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

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Audit - 561,000 11 Report Preparation - 510,000 10. After completing his audit; the Auditor shall submit to the Goveming Board a written report of audit. This report shall include, at leas[, the financial statements of the governmental unit and all of its component units and notes thereto prepared in accordance with generally accepted accounting principles.. combining and supplementary information requested by the client or required 1'or full disclosure under the law, and the auditor's opinion on the material presented The Auditor shall furnish the required number of copies of the report of audit to the Goveming Board as soon as practical after the close of the accounting period. 1 I The Auditor shall file with the Local Government Commission two copies of the report of audit, including one copy of the federal Da[n Collection Form, if a federal single audit is conducted. Two copies of the report of audit should be submitted if an audit is required to be performed only under the requirements of [he State Single Audit Implementation Act or a financial audit is required to be pert"ormed in accordance with Govemment Auditine Stondards. Otherwise, one copy shall be submitted.. Copies of thz report shall be filed with the Local Government Commission when (or prior to) submitting the invoice for the services rendered. All copies of the repott submitted must be bound. The report of audit, as filed with the Secretary of the Local Govemment Commission, becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. Any subsequent revisions to these reports must be sent to [he Secretary of the Local Govemment Commission. These audited financial statements are used in the preparation of Official Statements for debt offerings, by municipal bond rating services, and to fulfill secondary market disclosure requirements of the Securities and Exchange Commission. 13. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under ordinary circumsmnces, the Auditor shall inform the Goveming Board in writing of the need for such additional investigation and the additional compensation required therefore. Upon approval by the Secretary of the Local Government Commission, this agreement may be varied or changed [o include the increased time and/or compensation as may be agreed upon by the Governing Board and the Auditor 13. If an approved contract needs to be varied or changed for any reason, the chance must be reduced to writing, signed by both pre-audited if necessary, and submitted to the Secretary of the L-ocal Government Commission for approval.. No chance 14. Whenever the Auditor uses an engagement letter with the client, Item 15 may be completed by referencing the engagement letter and attaching a copy of the engagement letter to the contract to incorporate the engagement letter into the contract In case of conflict between the terms of the engagement letter and the terms of this contract, the terms of this contract will control Engagement letter terms are deemed to be void unless the conflicting terms of this contract are specifically deleted in Item 31 of this contract. Engagement letters containing indemnification clauses will not be approved by the Local Government Commission. I5 There are no special provisions except: See attached engagement letter. 16. A separate contract should not be made Tar each division to be audited or report to be submitted. A separate contract must be executed for each component unit which is a local government and for which a separate audit report is issued. 17. The contract should be executed and submitted in trinlieate to the Secretary of the Local Government Commission, 3?5 North Salisbury Street; Raleieh. Noah Carolina?7603-1385. I S Upon approval, the original contract will be returned to the Governmental Unit, a copy will be forwarded to the Auditor; and a copy retained by the Secretary of the Local Govemment Commission. The audit should not be started before the contract is anoroved. 19 There are no other agreements between the parties hereto and no other aereements relative hereto that shall be enforceable unless entered into in accordance with the procedure set out herein and approved by the Secretary of the Local Govemment Commission 20 If this audit engagement is not subject to Government Auditine Standards then Item 5 shall be listed as a deleted provision in Item 21 An explanation must be eiven for deleting this provision t All of the above paragraphs are understood and shall apply to this agreement, except the following numberzd paragraphs shall be deleted: (See item 14) N/A Z?,. \Vill the audited financial statements be prepared in nccordnnce with GASB Statement No. J47 X_ YES _NO If the audited fine ncial statements are prepared in accordance with GASB Statement No. .3~1 the re(8rences in Item t to the combining, individual fund, and account group statements shall mean the basic financial statements, management's discussion and analysis, and required supplementary statements ns defined in GASB Statement No. 34..Au[liting procedures applicable to other supplementary schedules are not changed by the implementation of CASE Statement No- 34.