Browse
Search
Agenda 05-21-24; 8-e - North Carolina Local Government Commission Audit Contract with Mauldin & Jenkins, LLC (Second Renewal Option)
OrangeCountyNC
>
BOCC Archives
>
Agendas
>
Agendas
>
2024
>
Agenda - 05-21-2024 Business Meeting
>
Agenda 05-21-24; 8-e - North Carolina Local Government Commission Audit Contract with Mauldin & Jenkins, LLC (Second Renewal Option)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/16/2024 2:57:54 PM
Creation date
5/16/2024 2:34:44 PM
Metadata
Fields
Template:
BOCC
Date
5/21/2024
Meeting Type
Business
Document Type
Agenda
Agenda Item
8-e
Document Relationships
Agenda for May 21, 2024 BOCC Meeting
(Message)
Path:
\BOCC Archives\Agendas\Agendas\2024\Agenda - 05-21-2024 Business Meeting
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
11
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
5 <br /> LGC-205 CONTRACT TO AUDIT ACCOUNTS Rev. 11/2023 <br /> 8. All local government and public authority contracts for audit or audit-related work require the <br /> approval of the Secretary of the LGC. This includes annual or special audits, agreed upon procedures <br /> related to internal controls, bookkeeping or other assistance necessary to prepare the Governmental Unit's <br /> records for audit, financial statement preparation, any finance-related investigations, or any other audit- related <br /> work in the State of North Carolina. Approval is also required for the Alternative Compliance Examination <br /> Engagement for auditing the Coronavirus State and Local Fiscal Recovery Funds <br /> expenditures as allowed by US Treasury. Approval is not required on audit contracts and invoices for <br /> system improvements and similar services of a non-auditing nature. <br /> 9. Invoices for services rendered under these contracts shall not be paid by the Governmental Unit(s) until <br /> the invoice has been approved by the Secretary of the LGC. This also includes any progress billings <br /> [G.S. 159-34 and 115C-447]. All invoices for audit work shall be submitted in PDF format to the Secretary <br /> of the LGC for approval. the invoice marked 'approved' with approval date shall be returned to the Auditor <br /> to present to the Governmental Unit(s) for payment. This paragraph is not applicable to contracts for audits <br /> 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 includes <br /> any costs the Auditor may incur from work paper or peer reviews or any other quality assurance program <br /> 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 State <br /> 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 performed <br /> prior to the completed audit being submitted to LGC Staff. The pre-issuance review report shall accompany the <br /> audit report upon submission to LGC Staff. <br /> Page 3 <br />
The URL can be used to link to this page
Your browser does not support the video tag.