Agenda - 05-17-2005-5i - Laserfiche WebLink

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10 L.cc-3o3 (Itcv In/2ooa1 CONTRACT TO AUDIT ACCOUNTS Pile in Triplicate. of Orange Counri. North Carolina Govcmmental Unit On this 8th day ot` April, 200>, Cherry, Bekazrt & Holland, L L P, 2626 Glemvood Avenue, Suite 300. Raleigh, North Carolina 28608, hereinafter referred to as the Auditor, and the County Commissioners of Orange County, North Carolina. hereinafter referred to as the Govemmental Unit_ agree as follows: L The Auditor shall audit all statements and disclosures required by eenerally accepted accounting principles and additional required legal statements and disclosures of all funds and/or divisions of the Govemmental Unit for the period beginning July I, 2004 and ending June 30, 2005 The combining, individual fund, and account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit of the combined financial statements and an opinion will bz rendered in relation to the combined financial statements taken as a whole. 2. At a minimum, the Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. The auditor shall perform the audit in accordance with Government Auditine Standards if required by the State Single Audit Implementation Act, as codified in G S. 159-34. If required by OMB Circular A-133 and the State Single Audit Implementation Act, the auditor shall perform a Single Audit, 3. This contact contemplates an :mqua[ified opinion being rendered If financial statements are not prepared in accordance with generally accepted accounting principles (GAAP), or the statements fail to inctudz all disclosures required by GAAP, explain that departure from GAAP in the space below; None 4. This cauroct contemplates on unqualified opiniav being rendered. The audit shall includz such tests of the accounting records and such other auditing procedures as are considered by [he Auditor to be necessary in the circumstances .Any limitations or restrictions in scope which would lead m a qualification slrmrld tie ju!!y explained in ar attachment m 1Gis cauract. The audit will have no scope limitations except: N/A 5. 1f this audit engagement is subject to the standards for audit as defined in the Government Auditine Standards, issued by the Comptroller General of the United States, then the Auditor warrants by accepting this engagement that he/she has met the requirements For a peer review and continuing education as specified in the Government Auditine Standards. The Auditor agrees to provide a copy of their most recent peer review report to the Govemmental Unit and the Secretary of the Local Govemment Commission rp for to the execution of the audit contract. (See Item 20 ) 6. 1t is agreed that time is of the essence in this contract All audits are to be performed and the report of audit submitted by Octobzr 31.2005. 7. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal control 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 Board setting forth his findings, together with his recommendations for improvement. That written report must include all matters defined as "reportable conditions" in AU 325 of the AICPA Professional Standards. The ,4uditor shall file a co of that re ort with the Secreta of the Local Govemment Commission. 8 All local government and public authority contracts for annual or special audits. bookkeeping or other assistance necessary to prepare the Unit's records for audit, financial statement preparation, any finance-related investigations, or any other audit-related work in the Statz of North Carolina require the approval of the Secretary of the Local Govemment Commission. Invoices for services rendered under these contracts shall not be aid b [he Govemmental Unit until the invoice has been a roved by the Secretary ol'the Local Government Commission (This also includes any nroeress billines.) All invoices should be submitted in triplicate to the Secretary of the Local Govemment Commission. The original and onz copy will be returned to the Auditor Approval is not required on contracts and invoices for system improvements and similar serviczs of anon-auditing nature 9. In considzration of the satisfactory performance of the provisions of this agreement. [he Govermnental Unit shall pay to the Auditor, upon approval by the Szeretary of the Local Oovernmznt Commission, the followine tee which includes any cos[ thz Auditor may incur from work paper or peer reviews or any other quality assurance program required by third parties (Federal and Statz grantor and oversieht agencizs or other organizations) as required under the Federal and State Single Audit Acts: