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AG 1992 03 09
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AG 1992 03 09
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Last modified
3/25/2002 4:09:20 PM
Creation date
11/27/2017 12:01:10 PM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
3/9/1992
Board
Board of Commissioners
Meeting Type
Regular
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LOC-~OS ~ev. laao~) CONTRACT TO AUDIT ACCOUNTS <br />File in Triplicate. <br /> <br />of Cabarrus County <br /> <br />On this 25th day cf. <br /> <br />Certified Public Accountants, <br /> <br />Government~ Un/t <br /> <br />February ~ 19 92, Potter & Company, P.A., <br /> Aud/mr <br /> <br /> 817 Davidson Driver N.W., Concord, NC 28025 <br /> Mailing Addre~ <br /> <br /> · hereinafter referred to ~s <br /> <br />the Auditor, and Board of Commissioners of Cabarrus County , hereinafter referred <br /> C.,o~m/ng l~trd C, ovt:,~nem~ Un/t <br />to ns the Governmental Unit, agree as ~ollows: <br /> <br /> 1. The Auditor shall audit all statements and disolnsures required by generally accepted acooun~ing principles and <br /> addiiional required legal statements and disclosures of all funds and/or divisions of thc Governmental Unit for the period <br /> <br /> beg/nning July 1 :19 91 ,andenddng June 30 .19 92 . The combining, individualfund, <br /> and account group financ/al statements and schedules shall be subjected to the auditing pro__~edures applied in the audit <br /> of the combined financial statements and an opinion will be rendered in relation to the combined financial statements <br /> taken as a whole. The audit will have no scope l/mitations except: <br /> <br />2. The Auditor shall conduct his audit and render his report in accordance with generally accepted auditing standards. The <br /> audit, shall include such te~ts of the accounting records and such other auditing procedures as are considered by the Auditor <br /> to be necessary in the circumstances, except as follows: (See Item 12.) <br />3. It is agreed that generally accepted audit/ng standards include a review of the Governmental Unit's system of internal con- <br /> trol and acoounting as same relates to acg~o.,ntability of funds and adherence to budget and law requirements applicable <br /> thereto; that the Auditor will make a written report, which may or may not be a part of the written report of audit, to <br /> the Governing Board setting forth his findings, together with his recommendations for improvement. All matters defined <br /> as "reportable conditions" in AU 3Z5 of the AICPA Professional Standards will be communicated to the Governing Board <br /> in writ/rig. The Auditor shall file a copy of all reports with the Secretary of the Local Government Commission. <br />4. After completing his audit, the Auditor shall submit to the Governing Board a written report of audit. This report shall <br /> include, at least, the financial statements and notes thereto prepared in accordance with generally accepted accounting <br /> principles, comb, ining and supplementary information requested by the client or required for full disclosure under the law, <br /> and the auditors opinion on the material presented. The Auditor shall furnish 100 copies of the report of audit <br /> to the Governing Board as soon as practical after thc close of the aecounting period. The Auditor shall file three <br /> copies of said report of audit (1 copy if no single audit is required) with the Secretary of the Local Government Commission. <br />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 <br /> <br /> by October 31 , 19 92 <br /> <br />6. Should circumstances disclosed by the audit call for a more detailed investigation by the Auditor than necessary under <br /> ordinary circumstances, the Auditor shall inform the Governing Board in wrR/ng of the need for such additional investiga- <br /> tion and the additional compensation required therefor. Upon approval by the Secretary of the Local Government Com- <br /> mission, this agreement may be varied or changed to include the increased time and compensation as may be agreed upon <br /> by the Governing Board and the Auditor. <br />7. The Auditor shall perform a compliance audit for all federal and State financial assistance programs in accordance with <br /> 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 <br /> required under the Federal and State Single Audit Acts with the Secretary of the Local Government Commission. (This <br /> includes the report required in Item 3.) (See Items 15 and 180 <br /> <br />$. In consideration of the satisfactory performance of the provisions of this agreement, the Governmental Unit shall pay to <br /> the Auditor, upon approval by the Secretary of the Local Government Commission, a/ec which includes any cost the <br /> Auditor may incur from work paper reviews by third parties (Federal and/or State agencies) as required under the Federal <br /> and State Single Audit Acts: $2~6,650 plus report reproduction costs <br /> <br />9. All local government and public authority contracts for annual or special audits, financial statement preparation, financo- <br /> related investigations, or any audit-related work in the State of North Carolina require the approval of the Secretary of <br /> the Local Government Commission. Invoices.for services rendered under these eontract~ shall not be paid by the Govern- <br /> men tel Unit un til the invoice has been approved by the Secretarg o.~ the Local Gcoernm~t Commission. (This also includes <br /> any progress billings.} All invoices should be submitted in triplicate to the Secretary of the Local Government Commission. <br /> The original and one copy will be returned to the Auditor. Approval is not required on contracts and invoices for system <br /> improvements and similar services of a non.auditing nature. <br /> <br />(Continued on Reverse) <br /> <br /> <br />
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