Agenda - 05-03-2007-4d - Laserfiche WebLink

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11. The Auditor shall file with the Local Government Commission two copies of the report of audit, including one copy of the federal Data CoIlection Form, if a federal single audit is conducted. In addition, if the North Carolina Office of ffie State Auditor designates certain programs to tie audited as major programs, a one page turnaround document and a reptesentntion letter addressed to the State Auditor shaIl be subffitted to the Local Government Commission. Two copies of the report of audit should be submitted if the audit is performed only under the provisions of the State Single Audit Implementation Act or a financial audit is required to be performed in accordance with Government Auditing,Standards. Three copies of the audit should be submitted for CouncIls of Governments. OOrerwise, one copy shall be submitted. Copies of the report shall be filed with the Local Government Commission when (or prior to) submitting the invoice for dre services rendered. All copies of the report submitted must be bound. The report of audit, as filed widr ttre Secretary of the Loral Government Commission, becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. Any subsequent revisions to these reports must be sent to the Secretary of the Local Government Commission. These audited financial statements are used m the preparation of Official Statements for debt offerings (the auditors' opinion is not included), by muoicipai bond rating services, to fulfill secondary market disclosure requirements of the Semui6es and Exchange Commission, and other htwful purposes of the government, widrout subsequent consent of Ore auditor. 12. Should chcumstances disclosed by the audit call for a more detailed investigation by the Auditor bran necessary under ordinary circumstances, the Auditor shall inform the Governing Board in writing of the need for such additional investigation end the additional compensation required therefore. Upon approval by the Secretary of the Local Government Commission, this agreement may be varied or changed to include the increased time and/or compensation as may be agreed upon by the Govtnning Board and the Auditor. 13. If an approved contract needs to ba varied or changed for any reason, the change must be reduced to writing, signed by both parties, preaudited if necessary, and submitted m fire Secretary of the Local Government Comm+c:ion for approval. No change 14. Whenever the Auditor uses an engagement lettes with the client,. Item 15 may be completed by referencing the engagement letter and attaching a copy of the engagement letter to the contract to incorporate fire engagement letter into the contract In case of conflict between the te®s of the engagement letter and the terms of this contract, the terms of this contract wIll control. Engagement letter terms are deemed to be void unless the conflicting terms of this connect are specifically deleted in Item 21 of this connect Engagement letters containing indemnification clauses wiIl not be approved by ffie Local Goverment Commission. 15. There are no special provisions except: The ouncLcd m*+~e_mlcaer is iu inmgal pmtoCWis connect andshould bo teld is hs cudtctY whmr id'ing this eanaacL 16. A separate wnnact should not be made for each division to be audited or report to tie submitted. A separate contract must be executed for each component unit which is a local government and for which a separate audit report is issued. 17. The contract should be executed and submitted in triplicate to the Secretary of the Loral Government Commission. The mailing address is 325 North Salisbury Street, Rateigh, North Carolina. 27603-1385. The ghysit~l address is 4505 Fair Meadow Lane, Suite 102, Raleigb, North Carolina 27607-6449. 18. Upon approval, the original contract wIll be returned to the Governmental Unit, a copy will be forwarded to the Auditor, and a copy retained by fire Secretary of the Local Government Cora**++~~+on The audit should not tie started befdre the contract is approved. 19. There are no other agreements between the parties hereto and no other agreements relative hereto that shall be enforceable unless entered into in accordance with the procedure set out herein and approved by the Secretary of the Local Government Commission 20. If this audit engagement is not subject to Government Auditing: Standards, then Item 5 shall be listed as a deleted provision in Item 21. An explanation must be given for deleting this provision 21. All of the above paragraphs are understood and shall apply to this agreement, except the following numbered paragraphs shall be deleted: (See Item 14.) Firm McGladrey & Pullen, T •T ,p By ,Sdhn Jam, V`1 /O~Y`TfJ. ~w~~nrr (Please~~t'y~p'e"'o~r~p'ri-nt~arne) "~ (Si~~~fma o~ oL~ audit Srm represeotativa) Hate ~{~.~.~/u Approved by the Secretary of the Local Government Commission as provided m Article 3, Chaper 159 of the t3eneml Statutes or Article 31, Part 3, Chapter I15C of the General Statutes. For the Secretary, Locat Government Commission Date (Signanue) By (Please type or print name and fide (Signahue of Mavor or Chairperson of governing boatel) Date By (Chnhpetson of Audit Committee (Please type or print name) (Signature of Audit Committee Chairperson) Date (If trait does nothave an audit commitia, this section should be marked "N/A'~ This instrument has been preaudited m the mavncr regdved by The Local Government Budget and Fiscal Connvl Act ar by the School Budget and Fiscal Coanel Act Govemmeatal TJnit Finance l';d§cer (Please type ar print name) (Signanue) Date (Preandit Cerf>ficate most be dated.) ~l/