Agenda - 05-15-1990 - Laserfiche WebLink

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LCC4 Z (Aev. M990) CONTRACT TO AUDIT ACCOUNTS . File in Ttiplicaw of Orange County, North Carolina C.Dvanmeaw UK* On this 16th day of a2zi 1 19-92-y Deloitte & Touche A &mr Post Office Box 13866, Research Triangle Park, North Carolina 27709 -3866 Mdhag Addr4 5 Board of hereinafter referred, to as the Auditor, and Comm"rr rommi etsi nnarc of -Orange Count hereinafter refer.ed C-ins bo* Cw+rnmetual Unit to as the Governmental Unit, agree as follows: 1. The Auditor shall examine all statements and disclosures required by generally accepted accounting principles and additional required legal statements and disclosures of all funds and /or divisions of the Governmental Unit for the period Ong July 1, 19M, and ending June 30, v lg 90 The combining, individual. fund, and account group financial statements and schedules shall be subjected to the auditing procedures applied in the examina- tion 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 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.) 3. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal con- trol and amounting 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. Ali matters defined as "reportable conditions" in AU 325 of the AICPA Professional Standards will be communicated to the Governing Board in writing. The Auditor shall file a oppy of all reports with the Secretary of the Local Government Commission. 4. After completing his examination, the Auditor shall 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 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 dose of the accounting period. The Auditor shall file three ies of said port of audit 1 My 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 aontracL All audits are to be perforiaed and the report of audit submitted by October 31, . 19 90 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 Com. 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 etamination for all federal and State financial assistanee programs in accordance with the Single Audit Act of 1984 (Pub. L. No. 98.502 and G.S. 159.34). The Auditor will file three copies of all reports re*uired 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.) S. 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 the Federal and State Single Audit Acts: CAFR and Certification of Tax Levy $28,600; Sinale Audit of Grant Funds $12,900. D. All local government and public authority contracts for annual or special audits, financial statement preparation, finance- related 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 progress billings.) All invoices 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 and invoices for system improvements and similar services of a non - auditing nature.