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teceas (nee,. vln_obs) CONTRACT TO AUDIT ACCOUNTS 1'
<br />Fllctn Tdpilnle, nP Orenge County, North Carolina ff
<br />Govcmmmul Unit
<br />On this 3rd Joy of Aj)G) ?006 cherry, geWen & flviland, L1P.,
<br />Audikr
<br />2626 Glenwood Avenue, Salle 3G0, Raleigh, North Carolina 276D8
<br />Moiling Address
<br />6eminnner mtcrted to as
<br />dm Audiirr, and the County Commissioners of Orange County , hcreinnfrermfcrted
<br />Gvveming BovN Cmvcmmenki Vnil
<br />to as the Govetnmentnl Dni4 agree ns fallmvr.
<br />1, The Auditor shell nuJit vii stvtvmrn6end Jlsdasums«qui«dbySroemlly asepleJ nttounting principles end vddillonoi «quirtd
<br />legal atatemenk end disdowms of all fords vnJlor divisiom of tlm Gvvemrt«mnl Unil for Um pWW beginninS
<br />lul 1 , agg5 and ending 3m¢m ,zoos . 71s, monngemenl's discussimt and analysis,
<br />non-major~ombining, and indiviJuol fund aklctneNS end sdu:dulcs sbvil 6t wbjeded Io the audidn6 pmccduns oPPIiW W the
<br />nuJit afthe bask finandal sktemcnls ovd m opinion will be rendeml In mlvdon m (as vppliroble} the govemmenml activities, the
<br />business-type aWVi6es, the nSgregme Jkcrcelly prcsenled evmponrnt units, evch moj¢r govemmevkl end enterprise fund, and the
<br />aBgtcgole mrtmining fund infvrtnotion (nomm~jvr Savcmmmt and rnlerpdse funds, the Intcmnl service funJ type, onJ the fiJurinry
<br />fund types).
<br />3 At ¢ minimum, the Auditor vholl conduct hk audit end ttnder his « port in ¢aordance rvilb SmemilY uttepteJ vuditkS smnJnNs.
<br />Tim Auditor shall preform the audit in nccaNanm will G v mment M 1'tina SlnndaNs i(rcqui«d by the Skte Single Audit
<br />Impkmalmi¢n Act, as roditicd in GS. 159-3q.. If rcqu'uvU by GMe Cirrolar A-133 aW the Stole Single Audit Impicmemotian
<br />Ad, the audllorsbvll perform o Single Audit
<br />3 rocmSn oar rotW vecovrntin rrind i~ (GAAPj, aril a smlermrnts foil m include all disdasurvs mquixted by GAAPU k ntaM
<br />g Y cP g P P
<br />Jepmtu« fmm GAAP in the 6pvro belmr.
<br />None
<br />q., Tlds anmrver mnranplurer mr unquurUeJ optnion being rvnr/tred 7Lc audit shall indwie wch trsls oFlfie oaoundng «eomis and
<br />rer~ r/lons In srmpe of v nnuld feat ro v q~wflficur6vn rrhvWd 6nfully mplufned iu anrulmclnnemm lu~i Is ro morel 43«r edit w~ll
<br />hove no scope limikilvns utepn NSA.
<br />5. ff Wis vudil eomSemrnt is subject m We stvndarsls for vudil ns delinW In G ,,,mt rev I'i nn SmndanLS, issued by Um
<br />Cvmpwlla Gmeml of the Unikd Smtes, Wro the Auditor wnrtonts by accepting Uris rngnSemrnt lhvl he/she has met We
<br />mquirements for ¢ peer «view end cvndnumg Wumiion vs aperifiW in G t AuA"n ~ gkWnNs. The Audikr vSrea tv
<br />pmvidc o ropy of Umir mori mint peer «vimv «pan to We Gavemmenkl Unit out the Seemtnry aC the Laml Govemmml
<br />Commission IIdarLn Wv exeadan of We audit ronlmet. (Sa Ikm?gJ
<br />6. It is oSrced that time Is of We rssenro in Wis mntmrt Ali vuJi6 mn k be perl'otmed and We repan ofvudit submihed by
<br />Oelobtr 3l ?0g6
<br />7. it is aSreed Umt Senemily vccepkd vuditing skndaNs include o «vinv otilm Gvvemmenml Unips system of inlemal ronuol and
<br />accounting vs some mktes m vcmuntvbiliry of funds vm1 adhmence m hudgu and law ttqufirmmis vpplicabie Ummto; shot [fie
<br />Audior wilt molse n wdnen rcpan, which may or may not 6e a pert of the wdlkn rcpan of vud14 tv the Governing novrJ seeing
<br />foNt bis findings, tvSWrcr sviW his «evmmenda6vns for improvement Thnt written «port mml include vtl mutters defined ar
<br />'tepanuble rnndidvrm" in AV 3S of the AICPA P f nl gleWnNC. Th A ih 1 ii fl v f th t rt 'il tb
<br />S t ftl ip 1 Govemmenl Cammistinn.
<br />B, All loeui Sovemmrnl rend public auWvdty conlmc6 for annual or spcool audits, 6ookkecpinS ¢r oUrv assizknro rem
<br />pmpme din Unit's revotds for audit, nwndvl sktemeat p«pvmlivo, any fiwnce-«Iu1 W investigvdvns, or m,y other Audi
<br />swdc in the Skk ¢f Noah Comlirm require the aPPmva( of the Seerckry of the Laml Govemmenl Cammissina. Inm
<br />d d d d nn hit t 6 m'd b II G I U it tll tha Invoice bus been vnnmvc
<br />5 m F U L I C I C n fmr I I d v a b Ihnes 1 Ail mv¢ims shouid be whi
<br />tdplittle W the Seemtary of Um Loml Govrmment Commission The vngmnl and oae copy will be rctumW to We
<br />Appmva) is real trquirW on conwds and invoices far system impmvemmis onJ similar services o(n non-vWitinS nvWte.
<br />p.. In eonsiJwdon of the smisfntlary performance a(dm pmvaivm of Uris agmcmrn4 the Govemmenkl Dolt slmll pay to the
<br />AWimr, upon aPPmv¢i by We Secrckry of the Inml Govtrnmenl Commission, the (ollmvine fee which includes any cost Ifie
<br />Auditor may incur fmm work pvpm m par «vtews ar my vilmr gwlity nssumnro pmb'ram «quimJ by thiN pvniu (Feder¢i end
<br />gkle gmntormd oversight agcnries orvlherarnnnimtioasJ as mquimd under the FWeml end Skle Single AWit Acts:
<br />Yevr-end bookkeeping vss[slv¢ec-)Fur vudits svbJcct tv Govemmenl AuJiling StnnJards, Ibis is ilmitW t¢ bvnkkevp[ng
<br />services permitted by mvlsW IndepeWence Slnndnrds) ---
<br />Audit_ 563,500
<br />Prepamflvv of Ibc amncfal natemcnts- 510,0~~
<br />Avviatvnec with preparvtlvn of [he vcnedule of federal vntl State FLnendal vvviaxance Sy
<br />le. After rompledng Ws vudi4 We Auditor shall whmit to the Gavemmg BvaN o svriuen mpon ofaudlC This rcpon sjmU include, of
<br />least, ManoScment's Discussion and Armlysis, the 6mneial smmments oRhc gavemmenml unit end ell of its romponent oohs end
<br />notes thereto prtpvred in vcxonlnnce with genanlly accepted occounilnS pdncipics, combining and supplemenmry infvrmudvn
<br />mqurstW by the dirnt or rxquirW for full disdosum under the Imo, end the Auditor's opinion vn the material prrsmicd. Thc
<br />Author shvii famish the rcquiml number vt copies of the «port of vudit to the Governing eaaN as soon as pmcntal otter the
<br />[lase oftbe accounting Period
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