Agenda - 04-22-1986 - Laserfiche WebLink

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• LGC-205(Rev.711985) CONTRACT TO AUDIT ACCOUNTS of, Orange County, North Carolina (Governmental Unit) This agreement,made this. 2nd day of April • 1986 ,by and between Touche Ross & Cb. Auditor i .t,Mi is ' .• .. 123 West Main Street Durham NC 27701 : hereinafter referred to as the Auditor,and Hoard of County ObIrilissionerS of Oralige County ,hereinafter referred Governing Body Governmental Unit to as the Governmental Unit,as follows: 1. The Auditor shall examine all statements and disclosures required by generally accepted accounting principles and additionally required legal disclosures of all funds and/or divisions of the Governmental Unit for the period beginning. July 1 ,19, 85.and . ending June 30 ,19 86.The combining,individual fund,and account group financial statements and schedules shall be subjected to the auditing procedures applied in the examination of the combined financial statements and an opinion will be rendered in relation to the combined financial statements taken as a whole.The Audit will have no scope limitations except: 2. The Auditor shall conduct his examination and render his report in accordance with generally accepted auditing standards.The examina- tion 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,except as follows:(Sec 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 account- - ing 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 part of the written report of audit,to the Governing Body setting forth his findings,together with his recommendations for improvement.The Auditor shall file a copy of said report with the Secretary of the Local Government Com- mission. 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 financial statements and notes thereto prepared in accordance with generally accepted accounting principles,combining and sup- plementary 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 30 copies of the report of audit to the Governing Body as soon as practical after the close of the accounting period.The Auditor shall file a copy of said report of audit with the Secretary of the Local Government Commission. 5. It is agreed that time is of the essence in this contract. U all audits are not performed and the report of audit not submitted by Septeliber 30 ,lg 86 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 cir- cumstances,the Auditor shall inform the Governing Body in writing of the need for such additional investigation and the additional'com- pensation 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. The Auditor shall perform a compliance examination for all Federal financial assistance programs in accordance with the Single Audit Act of 1984(Pub.L.No.98-502).The Internal Control report issued in paragraph 3 above must meet the requirements of the Single Audit Act of 1984.In addition to the reports required in paragraph 4,the Auditor will issue a Compliance Opinion and grant schedule on these funds in accordance with the Single Audit Act.The Auditor will file a copy of Internal Control report,Compliance Opinion and Grant Schedule with the Secretary of the Local Government Commission.(See Item 9 of Instructions) 8 The Auditor shall conduct a compliance examination on State and local funds in accordance with applicable laws,rules,regulations and generally accepted auditing standards.The Auditor's Internal Control report and Compliance Opinion in Paragraph 7 above will be ex- panded to include State and local funds.(See Item 9 of Instructions) C�v rah 9. In consideration of the satisfactory performance of the provisions of this agremg thee q ef3~rtltlCr3t10Ipa to td]fth1or,upon n SOO approval by the Secretary of the Local Government Commission,a fee of: L��nr�)e�pS p funds r 10. There are no other agreements between the parties hereto and no other agre2 7Bta�o that s a�i enforceebi a unless entere 11,OOO into in accordance with the procedure set out herein and approved by the Secretary of the Local Government Commission. 11. There are no special provisions,except: 12. All of the above paragraphs are understood and shall apply to this agreement,except the following numbered paragraphs shall be deleted: Touche Ross & Co. Orange County, North Carolina Auditor 7/)0.474.120,........ L Goner in By I By Approved by the Secretary of the Local Government Commis- This instrument has been preaudited in the manner required by lion as provided in Article 3, Chapter 159 of the General the Local Government Budget and Fiscal Control Act or h.the Statutes or Article 31, Part 3, Chapter 115C of the General School Budget and Fiscal Control Act. Statutes. For the Secretary � .{ Finance Officer Date_ Date larVg File in Triplicate(See Instructions on reverse side)