnel and at a location designated by our >=trm. in the event we are requested or authorized by the County or an: required by govemment regulation, subpoena, or other legal process to produce our documents or our personnel as witnesses with respect tQ our engagements for the County, the County wiq, so long as we are not a party to the proceeding in which the information is sought, reimburse . us for our professional time and expenses, as well as the fees and expenses of our counsel, incurred in responding to such requests. From time to time and depending upon the circumstances, we may use thud-party service providers to assist us in providing professional services to you. in such circumstances, it may be necessary for us to disclose confidential client information to them. We enter into confldentialityagreementswith alithird-party service provider; and we are satisfied that they have appropriate procedures in place th prevent the unauthorized retease of your confidential information to others. If circumstances arise relating to the .conditions of your reconis, the availability of sufficient, competent evidential matter, ar indications ofi a sign~icant risk of ma6erial m'~sstatement of the financial statements because ofi error, fraudulent financial reporting, misappropriation ofassets, or noncompiiancewhich inour professional judgment prevent us from completing the audit or forming an opinion, we retain the unilateral right to take any course of action penriittedby profiessional standards;'including dectiriing to express an opinion or'issue a report, or vr"~rawal from the engagement