Agenda - 02-19-1985 - Laserfiche WebLink

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Le -;DS Mo.tact) CONTRACT TO AUDIT ACCOUNTS 008 • of Orange County, North Carolina • • - •(Governmentst min• This agreement,nude this 23rd day of January A Ig8 5 ,by Brad between Touche Ross & Co. Auditor 700 NCNB Building, 123 W. Main Street, Durham, NC 27701 hereinafter referred toas the Auditor.and Board of County Commis iongirs Orange County ,hereinafter referred Ckivcratr a Body Gonmmenas Unit to as the Governmental Unit,as follows: • I.The Auditor shall examine the balance sheets, statements of revenue,expenditures and fund balances of all funds end/or divisions of the Governmental Unit for the period beginning,_, July 1 ,i9 8 4 .Bad carding June 30 ,19 8 5 , tx 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 shall conduct his examination and render his report in accordance with generally accepted auditing standards.The examination shall include such tests of the accounting•records and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances,ex- cept 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 epplit abk thereto;that the Auditor will make a written repon. which may or may not be a part 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 Commission. 4. The Auditor shall,after completing his examination,submit to the Governing body a written report of audit.This report shall include,at least,the finsnciai 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 practical after the dose of the accounting period.The Auditor shall file a copy of said report of audit with the Secretary of the Local Government Commission. S. 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 ,19 85,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 additional compensation required therefor.Upon approval by the Secretary of the Local Government Commission,this agreement may be varied or changed to include the increased time and compensation as may be agreed upon by the Governing Body and the Auditor. 7. There are no special provisions,except: g. In consideration of the satisfactory performance of the provisions of this agreement,the Governmental Unit shall pay to the Auditor,upon ap- proval by the Secret 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. Auditor Governing nosy • / By el' /I. �. en.. BY Approved by the Secretary of the Local Government Commis- This instrument has been preaudite d in the manner required by sloe as provided in Article 3,Chapter 159 of the General Statutes the Local Government Budget and Fiscal Control Act or by the or Article 31.Part 3,Chapter 115C of the General Statutes. School Budget and Fiscal Control Act. For the Secretary Finance Officer • Date Date File in Triplicate(See Instructions on reverse side) . . . ....