AG 1992 03 09 - Laserfiche WebLink

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LOC-~OS ~ev. laao~) CONTRACT TO AUDIT ACCOUNTS File in Triplicate. of Cabarrus County On this 25th day cf. Certified Public Accountants, Government~ Un/t February ~ 19 92, Potter & Company, P.A., Aud/mr 817 Davidson Driver N.W., Concord, NC 28025 Mailing Addre~ · hereinafter referred to ~s the Auditor, and Board of Commissioners of Cabarrus County , hereinafter referred C.,o~m/ng l~trd C, ovt:,~nem~ Un/t to ns the Governmental Unit, agree as ~ollows: 1. The Auditor shall audit all statements and disolnsures required by generally accepted acooun~ing principles and addiiional required legal statements and disclosures of all funds and/or divisions of thc Governmental Unit for the period beg/nning July 1 :19 91 ,andenddng June 30 .19 92 . The combining, individualfund, and account group financ/al statements and schedules shall be subjected to the auditing pro__~edures 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 l/mitations except: 2. The Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. The audit, shall include such te~ts 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 12.) 3. It is agreed that generally accepted audit/ng standards include a review of the Governmental Unit's system of internal con- trol and acoounting as same relates to acg~o.,ntability 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 writ/rig. 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 statements and notes thereto prepared in accordance with generally accepted accounting principles, comb, ining and supplementary information requested by the client or required for full disclosure under the law, and the auditors opinion on the material presented. The Auditor shall furnish 100 copies of the report of audit to the Governing Board as soon as practical after thc close of the aecounting period. The Auditor shall file three copies of said report of audit (1 copy if no single audit is required) with the Secretary of the Local Government Commission. 5. It is agreed that time is of the essence in this contract. All audits are to be performed and the report of audit submitted by October 31 , 19 92 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 wrR/ng 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 Act of 1984 (Pub. L. No. 98-502 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 180 $. 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/ec 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: $2~6,650 plus report reproduction costs 9. All local government and public authority contracts for annual or special audits, financial statement preparation, financo- related investigations, or any audit-related work in the State of North Carolina require the approval of the Secretary of the Local Government Commission. Invoices.for services rendered under these eontract~ shall not be paid by the Govern- men tel Unit un til the invoice has been approved by the Secretarg o.~ the Local Gcoernm~t 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. (Continued on Reverse)