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Agenda - 05-04-2021; 8-g - Contract Award for Financial and Compliance Audit Services
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Agenda - 05-04-2021; 8-g - Contract Award for Financial and Compliance Audit Services
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5/4/2021
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8-g
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Agenda for May 4, 2021 Board Meeting
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5 <br /> LGC-205 CONTRACT TO AUDIT ACCOUNTS Rev. 11/2020 <br /> the Auditor to present to the Governmental Unit(s) for payment. This paragraph is not applicable to <br /> contracts for audits of hospitals. <br /> 10. In consideration of the satisfactory performance of the provisions of this contract, the Governmental <br /> Unit(s) shall pay to the Auditor, upon approval by the Secretary of the LGC if required, the fee, which <br /> includes any costs the Auditor may incur from work paper or peer reviews or any other quality assurance <br /> program required by third parties (federal and state grantor and oversight agencies or other organizations) <br /> as required under the Federal and State Single Audit Acts. This does not include fees for any pre-issuance <br /> reviews that may be required by the NC Association of CPAs (NCACPA) Peer Review Committee or NC <br /> State Board of CPA Examiners (see Item 13). <br /> 11. If the Governmental Unit(s) has/have outstanding revenue bonds, the Auditor shall submit to LGC Staff, <br /> either in the notes to the audited financial statements or as a separate report, a calculation demonstrating <br /> compliance with the revenue bond rate covenant. Additionally, the Auditor shall submit to LGC Staff <br /> simultaneously with the Governmental Unit's (Units') audited financial statements any other bond compliance <br /> statements or additional reports required by the authorizing bond documents, unless otherwise specified in the <br /> bond documents. <br /> 12. After completing the audit, the Auditor shall submit to the Governing Board a written report of audit. This <br /> report shall include, but not be limited to, the following information: (a) Management's Discussion and Analysis, <br /> (b) the financial statements and notes of the Governmental Unit(s) and all of its component units prepared in <br /> accordance with GAAP, (c) supplementary information requested by the Governmental Unit(s) or required for full <br /> disclosure under the law, and (d) the Auditor's opinion on the material presented. The Auditor shall furnish the <br /> required number of copies of the report of audit to the Governing Board upon completion. <br /> 13. If the audit firm is required by the NC State Board, the NCACPA Peer Review Committee, or the <br /> Secretary of the LGC to have a pre-issuance review of its audit work, there shall be a statement in the <br /> engagement letter indicating the pre-issuance review requirement. There also shall be a statement that the <br /> Governmental Unit(s) shall not be billed for the pre-issuance review. The pre-issuance review shall be <br /> performed prior to the completed audit being submitted to LGC Staff. The pre-issuance review report shall <br /> accompany the audit report upon submission to LGC Staff. <br /> 14. The Auditor shall submit the report of audit in PDF format to LGC Staff. For audits of units other than <br /> hospitals, the audit report should be submitted when (or prior to) submitting the final invoice for services <br /> rendered. The report of audit, as filed with the Secretary of the LGC, becomes a matter of public record for <br /> inspection, review and copy in the offices of the LGC by any interested parties. Any subsequent revisions to <br /> these reports shall be sent to the Secretary of the LGC along with an Audit Report Reissued Form (available on <br /> the Department of State Treasurer website). These audited financial statements, excluding the Auditors' opinion, <br /> may be used in the preparation of official statements for debt offerings by municipal bond rating services to fulfill <br /> secondary market disclosure requirements of the Securities and Exchange Commission and for other lawful <br /> purposes of the Governmental Unit(s) without requiring consent of the Auditor. If the LGC Staff determines that <br /> corrections need to be made to the Governmental Unit's (Units') financial statements, those corrections shall be <br /> provided within three business days of notification unless another deadline is agreed to by LGC Staff. <br /> 15. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than <br /> necessary under ordinary circumstances, the Auditor shall inform the Governing Board in writing of the need <br /> for such additional investigation and the additional compensation required therefore. Upon approval bythe <br /> Page 3 <br />
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