Agenda - 04-21-1987 - Laserfiche WebLink

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1 LCC-205 (Rev. 1/1987) CONTRACT TO AUDIT ACCOUNTS 058 of rirang Court y North Carn1 inn Gei�emmetrtal Unit) This agreement, made this 25th day of Pita rrh , 19 g 7 , by and between Tr+u-hp ng s & -Co., Auditor • 0._1 3 4:1 X__1 3 8 6 6,_R,nseere-h 'Triangle park, NC 777419-3866 hereinafter referred to as the Auditor, and Board of County Conml.issioner%f Orange 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 , 1986 ,and ending J np 3A 19—A7_ . 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: (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 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 Govern- ment 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 financial statements and notes thereto prepared in accordance with generally accepted accounting principles,combining and 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 3A 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. All audits are to be performed and the report of audit submitted by September 30 , 19 87 8. 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. 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 Auditor will file three copies of all financial and compliance reports required under the Single Audit Act of 1984 with the Secretary of the Local Government Commission.(This includes the report required in paragraph 3.)(See Items 7 and 9 of Instructions) 8. The Auditor shall conduct a compliance examination on State 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 expanded to include State funds. (See Item 9 of Instructions) 9. In consideration of the satisfactory performance of the provisions of this agreement,the Governmental Unit shall pay to the Auditor,upon approval by the Secretary of the Local Government Commission, a fee of: CAFQ$ and certification of tax levy $25,000 10. There are no other agreements between the parties hereto and no other agreements VJfa¢five�ieare�to that-sties �lfo kn less entered $11,500 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: (See Item 9 of Instructions) Touche Ross & Co. Orange County, North Carolina Auditor A Governing Body By (1ff'4d04j A/ By Approved by the Secretary of the Local Government Commis- This instrument has been preaudited in the manner required by sion as provided in Article 3,Chapter 159 of the General Statute; the Local Government Budget and Fiscal Control Act or by the or Article 31, Part 3, Chapter 115C of the General Statutes. School B get and Fiscal Control • For the Secretary /► , Finance Oil Mr Date Date_ a�t/�/ ,i9 t7 / File In Triplicate(Sec Instructions on reverse side)