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Contract to Audit Accounts (cont.) Orange County <br />Primary Government Unit <br />not applicable <br />Discretely Presented Component Unit (DPCU) if applicable <br />Governmental Unit's audited financial statements any other bond compliance statements or additional reports <br />required by the authorizing bond documents, unless otherwise specified in the bond documents. <br />11. After completing the audit, the Auditor shall submit to the Governing Board a written report of audit. This report <br />shall include, but not be limited to, the following information: (a) Management's Discussion and Analysis, (b) the <br />financial statements and notes of the Governmental Unit and all of its component units prepared in accordance with <br />GAAP, (c) supplementary information requested by the Governmental Unit or required for full disclosure under the <br />law, and (d) the Auditor's opinion on the material presented. The Auditor shall furnish the required number of <br />copies of the report of audit to the Governing Board as soon as practical after the close of the fiscal year end. <br />12. If the audit firm is required by the NC State Board, the NCACPA Peer Review Committee, or the Secretary of the <br />LGC to have a pre- issuance review of its audit work, there shall be a statement in the engagement letter indicating <br />the pre - issuance review requirement. There also shall be a statement that the Governmental Unit shall not be <br />billed for the pre - issuance review. The pre - issuance review shall be performed prior to the completed audit being <br />submitted to the SLGFD. The pre- issuance review report shall accompany the audit report upon submission to the <br />SLGFD. <br />13. The Auditor shall electronically submit the report of audit to the SLGFD as a text -based PDF file when (or prior <br />to) submitting the invoice for services rendered, The report of audit, as filed with the Secretary of the LGC, becomes <br />a matter of public record for inspection, review and copy in the offices of the SLGFD by any interested parties, Any <br />subsequent revisions to these reports shall be sent to the Secretary of the LGC along with an Audit report <br />Reissuance form, These audited financial statements, excluding the Auditors' opinion, may be used in the <br />preparation of official statements for debt offerings, by municipal bond rating services to fulfill secondary market <br />disclosure requirements of the Securities and Exchange Commission and f o r other lawful purposes of the <br />Governmental Unit without subsequent consent of the Auditor. If the SLGFD determines that corrections <br />need to be made to the Governmental Unit's financial statements, those corrections shall be provided within three <br />days of notification unless another deadline is agreed to by the SLGFD. <br />If the OSA designates certain programs to be audited as major programs, as discussed in item #2, a turnaround <br />document and a representation letter addressed to the OSA shall be submitted to the SLGFD. <br />The SLGFD's process for submitting contracts, audit reports and invoices is subject to change. Auditors shall use <br />the submission process in effect at the time of submission. The most current instructions will be found on our <br />website: https: / /www.nctreasurer.com /slg/Pages /Audit- Forins- and- Resources.aspx <br />14. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary <br />under ordinary circumstances, the Auditor shall inform the Governing Board in writing of the need for such <br />additional investigation and the additional compensation required therefore. Upon approval by the Secretary of the <br />LGC, this contract may be varied or changed to include the increased time, compensation, or both as may be agreed <br />upon by the Governing Board and the Auditor. <br />15. If an approved contract needs to be amended for any reason, the change shall be made in writing, on the <br />Amended LGC -205 contract form and pre - audited if the change includes a change in audit fee. This amended <br />contract shall be completed in full, including a written explanation of the change, signed and dated by all original <br />parties to the contract. It shall then be submitted through the audit contract portal to the Secretary of the LGC for <br />approval. The portal address to upload the amended contract is hops:/ /nctreasurersl,Icl.leapfilc.net. No change to <br />the audit contract shall be effective unless approved by the Secretary of the LGC, the Governina Board, and the <br />Auditor. <br />Page 3 of 9 <br />