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i_cc•zos trtev. Inrzuool CDNTRACT TD AUDIT ACCOUNTS
<br />I'ila in Triplicate,
<br />of Oran>7e ~1rY .._
<br />rovemmenta~ Unit
<br />Dn this 24th day of ___May ~, 2000 , _D_eloitte & Touche LLP
<br />Auditor
<br />~,~`-7tlC2tZ11Cm Btri1_di_ngr 777 Wiaa~~"s~dr~ Cr,.~er fh~?-1nt•f-°~ - -`Z.~~2,.,~7K
<br />Mailing Address
<br />htminafter referred to as
<br />thrAuditor, and BO~'d of Oots~..st3i.t7tier'sof hereinafterrcfurred
<br />• Govemina Bond _ Govemmenua Unit .,.
<br />to as the Governmental Unit, agree as follows:
<br />1. The Auditor shall audit all statements and disclosures required by generally accepted eeeounting principles and addidanal
<br />required legal statements and disclosures of all funds and/or divisions of the GovtsnmenW Unit for the period beginning
<br />__T,,,~_r1~„ l ~,A99 and ending Jtne 3d 2000 The combining, individtttd fttntl, and
<br />,account group Fnancial statements and schedules shell be subjected W We auditing procedures apptied in the audit of the
<br />combined financial statements and an opinion will be rendered In relation to the combined financial statemetns taken s, a whales
<br />2. At a minimum, the Auditor shall conduct hie audit and rends his report in atx;ordanae with generally accepted auditing
<br />standards. The auditor shnll perform the audit in accordance with if required b3' the State Single
<br />Audit Implementation Act, as codified in G.S. 159-34. if required by OMB Circular A-133 and tho Stttta Single Audit
<br />Implementation Act, the auditor shall ptxfarm a Single Audit.
<br />3. This contract eonremp/ates an urrgaalifiad opinion being rcndcnd If fmmttial statemerts are not prepared in accordance with
<br />generally accepted atx:oundng principles (GAAA), or_ the smteruems fail to include all dacloaures required by GAAP, estplain that
<br />departure ftom GAAP in the space below:
<br />4. This contract coruearplares an ttrrgrta/fed oplnlari being rendered The audit shall include such testa of the atxouating rtxords
<br />and such other auditing procedures as arc considered by the Atulitor to be aacesstuy in the eircutrtstantxs...ttrry llnrlratrarts, err
<br />restrictionr in scope which would had to a quallfieatlan should be fully ttg7la4red bs an attacharant ra lhir conb~acr. The audit
<br />will have no scope limiutions except:
<br />5. If this audit engagement is subject to the stantierds -for audit as defined in the issued by the
<br />Comptroller General of the United States, then the Auditor warranq by aecepthtg this engsgemettt Uri hdahe has ntat the
<br />requirements far a peer review and continuing education es specified in the Go~O~t Auditing Standards The Auditor agras
<br />to provide a copy of their mast recent peer review report to the Governmental Unit and the 5cenetary of the (.Deal Government
<br />Commission o^or to the oxewtion of the audit contract_ (See icon( 20.)
<br />6. It is agreed That time is of the essence in this contrail. All audits are to be performed and the report of audit submitted by
<br />7, It is agreed that generally accepted auditing standards ittclude n mierv of the Govtxrfmatta4Unit's,system of internal control and
<br />accounting es same relates to accountability of funds and adherence to budget and'Iaw refry' itemen"t's'app(icabfe theteto; that the
<br />Auditor will make a wrinen report, which may or may not be a part of the written reppR of audit, tD the Governing Board setting
<br />forth his findings, together with his rewmmtuidadons far improvanent, That written report must include all matters defined as
<br />"reportable conditions" in AU 325 of the '~QAudiWr~1ta11Srle,a Dopy _of that rauart with the
<br />Secretary 6f theJ.ocal_Govemment Commissiog
<br />8. All Ioc~l government and public authority contracts for annual of special audit; bookkeeping'orrotiter assistance necessary to
<br />Prepare the Unit's rerards for audit, financial sntttnnmt preparation, arty tinancarelated investigetlons, or atry other eudh-ttdated
<br />work in the State of Nordt Carolina require the approval• of the Su7shry of the i.ocal Government Cottutrinaion. Irtvoicts_for
<br />services rendered under theaesrotttracts shall not ¢e Wald by the Gcwerrtmental Unit until,yln ,iRY.RI£f_hhs been ~~ 6g~
<br />~egfetgfy~( the Loral Oovernmem Commissiot_ fThis,~ jQcludes emLp~pr~,s 6illin~- All invoices should 11e submitted is
<br />triplicate to the Secndtuy of the Leal. Govenunent Cormnissien. The' original and one copy will 6e rebtrned m the Auditor.
<br />Approval is net required oa eot-traera and invoices for system improvements and similar services of anon-auditing rtqure.
<br />4. In consideration of the.satisfactory perfotmartx of the provisions of this agrtxment, the Governmental Uait shall pay to the
<br />Auditor, upon approval by the Secretary of the l.ocal'Government Commission. the following fm which includes any cost the
<br />Auditor may incur from work paper or peer reviews or any other quality assunuta program required by third parties (Federal and
<br />State grantor and oversight agencies or other organizations) ss required under We Federal and Stec Single Audit Aers:
<br />Year-end bookkeeping assistance -
<br />Audit- $66.500
<br />Preparation of the financial statements NSA
<br />10. After completing his audit, the Auditor shall submit to the Governing Board a wrinen report of audit This report shall include, at
<br />least, the financial statements of the governmental unit and all of its component units and notes thereto prepared in accordance
<br />with generally accepted accounting principles, combining and supplementary information requested by the client or required for
<br />full disclosure under the law, and the auditor's opinion on the material presented. 'the Auditor shall furnish the required numbs
<br />of copies of the report of audit to the Gpveming Doard as scan as practical after the close of the accounting period.
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<br />(Continued nn Reverse)
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