2008-025 Finance & McGladrey & Pullen 2008 Audit Contract

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Orange County, North Carolina March 24, 2008 Page 4 During the course of our engagement, we may accumulate records containing data which should be reflected in your books and records. You will detemune that all such data, if necessary, will be so reflected. Acoordirigly, you will not expect us th maintain copies of such records in our possession, The assistance to be supplied by organization personnel, including the preparation of schedules and analyses of accounts, has been discussed and coord'mated with Mr. Gary Humphreys, Fiscal Agent. The timely and accurate completion of ttds work is an essential condition to our completion of the audit and issuance of our audit report. Other Terms of our Engag~rrent Our fees are based on the time required by the individuals assigned to the engagement, .plus direct expenses. interim billings wiU be submifDed as work progresses and as expenses are incuned. We will submit our biN for these services promptty upon delivering the reports. Billings are due upon submission. Our fee fior the services described in this letter will not exceed $88,300 and $5,000 for the.preparation of schedules of property tax receivables for the Towns of Chapel Hill, CaiTboro and Hillsborough unless the scope of the engagement is changed, the assistance which the County has agreed to famish is not provided, or unexpected conditions are encountered, in which case we will discuss the situation with you before proceeding, if agreed to by the County by an amendment to the Contract. Any services performed in addition to normal audit procedures will be charged at standard rates. Any additional major programs above the four (4} major programs will be billed at $4,000 each. All other provisions of this letter will survive any fee adjustment . The working papers for this engagement are the property of McGtadrey 8 Pullen, LLP. However, you acknowledge and grant your assent that representatives of the cognizant or oversight agency or their designee, other government audit staffs, and the U.S. Government Accountability Office shall have access to the audit working papers upon their request; and that we shall maintain the working papers for a period of at least three years after the date of the report, or for a longer period if we are requested to do so by the cognizant or oversight agency. Access to requested working papers wfii be provided under the supervision of McGladrey ~ Puiien, LLP audit personnel and at a location designated by our Firm. In the event we are requested or authorized by the County or are required by government regulation, subpoena, or other legal process to produce our documents or our personnel as witnesses with respect to our engagements for the County, the County will, so long as we are not a party to the proceeding in which the information is sought, reimburse us for our professional time and expenses, as well as the fees and expenses of our counsel, incurred in responding to such requests. From time to time and depending upon the.circumstances, we may use third-party service providers to assist us in providing professional services to you. In such cin:umstanaes, it may be necessary for us to discbse confidential client information to them. We enter into confidentiality agn~ements with ail third-party service providers and we are satisfied that they have appropriate procedures in place th prevent the unauthorized release of your confidential information to others. If circumstances arise relating to the conditions of your records, the availability of sufficient, competent evidential matter, or indications ofi a sign~icant risk of material misstatement of the finarxtial statements because of error, fraudulent financial reporting, misappropriation ofassets, or noncompliance which in our professional judgment prevent us from completing the audit or forming an opinion, we retain the unilateral right to take any course of action permitted "by professional standards, including declining to express an opinion or issue a report, or withdrawal from the engagement