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<br />LGC.205 (Rev. 111988)
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<br />CONTRACT TO AUDIT ACCOUNTS
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<br />of Cabarrus County. North Carolina
<br />(Cov"nm,m~ Un")
<br />
<br />Th~ agr",ment, made th~ 12 day of April , 19J1iL, by and betw",n Arthur
<br />Audi'o,
<br />Young & Company 1500 Independence Center, 101 North Tryon Street
<br />Mailing Add,~
<br />Charlotte, North Carolina 28246 ,b",inú", "I""d '0..
<br />
<br />tb, Anw,." and non",! of Commissioner of Cabarrus County. North C,~~,9,iJ.'~:;f""d
<br />GovernIng Body Co",nm,et.1 Un"
<br />to as the Governmental Unit, as follow"
<br />
<br />I. The Audito, ,hall examioe all ,'atemen" and disclosur... requl,ed hy &en...lly accepted acrounting pdnclples and addftlonally "qui"d
<br />
<br />legal d~eI",u'... of all funds andlor dlvhiom of Ihe Govemmental Unit fo, Ihe p"iod beginning Ju 1 y 1 , 10.ß.L, and
<br />
<br />ending June 30 , 19-.illL. The combining, Individu.1 fund, and acrount gmup financial "atemen" and ,ehc-dulex ,hall
<br />be subjected to Ihe auditing p,o<edures applied in the examination of the combined financi.1 ...tements .nd an opinion wm be "nd"ed
<br />in ,elation to the comhlned finaneialstatemen" taken as a whole. The Audit will have no scope IImitatiom excep" NONE
<br />
<br />2. The Audito, ,hall conduct h~ examination and rend" h~ "po,t in acro,dance with genmlly accepted anditlng ,'anda,ds. The examlna.
<br />tion ,hallinelude ,ueh tests of the acrounting rcco,ds and such oth" auditing procedures as a" comld"ed by the Audito, to be """,",a,y
<br />in the clreUtmlances, """ltt as follow" (5", Item. of Imtmetlo'~) NONE
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<br />3. It ~ agreedlhat genetallyaccepted auditing..andalds Inelude a "vi,wofth,Govemm,nt.1 Unit"'y,tem of internal conlrol and acrount.
<br />ing as ,ame "Ia'es 10 acrountablilly of funds and adhmn"" 10 budget and law 'cquitemen" applicable th,reto; Ihat the Auditor wm
<br />make a written report, which mayo, may nol be a part of the w,¡tten "po,t of ..dit, to the Govcming Body setting forth h~ findIngs,
<br />,ogether with h~ ,ccommendatlons fe, Imp,ovement. Tbe Auditn, ,hall liIe a conI' of said "nOt! with the See"ta" of Ihe Local Govem.
<br />ment Commission.
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<br />4, The Auditn' ,hal~, .cler completing h~ examination, submll to Ihe Goveming Body a w,itten "po" of andit. Thl~ 'eport ,hall Include,
<br />at leasl, the financial "atemen" and notes thmto prepared In aeco,dan.. with generally accepted acrounting pdnciples, combining and
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<br />~;~¡~;:;~~;;'I~~di~~t:h~líe~~~~~ b3t8eclien~;I~~~i;;;~ ~:~~Io~~e~d~~;~ ~~~.~~~::'~I~g ':;'~~h:::::~o~';~~~:I~~¡"~f:~: :ì::t:I~:~
<br />
<br />of the ac<:ountlng period. The Audito, ,hall file 3 conies of said repOOl of audit (I co"y If no ,in.le audit is "Qui",l) with the Seereta,,'
<br />of the Local Guvernment Commi;sion.
<br />
<br />5. It ~ ag"..."¡ thai time ~ of the essence In th~ contract. AU audits are 10 be podn,med and the "port of audit submiUc-d hy -
<br />
<br />October 31, 19~.
<br />6. Should circumstances disclosed by the audit call for a more detailed Invesllgatlon hy tI.. Auditor th,n n"""ary under ordinary clrcum,lances,
<br />Ihe Audito, ,halllnfo,m 'he Gowning Body in w,iting of the need for such additional investigation and th, additional compensation
<br />reqnl,,-d Ihetefnr. Upon approval by the See"..ry of the Local Go""'men' Commission, th~ ag""ment may be va'¡c-d or clmnged to
<br />Include the Incoe;;sed Ume and comp,osation as may be agreed upon by Ihe Guve",lng Bod)' and Ihe Auditor.
<br />7. The Auditor ,hall perfo,m 0 compllanœ..ominaUon fol all fed...1 and State finaneiol ""~tance psograms in ac<:o,dance with the Single
<br />Audit Aet of 108{ (Puh. L. No. 08.502 and G.S. 159-3{). The Auditor will file 'hree copies of ,II repo",' ,,"uired und" the Fvd",1 ond
<br />Stat, Sin,le Audit Acts with thc Seeretary of the Local Cove"'ment Commission. (Th~ Ineludes the repOOl required in p,,"graph 3.)
<br />(See Item' 7 and 0 of I"'lou"lm~.) .
<br />8. 1nconsidmUon oflhcsatisfactory perfosmanceof th'prov~ions ofth~ agreement, the Govemmental Unit ,hall pay to the Auditor, upon
<br />app,oval by the S<"rctary of the Local Gove",menl Commission, a Ice which Includes any cost the Auditor may incur from work paper
<br />"views by thl,d parties (Fedetal andlor Slate agencies) ... rcr¡ul,ed under the f,ederal aod State Single Audll Ae": $33,000
<br />9. There... no other agreements between the pastles hereto and 00 otheo 'grcemen" reloUve hereto that ,hall he enforceahle unless vntmd
<br />Intu In ac<:ordonce with th, procedure ret oUl h...in and approved by th, Soc"tary of the Local Gove"'m.nl Commission,
<br />10, There... n",pedal prov~lons. ..""pt: NONE See Attached Engagement Letter
<br />II. All of the .bove pa,agroplu are understood and shall apply to th~ ags",ment, ex..pt the following numbe"d paragrophs ,hall be deleted:
<br />
<br />
<br />£~
<br />
<br />
<br />
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<br />Approved hy Ihe Secretary of the Local Govemmenl Comm~.
<br />,ion as provided in Arlicl,3, Chap'er 159 of Ihe General Statutes
<br />or A,tlele 31, Pari 3, Ch'pter U5C of Ihe General Statutes.
<br />
<br />Co",n'og llady
<br />
<br />By
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<br />Th~ Instrument h... be"n preaudlted In the manner requi,ed by
<br />the Local Gomnment Budget and F~eal Contsol Act or by the
<br />Schonl Budget and Fiscal Contsol Act.
<br />
<br />r." ,be See"...,
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<br />"0,0,,0111..,
<br />
<br />D,le
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<br />Date
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<br />File in T,ipIiMe. (The teom' and conditions on Ihe reverse side arc an integoulp"l of Ih~ contoue!.)
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