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<br />LGC-zos (Rev. uvwtnl CONTRACT TO AUDTT ACCOUNTS hiJ, ~ ~,,, ~ `Gti~
<br />irate m rrlpuoea. of Orange County, North Carolina ` ~ ` i. „
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<br />t-i0~'CmalGnllt tali 1.. `.......
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<br />On this 24th day of March y0pg McGladrey & Pullen, LLP
<br />Auditor
<br />P.O. Box 2470, Greensboro, NC 27402-2470
<br />Mailing Address
<br />, hereinafter referred to as
<br />the Auditor, and the Cornrttit;sionors of Orange County, North Carolina , heroinafter rcfeaed
<br />Governing Board Govemtmtal Unit
<br />W as the Governmental Unit, agree as follows:
<br />1. The Auditor sba11 audit all statements and dtsclosura required by generally accepted accounting principles and additional required
<br />legal sutexnents and disclosures of all fords and/or divisions of the Governmevtal Unit for the period beginning
<br />,-Mt root ,and ending .r.x ua. ,The non-major combining, and individual fund
<br />ataternatts and schedules shall be subjected to the auditing procedures applied in the audit of the basic financial statemeots and an
<br />opinion will be rendered in relation to (az applicable) the govetnntenW activities, the business-type activities, the aggregate
<br />discretely presrmted component units, each major govermnental and errterpriu fora!, and the aggregate remaining Cord usformation
<br />(nonrrujor government and tmterptise funds, the inurml service turd type, and the fiduciary Cued types).
<br />2. At a minimum, the Auditor shall conduct his/her audh and render his/her report in accordance with generally accepted auditing
<br />standards. T~ Auditor shall perform the audit in accordance with Gowmmem Auditing Sundatds if required by the State Slagle
<br />Audit Implementation Arx, as codified in G.S. 159-34. if required by OMB Circular A-133 and thr: State Single Audit
<br />Impleatteataaon Ace, the auditor shall perform a Single Audit.
<br />3. This eontmet rnmemplatrs an unqued fed opln/on being rendered. u financial staumutts are not prepared in accordance with
<br />generally accepted accountiog principle (GAAP), a the statements fail to include ail disclosures required by GAAP, explain thst
<br />departure from GAAP ut the space below: No tbparturae sin rnrttemplated
<br />4. 7Tiis contract eontanplatu an unqualified opinion being rendered The audit shalt include such tats of the accounting records and
<br />such other auditutg procedures as are considued by die Auditor u be necessary in the cirottrnstances. Arry llmttationr or
<br />rrstrictions in scope which would had to a quaJ jcmion should be fully ocplained in on attachment ro rho contract The audit will
<br />haw no scope limitations except: No 8mltalions ere eontamplaletd
<br />• 5. If this audit engagement is subject u the standards for audit es defined in Government Auditing Sundards issued by the
<br />Comptroller General of the United Sates, dten the Auditor wsrtants by accepting this engagement that he has mat the retprirements
<br />far a par review and torainuiag education es specified in Govemmcnt Auditing Standards, The Auditor agrees to provide a copy
<br />of their most recent pea review report to the Gervemmentsl Unit and the Secretary of the Local Government Commission prior fo
<br />the execution of the audit eotmact (See lion 20.)
<br />6. It is agreed that time is of the essence in this contract. Atl audits aze to be performed and the report of audit submitted by
<br />October 31 2008
<br />7. It is agreed that. generally accepted auditing standards include a review of the Gowntmenul Unit's system of inteanal control and
<br />aaomting u same relates to aceountabiliry of funds and adherence u budget and law rexptiremrnts applicable thueto; that the
<br />Auditor will melw a written report, which may or may not be a pert of the written report of audit, to the Govendng Board setting
<br />fotth his Endings, togethu with his recommemdations for improvement That written report must include ell metros defined as
<br />`Yignifiexnt deficiencies and material wralmessas" in AU 325 of the A1CPA Professional Standards. The Auditor shall file a conv
<br />of that repot vriW the Secretary of the Local Government Commission,
<br />8. All local government and public authoriry conhacts for annual or special audits, bookkeeping or othu assistance necessary to
<br />prepare the Unite records for audit, financial ataicmem preparation, any finance-elated investigations, or any other audit-related
<br />work in the State of Noah Carolipa require the approwi of the Sexreury of the Local Governme! Cartmission Invoices for
<br />services rendered under these contracts shall not be,paid by the Governmental Unit until the invoice has beers approved by the
<br />~aretarv of the Local Gwernmrnt Commission (this also includes env orogress billings 1 [G.S. 159-34 and 1ISC-447) All
<br />invoices shouts be submitted in triplicau to the Secuutry of the Local Government Commission. The original and ono copy will
<br />be returned to the Auditor. Approval is not re:quved on contracts and invoices far system improvements and similar sezvices of a
<br />non-auditing nature.
<br />9. In considuation of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the
<br />Auditor, upon approval by the Secrewy of the Local Government Commission, She ffitiowing fa which indudcs any cast the
<br />Auditor bray inarr from work papa or pear reviews or any other quality assurance program required by third panics (Fe;deral end
<br />Stau grants end oversight agencies or other organaations) as rexlu'ued undo the Federal and Stau Single Audit Acts:
<br />Year-end bookkeeping assistance - (fior audits subject to Governmeart Auditfng Standards, ibis it liadted to bookkeeping
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<br />Audit- mi°°"~'m'ww.rr~.a+.evw e..~r.w.srwe+r••ara+r..ra.w..~r..as.sm.r«p rw~.+. r..b..prrwwrrmo..+.
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<br />10. Alto complexing his audit, the Auditor shall subatit to the Governing Board a written repent of audit. This report shall include, at
<br />least, Management's Disevssmn and Analysis, the financial statements of the governmental unit and all of its component units and
<br />note thereW prepared in accordance with generally accepted accounting principles, combining and supplearenury infornrazion
<br />requested by the clirnt or required for full disclosure ands fire law, end rho Auditor's opinion on the material prrsented. The
<br />Auditor shall furnish the required number of copies of the report of audit to the Governing Board as soon as practical attu the
<br />close of the aceourtting period.
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