Agenda - 06-06-1988 - Laserfiche WebLink

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6A/9 e LCC-Q)5(Rev.1/1988) CONTRACT TO AUDIT ACCOUNTS of Orange County, North Carolina (Governmental unit) • • This agreement, made this 5th day of April , 1988 , by and between Touche Ross & Co. P. O. Box 13866, Research Trian•le Park, NC 27709-3866 Auditor Mailing Address hereinafter refet,ed to as the Auditor, and Board Of CoL ngCom+sa; ra rs of Orange-County Governmental Unit ~' refereed to as the Governmental Unit, as follows: 1. The Auditor shall praminP 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 17uly 1 1987 --�., ,and ending June 30 ,19 88 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 accor.dance with generally accepted-a ditiag standards.The eia"mitla= _ 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 Sa:r etary 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 rates 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 1 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 3 copies of said report of audit(1 copy if no single audit is required)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 88 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. The Auditor shall perform a compliance examination for all federal and State financial assistance programs in accordance with the Single Audit Act of 1984(Pub.L.No.98-502 and C.S.159.34).The Auditor will file three copies of all reports required under the Federal and State Single Audit Acts with the Secretary of the Local Government Commission. (This includes the report required in paragraph 3.) (See Items 7 and 9 of Instructions.) 8. 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 which includes any cost the Auditor-may'incuffrom work paper '- reviews by third parties(Federal and/or State agencies)as required under the Federal and State Single Audit Acts: CAPS and Certification of Tax Levy $25.750; Single Audit of Grant d $11,850 9. Brae are no c agreements eea a parties an n6 other agreements relative hereto that shall be a Panda unless entered into in accordance with the procedure set out herein and approved by the Secretary of the Local Government Commission. 10. There are no special provisions,except: 11. MI 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 Carolin Alf":"4—°r By t By C,ai 044-44-e (' Approved by the Secretary of the Local Government Commis. This instrument has been don as provided in Article 3,Chapter 159 of the General Statutes preaudiddin the manner required by or Article Part 3,Chapter 115C of e General Statutes. School l B Government Budget and Fiscal. Control Act or by the School Budget and F' Control Act. the � Q1 For e secretary Finance Officer Date ,JUL 1 9 1988 Date • File in Triplicate p' (The terms and conditions on the reverse side are an integral part of this contract.) •