Agenda - 06-28-1989 - Laserfiche WebLink

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........ <........ ...........E-n r.,t t.K; 3.T,t,x_�v't.'i+ ! '� . . 6 I4G2S(Rev.1/1989)... CONTRACT TO AUDIT ACCOUNTS • 1F51e in Triplicate. of ()ranee County, North Carolina • Governmental Unit This agreement, made this 5t11 day of 7„na , 19 as , by and between Touche Ross tr,Co. T'.O. Box 1.3866. Research .Triangle Park, NC 27709-3866 Auditor Mailing Address hereinafter referred to as the Auditor, and Baia tiiLnf Catint(y. Qlm,;ss i enaitif Orana County , hereinafter referred Goverome body to as the Governmental Unit, as follows: tuaTT 1. The Auditor shall examine all statements and disclosures required by generally accepted accounting principles and additional required legal disclosures of all funds and/or divisions of the Governmental Unit for the period beginning y 'i ..19,RR ,and ending, :Trop .4n ,19Rx_._..The combining,individual fund,and ac- count 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: None 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,except as follows: (See Item 12.) Not applicable 3. It is agreed that generally accepted auditing etanda-ds include a review of the Governmental Unit's system of internal con- trol and accounting 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 all reports of this type 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 financial statements and notes thereto prepared in accordance with generally accepted account- ing principles,combining and supplementary information requested by the client or required for full disclosure under the law,and the auditors opinion on the material presented.The Auditor shall furnish copies of the report of audit to the Governing Body as some as practical after the dose of the accounting period. The Auditor shall file three -••ies of said •. of audit-I -.. if no sin•e audit is -•aired 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 October 31, 4 39 99 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 investiga- tion and the additional compensation required therefor.Upon approval by the Secretary of the Local Government Corn- ' mission,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.9&502 and G.S.159-34).The Auditor will file three espies 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 item 3.) (See items 15 and 18.) 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 incur from work paper reviews by third parties(Federal and/or State agencies)as required under tbt Federal and State Single Audit Acts: C23'S and Certification of Tax Levy $27,250; Single Audit of Grant Funds $12, 50 9. AA local government ann public authority contracts for annual or special audits,financial statement preparation,firmwa- re-lilted investigations,or any audit-related work in the State of North Carolina require the approval of the Secretary of the Local Government Commission.Invoices for services rendered under these contracts shall not be paid by the govern- mental unit until the invoice has been approved by the Secretary of the Local Government Commission.(This also includes any interim invoices.).The invoice should be submitted in triplicate.The original and one copy will be returned to the auditor and a copy retained by the Secretary of the Local Government Commission.Approval is not required on contracts for system improvements and similar services of a non-auditing nature. (Continued on Reverse)