Agenda - 05-20-2003-8d - Laserfiche WebLink

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rendered All copies of the report submitted must be bound. The report of audit, as filed withi the Secretary of the Local Government Commission, becomes a matter of public record for inspection and review in the offices of the Secretary by any interested parties. Arty subsequent revisions to these reports must be sent to the Secretary of the Laval Government 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. 12. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor 1ltan necessary under ordinary circumstances, the Auditor shall inform the Governing Board in writing of the need for such additional investigation and the additional compensation required therefor. Upon approval by the Secretary of the Lot~l Government Commission, this agreement may be varied or changed to include the increased time and/or compensation as may be a;geed upon by the Governing Board and the Auditor. 13. If an approved contract needs to be varied or changed for any reason, the change must be reduced to writing, signed by both parties, preaudited if necessary, and submitted to the Secretary of the Local Government Commission for approval No change shall be effective unlesc aooroved by the Secretary of the Local Government Commission the Govcmine Board and the Auditor 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 incorpornte 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 21 of this conttacL Engagement letters containing indemnification clauses will not be approved by the Local Government Commission. I5. There are no special provisions except: Engagement letter attachments A 8a B 16. A separate contract should not be made for each division to be audited or report to be submitted. A separate contract must be executed for each component unit which is a local govcmmrnt and for which a separate audit report is issued. 17. The contract should be executed and submitted in triplicate to the Secretary of the Local Government Commission, 325 North Salisbury Street, Raleigh, North Carolina 27603-1385. 18. 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 Government Commission. The audit should not be started before the contract is gpproved. 19. There are no other agreements between the parties hereto and no other agreements 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 Government 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 given fa deleting this provision. 21. All of the above paragraphs are understood and shall apply to this agreement, except the following numbered paragraphs shall be deleted: (See Item 14.) 22. Will the audited financial statements be prepared in accordance with GASB Statement No. 34m ~ ~ YESONO If the audited financial statements are prepared in sccordaace with GASB Statement No. 3d the references iu Item 1 to the rnmbioing, individual fund, and account group statements shall mean the basic financial statements, management's discussion and analysis, and required supplementary statements as defined in GASB Statement No. 34. Auditing procedures applicable to other supplementary schedules are not changed by the implementation of GASB Statement No. 34, y henry, Bekaert , 8t Holland, LLP (Plea a or print name) (Signs of authorized audit f resentative) r,,,,. 3-31-03 Approved by the Secretary of the Local Government Commission as provided in Article 3, Chapter 159 of the Grnetal Stanttes or Article 31, Part 3, Chapter 115C of the General Statutes. For the Secretary, Local Government Commission Date (Signature) By / - (Please type or print mane andyllrJ Y (Signature of Mavo* or 91S1N€I54II of governing board) ila,. sy /~ (Chairperson of Audit Committee (Please type or print name) i/~~ (Signature of Audit Comndttee Chairperson) '/ (If unit does no[ have an audit committee, this section should be marked "Nils ") This instrument has been preaudited in the mamer requited by The Local Government Budget and Fiscal Control Actor by the School Budget and Fiscal Control Act. iGov~ernmental Uni[ Finance Officer (Please type or print name) Y t/~ (Signature) Date (Presudit Certificate must be dated.) 10