AG 2001 05 21 - Laserfiche WebLink

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rendered. Ali copies of the report submitted must be bound. Tho rep~n of' audit, es flied ~th tho Sanretary of tho Lanai Government Commission, becomas a matter of public record for inspection and ravlaw in tho offices of the Scmutery by any interested panics. Any subsequent revisions to these reports must be sent to the Secretory of the Local Government Commission. Tnase audited financial statements are used in the prepo~'a~ion of Official Statements for debt offerings, by municipal bond rating services, and to fuffil] secondary market disclosure requirements ortho Securifiea md Exchange Commission, 12. Should cimunutances disclosed by the audit ca/! for a more detailed investigation by the Auditor than n~essary under ordinary circumstances, the Auditor shall inform the Governing Board in writing of the need for such additional investigation and thc addldonal compensation required therefor. Upon approval by the Secrstary of the Loeal Go~rnment Commission. this sgrecmant may be varied or changed to include the increased time and/or compensation as may be agreed upon by the Govemin8 Boan;l and the Auditor. 13. If an approved contract needs to r~ varied or changed for any reason, tho changn must be ~educod to writing, signed by both parties, ptnaudited if necessary, and aubmitte:l lo the Sesrctary of the Local Government Commission for approval. ~ shall be effective unless aomovrd by the Secreta~' of the Local Government Commission. the Governlne Board. and the Auditor. 14. Whenever the Auditor uses an engagement latter with tho client, item 15 may bo completed by referencing the engagement letter and attaching u copy of the engagement letter ta the contract to incorporate the engngnmmt lette~ Into the contract. In case of conflict between the t~ms of the engagement tette~ and the tents of this contrast, the terms of this contact will control. Engagement tett~ terme are deemed to be void unless the conflicting terms ofthls contract ate specifically deletad in Item 21 of this contract.. Engagement letters containing indemnification clauses will not be approved by the Local Government Cornmisaion. 15. Thro'~ are no R~eeiai provlaloa$ excopi: S~E COI~Y OF ENGAGEMENT LETTER (ATTACHED) 16. A anpamte conWact should not be mede for each d|v~s~on to be audited or repod to be submitted. A separate con~sact must ho executed for each cemponaut unit which ia a Inca! goveromant and for which a separate audit ,:pon is issued. The contract should be executed and submitted in tfiolicste to the ges~ctary of the Local Government Commission, 325 North Salisbury $ t'raet, Raleigh, North Carolina 2760.t-1385. 1 $. Upon approval, the original nantmct will be retained to the Govemmantal Unit, u copy will be t'erwarded te thc Auditor, and a copy r~tainad by the Secretary of the Local Government Commission. The audit should not be starled bergr~ the contract i~ I9. There arc no other agreements between the parties hereto and no other aow'e~nts relative hereto that shall be enforceable unlms entered into ~n accordance with the procedure set out beralo and approved by the Sccrolm%,.of the Lanai Government Commission. Wthis audit engagement is not subject to Government RuditinE Standards, then Item 5 shall be listed as u delcted provision in it~rn 2 L An cxplanatlon must be given for deleting this provision. All of the above paragraphs are understood and shall apply to this agreement, except the following numbered paragraphs s~all be dslctnd: (Sec Item 14.) V~'ffi the audited financial statements be prepared In accordance with GASB Statameat No. 34? YES ]( NO If the audited financial statements are prepared In accordance with GASB Statement Ne, 34 the references In Item I to the dlscosslon and unalysls~ and required supplementary statements as defined In GASB Slntement No. 34. Auditing procedures appllnable to other supplementary schedules are not changt~d by the Implementation of ~ASB Statement NO. 34. 20. 21. 22. By A. TED HOTZ, PAP~TNER (Please type or print name) (Signature of a~thor~z~d ~udit finn representative) Forthe Secratary, Lo calGovemrnemCommisaioo (Signature). Date By AP. NE FENNEL ~ CMAIRMAN (Please type or p~nt narnc and tltlel (Signature of Mayor or 17.haimerson of governing board) Date By,,,.X/A - NO AUDIT CO~ITTEE (Chai~pe~on of Audit Comr~oee (please type or p~nt nar~) (Signature of Audit Commi~ce Chairperson) Date (if unit dOeS not have an audit comn~n~e, this ~stie.~ Should bo marked BLAIR D. BENNETT, ~INANCE DIRECTOR Date