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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://Nvww.nctreasurer.com/slg/Pages/Audit-Forms-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 https:/hicti-easurersl(zfcl.Icapfile.net. No chan.jze to <br /> the audit contract shall be effective unless approved by the Secretary of the LGC, the Governing`Board, and the <br /> Auditor. <br /> Page 3 of 9 <br />