AG 1994 02 21 - Laserfiche WebLink

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LGC-205 (R~v. 1/1/1993) F/lc ia Tripiic~. CONTRACT TO AUDIT ACCOUNTS of. CABARRUS COUNTY Cove~nmental limit On this 3RD day of FEBRUARY , 19 94. POTTER & COMPANY, P.A., Auditor CERTIFIED PUBLIC ACCOUNTANTS, 817 DAVZDSON DRIFE~ N.W. ~ CONCORD, NC 28025 M~lllng Addr~ · hereinafter referred to as the Auditor, and BOARD OF COMMISSIONERS of CABARRUS COUNTY , hereinafter referred Governing ]~'d Gov~xnmemal Omit to as the Governmental Unit, agree as follows: 1. The Auditor shall audit all statements and disclosures required by generally accepted accounting principles and additional required legal statements and disclosures of all funds and/or divisions of the Governmental Unit for the period beginning JULY 1 ,19 93 , andending JUNE 30 ,19 94 . The combining, individualfund, and account group financial statements and schedules shall be subjected to the auditing procedures applied in the audit of the combined financial statements and an opinion will be rendered in relation to the combined financial statements taken as a whole. The audit will have no scope limitations except: t. The Auditor shall conduct his audit and render his report in accordance with generally acoepted auditing standards. The audit shall include such tests of the accounting records and such other auditing procedures as are considered by the Auditor to be necessary in the circumstances, except as follows: (See Item 1i.) 3. It is agreed that generally accepted auditing standards include a review of the Governmental Unit's system of internal con- trol and accounting as same relates to accountability of funds and adherence to budget and law requirements applicable thereto; that the Auditor will make a written report, which may or may not be a part of the written report of audit, to the Governing Board setting forth his findings, together with his recommendations for improvement. All matters defined as "reportable conditions" in AU 3Z5 of the AICPA Professional Standards will be communicated to the Governing Board in wriU. ng. The Auditor shall file a copy of all reports with the Secretary of the Local Government Commission. 4. After completing his audit, the Auditor shall submit to the Governing Board a written report of audit. This report shall include, at least, the financial statemen~ and notes thereto prepared in accordance with generally accepted accounting principles, comb, ining and supplementary information requested by the client or recluired for full disclosure under the law, and the auditor s opinion on the material presented. The Auditor shall furnish 25 copies of the report of audit to the Governing Board as soon as practical after the close of the accounting period. The Auditor shall file three copies of said report of audit (1 copy ii: no single audit is required) with the Secretary of the Local Government Commission. 15. It is agreed that time is of the essenc~ in this contract. All audits are to be performed and the report of audit submitted by OCTOBER 31 , 19 94 . 6. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under ordinary circumstances, the Auditor shall inform the Governing Board in writing of the need for such additional investiga- tion and the additional compensation required therefor. Upon approval by the Secretary of the Local Government Com- mission, this agreement may be varied or changed to include the increased time and compensation as may be agreed upon by the Governing Board and the Auditor. 7. The Auditor shall perform a compliance audit for all federal and State financial assistance programs in accordance with the Single Audit Aot of 1984 (Pub. L. No. 98-5011 and G.S. 159-34). The Auditor will file three copies of all reports required under the Federal and State Single Audit Acts with the Secretary of the Local Government Commission. (This includes the report required in Item 3.) (See Items 15 and 18.) 8. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to the Auditor, upon approval by the Secretary of the Local Government Commission, a fee which includes any cost the Auditor may incur from work paper reviews by third parties (Federal and/or State agencies) as required under the Federal and State Single Audit Acts: $27,500 plus reproduction costs 9. All local government and public authority contracts for annual or special audits, financial statement preparation, finance- related investigations, or any audit-related work in the State of North Carolina.require the approval of the Secretary of the Local Government Commission. Invotces Jor services rendered under these contracts shall not be paid by the Govern- men tal Unit until the invoice has been approved by the Secretary oJ the Local Gooernm~nt Commission. (This also includes any progress billings.) All invoices should be submitted in triplicate to the Secretary of the Local Government Commission. The original and one copy will be returned to the Auditor. Approval is not required on contracts and invoices for system improvements and similar services of a non-auditing nature.