Orange County NC Website
Lcc-205 (Rev. In/19K CONTRACT TO AUDIT ACCOUNTS <br /> Tnplicate. <br /> of Otarx7e County <br /> Gevvrontaa&I Udc <br /> On this 16th day of may , 19_L4_, Deloitte & 2buche <br /> Auditor <br /> PO Box 2778, Raleigh, NC 27602-2778 <br /> Maitiag Ad*= <br /> hereinafter referred to as <br /> the Auditor, and Bd of County Ccamdssioners of Orange Cotmty hereinafter referred <br /> Govwnâ–șni Hoard ceverataeow unit <br /> to as the Governmental Unit, agree as follows: <br /> 1. The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and <br /> additional required legal statements and disclosures of all funds and/or divisions of the Governmental Unit for the period <br /> beginning July 1 , 19_L3,and ending June 30 ,19 94 The combining,individual fund, <br /> and account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit <br /> of the combined financial statements and an opinion will be rendered in relation to the combined financial statements <br /> taken as a whole. The audit will have no scope limitations except: Now <br /> 2. The Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. The <br /> audit shall include such tests of the accounting records and such other auditing procedures as are considered by the Auditor <br /> to be necessary in the circumstances, except as follows: (See Item 12.) <br /> 3. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal con- <br /> trol and accounting as same relates to accountability of funds and adherence to budget and law requirements applicable <br /> thereto; that the Auditor will make a written report, which may or may not be a part of the written report of audit, to <br /> the Governing Board setting forth his findings, together with his recommendations for improvement.That written report <br /> must include all matters defined as"reportable conditions'in AU 325 of the AICPA Professional Standards.The Auditor <br /> shall file a copy of that report with the Secretary of the Local Government Commission. <br /> 4. After completing his audit, the Auditor shall submit to the Governing Board a written report of audit. This report shall <br /> include, at least, the financial statements of the governmental unit and all of its component units and notes thereto prepared <br /> in accordance with generally accepted accounting principles,combining and supplementary information requested by the <br /> client or required for full disclosure under,the law, and the auditor's opinion on the material presented.The Auditor shall <br /> furnish the required number of copies of the report of audit to the Governing Board as soon as practical after the close <br /> of the accounting period. (See Item 15.) <br /> S. It is agreed that time is of the essence in this contract. All audits are to be performed and the report of audit submitted <br /> by October 31 19 94 <br /> 6. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under <br /> ordinary circumstances,the Auditor shall inform the Governing Board in writing of the need for such additional investiga- <br /> tion and the additional compensation required therefor. Upon approval by the Secretary of the Local Government Com- <br /> :ai:t:ar:, th s xaree n t may be varied or changed to Include the increased time and compensation as may be.agreed upon <br /> by the Governing Board and the Auditor. <br /> 7. The Auditor shall perform a compliance audit for all federal and State financial assistance programs in accordance with <br /> the Single Audit Act of 1984 (Pub. L. No. 98-502 and G.S. 159-34). The Auditor will file the required number of copies <br /> of all reports required under the Federal and State Single Audit Acts with the Secretary of the Local Government Commission. <br /> (This includes the report required in Item 3.) (See Items 15 and 18.) <br /> S. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to <br /> the Auditor, upon approval by the Secretary of the Local Government Commission, a fee which includes any cost the <br /> Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties(Federal <br /> and State agencies or other organizations as required.under the Federal and State Single Audit Acts: CAM <br /> Certification of Tax Levy $31,500; Single Audit of Grant Ptmds $21,000. <br /> 9. All local government and public authority contracts for annual or special audits,financial statement preparation,finance- <br /> related investigations, or any audit-related work in the State of North Carolina require the approval of the Secretary of <br /> the Local Government Commission.Invoices for services rendered under these contracts shall not be paid by the Govern- <br /> mental Unit until the invoice has been approved by the Secretary of the Local Government Commission. (This also includes <br /> any progress billings.)All invoices should be submitted in triplicate to the Secretary of the Local Government Commission. <br /> The original and one copy will be returned to the Auditor. Approval is not required on contracts and invoices for system <br /> improvements and similar services of a non-auditing nature. <br /> (Continued on Reverse) <br />