Agenda - 02-19-1985 - Laserfiche WebLink

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tau ( . • Lcre.aos(km 1141) • CONTRACT TO.AUDIT ACCOUNTS of Orange County, North Carolina 5Qoerntr unity • This agrcanrnt.>prdetbis 23rd day of January A985 .bym4bet m Touche Ross . & Co. Auditor 700 NCNB Building, 123 W. Main Street, Durham, NC 27701 ,hereinafter referral toas • • •Board of County Commiongirs Orange County the Auditor,and hereinafter referred • Governing body Gamin !Unit ••to as the Governmental Unit,as follows: • • I. The Auditor shall examine the balance sheets.statements of revenue,tspenditura and fund baton=of all funds and/or divisions of the Governmental Unit.f o r the period beginning July 1 f 19 88 4 e June 30 19 8 5 .li, ' Including the certification of tax levy for the consolidated tax system and examination. of grant funds under the concept of "Single Audit" (Attachment P) 2. The Auditor shag conduct his examination and render his report in accordance with generally accepted auditing standards.The elimination shall include such tests of the accounting records and such other auditing procedures as art considered by the Auditor to be necessary in the circumstances.ex- . • ccpt as follows:(See Item 4 of Instructions) 3. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal control and accounting as same relates to accountability of funds and adherence to budget and law requirements applicable thereto;that the Auditor will make a written report, which may or may not be a pan of the written report of audit,to the Governing Body setting forth his findings,together with his recommendations for im- provement.The Auditor shall file a copy of said report with the Secretary of the Local Government Commiuien. 4. The Auditor shall,after completing his eiuunination,submit to the Governing body a written report of audit.This report shall include,at lust,the . financial statements and notes thereto prepared in accordance with generally accepted accounting principles,supplementary information requested by the client or required for full disclosure under the law and the auditor's opinion on the material presented.The Auditor shall furnish, 0 copies of the report of audit to the Governing Body as soon as practice!after the close of the amounting period.The Auditor shall file a copy of said report of audit with the Secretary of the Local Government Commission. 3. It is agreed that time is of the essence in this contract. If all audits are not performed and the report of audit submitted by September 30 .Ig 8 5 then this contract shall be void and of no effect,but If said condition is complied with.this contract shall be in full force and effect. • 6. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under ordinary circumstances,the • Auditor shall inform the Governing Body in writing of the need for such additional investigation and the'edditional compensation required therefor.Upon approval by the Secretary of the Loot Government Commission,this agreement maybe varied or changed to include the increased time and compensation as may be agreed upon by the Governing Body and the Auditor. 7. Titre are no special provisions,except: 8. In consideration or the satisfactory performance of the provisions of this agreement,the Governmental Unit shall pay to the Auditor,upon ap- proval by the Secretar y of the Local Government Commission,a fee of: CAFS and certification of levy $23,400 Single audit of grant funds • 10,800 9. There are no other agreements between the parties hereto and no other agreements relative hereto shall be enforceable unless entered into in accor- dance with the procedure set out herein and approved by the Secretary of the Local Government Commission. • • Touche Ross & Co. or Governing body /414-7/11 �� By BY • Approved by the Secretary of the Local Government Commis- This instrument has been presudited in the manner required by snort as provided in Article 3,Chapter 139 of the General Statutes the Local Government Budget and Fiscal Control Act or,by the • or Article 31,Pan 3.Chapter 11SC of the Genet!Statutes, School Budget sod Fiscal Control Act. • For the Secretary ' Finance Officer Date Date • • I • File in Triplicate(See Instructions on reverse side) • • • • •