1994 S Finance - Deloitte and Touche - Contract to Audit Accounts

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10. The contract should be executed and submitted in triplicate to the Secretary of the Local Government Commission, 325 North Salisbury Street, Raleigh, North Carolina 27603.1385. 11. Upon approval,the original contract will be returned to the Governmental Unit,a copy will be forwarded to the Auditor, and a copy retained by the Secretary of the Local Government Commission. The audit should not be started before the contract is approved. 12. This contract contemplates an unqualified opbeion being rendered.Any limitations or restrictions in scope which should lead to a qualification should be frilly espleffted in an attachment to this con tract. Contracts with such limitations will not be approved union satisfactory asplanation is made. 13. If an approved contract needs to be varied or changed,the change must be reduced to writing, signed by both parties, preaudited if necessary, and submitted to the Secretary of the Local Government Commission for approval. No change shall be effective unless approved by the Secretary of the Local Government Commission, the Governing Board, and the Auditor. 14. A separate contract should not be made for each division to be audited or report to be submitted.The scope of the audit and the fee for the audit should be clearly stated. A separate contract must be arewted for each eompoaent unit which is a local government and for which a separate audit report is issued. I5. The auditor shall file three copies of the report of audit (four copies for council:of governments, one copy if no single audit is required)with the Secretary of the Local Government Commission when (or prior to)submitting the invoice for the services rendered. The report of audit, as filed with the Secretary of the Local Government Commission, becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. These reports am used in the preparation of Official Statements for debt offerings as well as by municipal bond rating services. 16. There are no special provisions except: See engagement letter attached 17. Whenever the Auditor uses an engagement letter with the client,Item 16 should be completed by referencing the engage- ment letter and attaching a copy of the engagement letter to the contract to incorporate the engagement letter into the • contract. In can of conflict between the terms of the engagement letter and the terms of this contract, the terms of this contract will control.Engagement letter terms are deemed to be void unless the conflicting ternss of this contract are specifically deleted in Item 21 of this contract. 18. A Governmental Unit not having a single audit on federal and State funds would list Item 7 in Item 21 of the ooatract as being a deleted provision. An exylanation must be given in Item 21 for any Governmental Unit not receiving a single audit on federal and State funds (e.g., a single audit is not required under the Federal and State Single Audit Acts and is not being performed). 19. If this audit engagement is subject to the standards for audit as defined in the Government Auditing Standard:,issued by the Comptroller General of the United States, then the Auditor warrants by accepting this engagement that helshe will meat the requirements for an external quality control review and continuing education requirements specified in the Government Auditing Standards. Copies of any written communications that are a result of an external quality control review will be made available to the Secretary of the Local Government Commission upon his request. 20. There are no other agreements between the parties hereto and no other agreements relative hereto that shall be enforceable unless entered into in accordance with the procedure set out herein and approved by the Secretary of the Local Govern- went Commission. 21. All of the above paragraphs are understood and shall apply to this agreement,escept the following numbered paragraphs shall be deleted: (See Items 17 and 18.) Deloitte & Touche Orange County, North Carolina Audit firm C rMrneraal Umt BY Rex Price, Partner By , Jr., cis ��fie camel ar �F+itti��' of Mayor ar Ct aipanoo of prarning Approved by the Secretary of the Local Government This instrument has been preaudited in the m Commission as provided in Article 3, Chapter 159 of the quired by The Local Government Budget and Con- General Statutes or Article 31, Part 3, Chapter 115C of trot Actor by The School Budget and Fiscal trolAct- the g[tjtST-M00RE Kenneth T. Chavious ary, yea J/ Ot e55 (P1ean h'iK o 1 1 iena teal (�ft�l Date JIM 9 91944 Date -- ��