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LC, C.205 (Rem, 111/200~) lille Il Tr~llra~e. CONTRACT TO AUDIT ACCOUNTS of Cabarr~$ County On thts 151h dayof Mnrc~ , 2004 , Panm& Company. P A. Auditor 114 N Chumh SL, Monroe, North Carolina 28112 the Auditor, nnd nmreof~ Govcmtn~ Board to as the Governmental Umt, agree as follows: Mailing Acidre~$ of Ca~arrus CnoO~Y Go~a/Unit , hereinafter referred to as , herennafler referred The Audflor shall audit all statements and disclosures required by generally accepted accountm8 pnnctples and adcbtlonal requu'ed legal statements and disclosures of all funds and/or dwlstnns of thc Governmental Unit for the permd beginning .~, , ~ , and andmg .~uao , 20(u The combining, tn&vldual fund, and account group f'manoal statements and schedules shall be subjected to the ann,usg procedures applied m the audit of the combined financial stetcrncnts and an opinion will be rendered in relation to the coeablned financial stete.,nents taken as a whole At a mintmum, the Auditor shall conduct his audit and render his report tn accordance with generally accepted authttng standards The Au&tot shall perform the audit in accordance with Goverrunent AuthtmE Standards ffrequtrad by the State Single AudK LmpletnentaUno Act, as codified tn O.S 159-34 If reqmred by OMB Circular A-133 end thc State Sm§la AudK Imptementahno Act, the authtor shall perform a Single AudlL Tht~ contract contemplates an unquahfied opmton being rendered If Financial statements as~ not prrepared m accordance with Sanerally acoepted accounUng pnnc~ples (GAAP), or thc statements frei to include all disclosores required by GAAP, explain that depnm2re from GAAP in the space below. 4. Thu contract contamplate~ an unqualified opinion being rendered The audit shall include such testa of the ancountmg records and such other audflm8 pro~edur~ as a~ considered by the Auditor to be necessary m the ctrcum~tnnce~ .4ny hmttatton$ or r~trictlon~ tn scope which would lead to a qualtficotton should be fully e. tplamed in an attachment to this contract The audit will have no scope lumL~ton~ excepL $ If this audit engnsement is subject to the slundanJs for and~t m dca'mad tn 09v~m~nent Audtttun Standards. issued by the Comptroller General of the United States, then the Auditor warrants by accepUng this engagement that hc/she has met the requu'emants for a peer re,new and enntmum8 education as spemfied tn Government Audmne Standards Thc Auditor agrees to prowde n copy of their most recent peer review report to the Govenuuental Uml and the Secretary of the Local Government Commmiofl usnr to the execotlofl of the audit contract (Sca Item 20 ) 6 It is agreed that tune is of the essence in dus contra~ All audits are to be performed and the report ofaudfl submitted by October :31 2004 7. It is aSrced that generally accepted audmn$ standards include a review of the Governmental Unit's system of internal control and accoun'ng as same mimes to acconotabdfly of funds and adherence to budget and law requirements apphcable thereto, that the Auditor wall make a wnaco report, which may or may not be a part of the wntton report of audit, to the Governing Board setttn$ foflh his t'mdmgs, together w~th his recommendahoes for unprovemenL That wnttan report must include all matters defined as "reportable condiuoas" tn AU 32~ of' the AICPA Professtnnal Standards. The Authtor shall file a cony of that resort with the Secretat~ of the Local Government Comnuaslon 8 All local $ovemmant and public anthonty conlracts for annual or specml audits, bookkeeping or other assistance necessary to prepare the Utnt's records for audit, fuummal stateroom preparauon, any finance-related tnvnsUgattons, or any other audfl-related work tn the State of North Carolina recqtnre the approval of the Secretary of the Local Government Comrmssson Invoices for ~ervlces rende~'d under these contracls shall not be oald bv the Governmental Unit untd the tnvmce has be~n enurovcd by the Secretary of the Local Govemmem Commission. (This also includes any orofress bdlmas ) All mvmces should be submlued in tnphcote to the Sea'ctary of the Local Gove-nunem Commission. The original and one copy wdl be returned to the Auditor Approval is not required on contracts and invoices for system unptovements and similar servlce;s ol~a non-audmng nature 9 In consideration of the saf,sfactm7 performance of the provisions of this agre~nant, the Governmental Unit shall pay to the Auditor, upon approval by the Sen'nasty of thc Local Government Commisstnn, tl~ follovan~ fca which includes any cost the Auditor may recur from work paper or peer reviews or any other quahty assurance pmSrem reqtured by thm:l pomes (Federal and State grantor and oversight agencies or other organtzattnns) as required under thc Federal and State StaBle Audit Acts Year-end bookkeeping assistance - Audit - $33,000 10 11 Preparation of the finuncml statements - After anmpl¢tm8 his audit, the Auditor shall submit to thc Govcmtn8 Board a written report of audit This report shall include, at lout, the financial statements of the govenunental unit and all of its component units and notes thereto prepared zn accordance with generally accepted acnountmg principles, combunn$ and supplementary mformnttnn requested by the client or required for fuji disclosure under the law, and the Auditor's opinion on thc mateflal presented The Auditor shall furnish the reqtnred number of copies of the report of audit to the Oovcmm8 Board as soon as practical aRer thc close of the accounting pertnd The Auditor shall file with the Local Oovemment Conumaszon two copies of the report of antht, including one copy of the federal Data CollccUon Fo,n. ifa federal sinsle andtt is conducted Two copies of the report of audK should be submitted if an audit ts required to be performed only under the requirements of the State Stogie Audit lmplementaUon Act or a financial audit requu~l to be performed tn accordance with Government Audtttn~ Standards. Otherwise, one copy shall be submtued Copies of the report shall be filed with the Local Govmunont Conmusston when (or pout to) subnuttmg the invoice for the services